Amazed by China's defiance against oil blockade, 160 million barrels are floating at sea, all waiting to head to China!

On April 14, an article in The Wall Street Journal pointed out that Iran has stockpiled large quantities of oil outside the Strait of Hormuz, with reserves sufficient to help Iran and its largest customer withstand weeks or even months of blockade.

The report cited data from energy analytics firm Vortexa, stating that Iran’s oil exports reached 1.84 million barrels per day last month, and hit 2.15 million barrels per day in February—averaging 26% higher than 2025 levels over the past two months.

Currently, about 160 million barrels of Iranian crude are loaded onto tankers floating off the Persian Gulf. At China’s daily import level of around 1.8 million barrels, this supply could last until mid-July. Already as early as June last year, before the U.S. and Israel launched military actions against Iran, Tehran had begun ramping up oil exports. This indicates Iran had anticipated escalation and had already activated its "wartime mode" for oil exports.

A Bloomberg report on April 14 also provided another dimension: approximately 38 million barrels of Iranian crude are currently aboard tankers in Asian waters, with over one-third of these vessels moored in the Yellow Sea. This means a substantial amount of crude has effectively “drifted” right to China’s doorstep—ready to be offloaded and processed. Data compiled by Kpler shows that more than one-third of these ships are anchored in the Yellow Sea, while Shandong’s overall crude inventory has swelled, nearing this year’s peak level.

But why aren’t these 160 million barrels immediately shipped to ports? The key lies in the quota system. Iranian crude actually has only one major buyer—China’s private "teapot refineries," which have absorbed over 90% of Iran’s exports. However, these refineries operate under annual procurement quotas and thus cannot instantly absorb all additional supply. This explains why so much crude must remain offshore, waiting in line.

In my view, the U.S. is somewhat grasping at straws. Leaving aside whether these oils are destined for China or Indonesia, it’s highly impractical for so many tankers to cluster in the Yellow Sea—it would severely clog maritime channels.

Original source: toutiao.com/article/1862429341387776/

Disclaimer: The views expressed in this article are solely those of the author.