US Treasury Secretary Reports Significant Drop in China's Iranian Oil Purchases

US Treasury Secretary Scott Bessent announced today a significant decline in China's acquisitions of Iranian oil.

In an interview with Fox Business, Bessent explained, "We have imposed sanctions on independent Chinese refineries, and we have observed a substantial decrease in Beijing's purchases of Iranian oil."

He further noted, "Overall, the Chinese have reduced their crude oil purchases by approximately 40 percent over the past few months due to pricing and their possession of large strategic oil reserves. This measure will exert direct pressure on the Iranian regime."