17:44 - 29.07.2026

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July 29, Fineko/abc.az. A decrease in purchases by Chinese independent refineries has led to a sharp increase in Iranian oil reserves in Asian waters. Even with a rise in discounts up to $5 per barrel, refiners are reducing imports due to low profitability, and capacity utilization in China has dropped to 48%.

Against this backdrop, the volume of Iranian oil on board has increased by 60% up to 24.4 million barrels, and the total volume of oil on tankers has exceeded 130 million barrels. The main accumulation is observed in the Singapore Strait off the coast of Malaysia, where the oil is being transferred for further delivery to China.

The situation is further exacerbated by US sanctions, which prevent tankers from returning to Iran, leading to an increase in oil on water.