- China is the sole major buyer of Iranian oil, with other countries avoiding purchases due to potential U.S. sanctions.
- U.S. Treasury Secretary Scott Bessent said this gives Tehran an incentive to negotiate with Washington.
- The next round of U.S.-Iran talks is expected in Doha.
China's Role in Iran's Oil Exports
U.S. Treasury Secretary Scott Bessent said China remains the only major buyer of Iranian oil, as other countries steer clear over fears of U.S. sanctions returning. "This gives Tehran an incentive to negotiate with Washington," Bessent said, according to people familiar with the matter. The next round of U.S.-Iran talks is expected to take place in Doha.
China has been Iran's dominant crude customer for years, absorbing a large share of its oil despite sanctions. This reliance shapes Iran's fiscal outlook and bargaining leverage. Without a deal, Iran would be forced into economic isolation, though Tehran hopes continued Chinese purchases spur diplomatic progress.
Implications for Talks
The concentration of Iran's oil sales to a single buyer heightens risks but also gives China outsized influence. Disruptions in Beijing's purchasing could devastate Iran's revenue, while other buyers' hesitancy leaves Tehran more dependent. This dynamic could push Iran to compromise in Doha, said analysts.
Attempts to reach Bessent's office for further comment were unsuccessful. A correction: earlier reports suggested other buyers were still in the market, but Bessent clarified that is no longer the case.