Iran has only 30 million barrels of oil left for China, Bessent says - Iran International

**Iran’s Oil Allocation to China Shrinks to 30 Million Barrels, Says Treasury Official**

Washington – A senior U.S. Treasury official, Jonathan Bessent, told Iran International that the Islamic Republic now has only about **30 million barrels of crude oil remaining under its current supply commitments to China**. The figure reflects the combined effect of tighter sanctions, a decline in Iran’s overall production capacity, and Beijing’s own efforts to diversify its energy imports away from a sanctioned partner. Bessent, who oversees sanctions enforcement, said the remaining volume is “well below the levels that would allow Iran to leverage its oil sales for broader geopolitical influence.”

The reduction comes amid a broader squeeze on Iran’s oil revenue stream. **U.S. sanctions targeting Iran’s banking system, shipping networks and petrochemical sector** have made it increasingly difficult for Tehran to move oil through the Strait of Hormuz, a chokepoint it has traditionally used as bargaining power. Reuters reported that Iran’s “Hormuz leverage wanes as U.S. economic pressure bites,” while the *Wall Street Journal* warned that “time is no longer on Iran’s side in the battle of the blockades.” With oil dollars drying up, Iran’s fiscal outlook is worsening, a trend highlighted by *Livemint*, which noted that declining revenues are pushing the country deeper into a financial crisis.

In a multipolar world, Iran’s shrinking oil tie‑up with China underscores the limits of an “economic blockade,” as the *Tehran Times* observes. Beijing has begun to **look for alternative suppliers and to increase its own strategic petroleum reserves**, reducing its reliance on Iranian crude. For Iran, the loss of a reliable Chinese market may force a pivot toward illicit smuggling routes or a rushed negotiation of new deals with other regional actors—both options that carry heightened risk of further sanctions violations. The situation signals a tightening of economic pressure that could accelerate Tehran’s search for diplomatic relief or, conversely, deepen its isolation.