According to Treasury Secretary Scott Bessent, the Trump administration's pressure campaign on Iranian oil revenues is achieving measurable results in a critical market. Speaking to Fox Business on Tuesday, Bessent disclosed that Chinese purchases of Iranian crude have plummeted by roughly 40% over recent months, marking a significant shift in one of Iran's largest crude-export relationships.
The decline follows Washington's decision to expand sanctions targeting China's independent "teapot" refineries, which have historically served as the primary purchasers of discounted Iranian petroleum. By pressuring these non-state refiners, the administration has effectively reduced the financial lifeline that Iranian oil exports have provided to Tehran, intensifying economic strain on the Islamic Republic.
The reported reduction underscores the administration's strategy to isolate Iran's energy sector through secondary sanctions on third-party buyers rather than direct restrictions alone. With China accounting for a substantial share of Iranian crude exports, the drop signals that coordinated pressure on key intermediaries may be constraining Tehran's access to foreign currency at a critical time.