I highly doubt that these secret oil shipments accompanied and organised by the US Navy are included in official data.
The truth is that China is ruining Iran's strategy.
Chinese oil imports have decreased to levels seen during the COVID lockdown period. The significant drop in demand from China has resulted in a massive surplus of oil flooding the markets.
Additionally, Chinese reserves are nearly at capacity. They have exhausted their storage space for surplus oil and gas.
New data from the US government released this week shows just how aggressively China added to its oil reserves ahead of the war in Iran.
finance.yahoo.com
China’s sharp cut in crude imports is easing pressure on oil prices, but its inventory cushion will eventually need replenishing.
oilprice.com
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