Iran's crude exports fell to about 0.5mn barrels a day in July and August from 2.6mn b/d in January, Aftab News reported on September 29.

The fall coincides with a drop in imports by China, the main buyer of Iranian crude. China's seaborne crude imports averaged 7.14mn b/d in August, 4.27mn b/d below the average for the three months before the war began, Kpler data cited in the report show. Iranian crude output fell from 3.4mn b/d in January to 2.72mn b/d in July and 2.16mn b/d in August, according to the International Energy Agency.

Valiollah Bayati, spokesman for the internal affairs commission of Iran's parliament, said lawmakers plan to question the oil minister over the cancellation of a sales contract with seven Chinese refineries.

He said the two-year deal was signed under the 25-year Iran-China strategic cooperation programme and the oil ministry cancelled it after six months as the country continues to suffer from the US blockade.

Iranian oil held on tankers at sea rose from about 20mn barrels in autumn 2025 to more than 60mn barrels in January. It has since stayed between 40mn and 50mn barrels, the Kpler data show.

China has bought more Russian crude in the same period. Its seaborne imports from Russia reached 1.68mn b/d in August, up from 1.4mn b/d in July, and it receives about 1mn b/d from Russia by pipeline.

Brent crude rose as high as $126.41 a barrel after the war began, which cut the incentive for Chinese refiners to buy more and led them to draw on stocks. Goldman Sachs expects China's crude imports to rise by only about 600,000 b/d in the fourth quarter from the third.