According to the U.S. Consumer News and Business Channel (CNBC), on March 10, amid the escalating military conflict between Iran and Israel, Iran continues to export large quantities of oil through the Strait of Hormuz, with only one destination: China.

TankerTrackers co-founder Samir Madani said that day that since the war began on February 28, Iran has transported at least 11.7 million barrels of crude oil through the Strait of Hormuz, all heading to China.

The report stated that after the strait's navigation was blocked, many ships turned off their tracking systems, going "dark" (gone dark). It is claimed that the platform uses satellite imagery to monitor ship movements and can capture those that have turned off their signals.

Prominent shipping intelligence data provider Kpler estimates that around 12 million barrels of crude oil have passed through the strait since the war began.

"Given that China has been Iran's main buyer of crude oil in recent years, a significant portion of this crude may ultimately be destined for China," said Kpler crude oil analyst Nhway Khin Soe, noting that confirming these ships' final destinations has become increasingly challenging.

The Strait of Hormuz, a narrow waterway crucial to about one-fifth of global oil and gas transportation, has seen its shipping traffic significantly reduced to a trickle since the war began last month, with oil tankers mostly avoiding this besieged area. According to the International Maritime Organization, 10 vessels located or near the Strait of Hormuz have been attacked, with at least seven crew members killed.

As concerns over supply disruptions push oil prices higher, U.S. President Trump recently told an interview that ships stuck near the passage need to "show some courage" and force their way through the passage. He claimed, "There's nothing to fear, they don't have a navy, we would sink their ships."

However, a spokesperson for Iran's Islamic Revolutionary Guard Corps warned on the 10th that if the U.S. and Israel continue their attacks, they will not allow "a single drop of oil" to be exported from the Middle East.

Since the military conflict between the U.S., Israel, and Iran, about 10 ships have been attacked in the Strait of Hormuz and its surrounding areas. Oriental Image

CNBC noted that the Harque Island port in Iran has long been the country's main oil export facility, handling about 90% of crude oil exports before tankers pass through the Strait of Hormuz. Now, Iran has resumed loading oil tankers at the Jasik oil and gas terminal along the Oman Gulf coast south of the Strait of Hormuz, which may add additional capacity for crude oil transportation.

According to TankerTrackers, an Iranian vessel is currently loading 2 million barrels of crude oil. This is the fifth such loading at the port in the past five years.

Soe analyzed that the reactivation of the Jasik port indicates that Tehran is exploring alternatives to the Strait of Hormuz, although it remains uncertain how viable this route could be. He said that the Jasik oil facilities are the only crude oil export port in Iran that completely bypasses the Strait of Hormuz, but it has been rarely used in recent years due to its much lower efficiency.

Madani also said that loading a very large crude carrier (VLCC) at the Jasik port may take up to 10 days, compared to about one or two days for a VLCC at Harque Island.

He said, "It has great value for Iran's domestic propaganda, but little logistical advantage."

The war in the Middle East shows almost no signs of easing, and tensions around the Strait of Hormuz remain high, leaving the global energy market in a tense state. Several oil-producing countries in the Persian Gulf have begun cutting production, and traffic through the Strait of Hormuz has practically come to a standstill. International oil prices once surged to nearly $120 per barrel, the highest level in four years, before falling back down.

Currently, leaders of many countries are preoccupied with concerns about potential oil and energy shocks.

The Trump administration, facing midterm elections, is working to address the oil crisis, including planning to escort ships through the Strait of Hormuz, but so far there have been no actions taken. U.S. media said this is not as simple as it seems, because the tactical situation is very dangerous, and escorting could put U.S. Navy vessels in perilous situations.

On the 11th local time, the Group of Seven (G7) issued a joint statement saying they are prepared to coordinate with the International Energy Agency (IEA) to take "all necessary measures" to deal with rising crude oil prices. Previously, reports indicated that the G7 is considering the largest oil reserve release in history.

Qingdao Port Crude Oil Terminal, Oriental Image

CNBC previously reported that the impact of this oil crisis on China is relatively smaller compared to other countries. In the first two months of this year, China accelerated the construction of oil reserves, with a sharp increase of 15.8% in crude oil imports compared to the same period last year.

According to Kpler data, Iran exported 2.16 million barrels per day in February, the highest level since July 2018, and all were destined for China. Iran's crude oil loading volume reached a record 3.78 million barrels in the week ending February 16, more than double the previous weekly average of about 1.48 million barrels.

Recent data released by China's General Administration of Customs showed that as the world's largest oil importer, China imported 48.045 million tons of crude oil in February, with cumulative crude oil imports of 96.934 million tons in January-February, up 15.8% year-on-year; and 4.775 million tons of refined oil, with cumulative imports of 9.032 million tons in January-February, up 43.3% year-on-year.

The report pointed out that for many years, China has built up a large amount of crude oil reserves. According to the Atlantic Council, China's crude oil reserves as of January were approximately 1.2 billion barrels, sufficient to meet three to four months of domestic demand.

The Wall Street Journal of the United States reported on the 10th that, due to concerns about regional conflicts potentially impacting their economies, even cutting off oil supplies, China has invested heavily for years, both reducing its reliance on imported energy and building large-scale strategic reserves, while promoting energy diversification.

The report pointed out that the outbreak of the Iran war has largely made these long-standing concerns a reality, becoming a major test for China to strengthen its economic resilience against what it perceives as American "adventurism." So far, China has remained stable amidst the "storm."

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Original: toutiao.com/article/7615997173263565318/

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