Wang Yi Meets Iran's Foreign Minister as China Buys 80% of Tehran's Seaborne Oil
Updated
Updated · OilPrice.com · Sep 23
Wang Yi Meets Iran's Foreign Minister as China Buys 80% of Tehran's Seaborne Oil
3 articles · Updated · OilPrice.com · Sep 23
Summary
September 16 talks in Beijing marked the fourth Wang Yi-Abbas Araghchi contact in three months, underscoring China’s bid to showcase influence with Tehran before the September 24 Trump-Xi summit.
Wang called Iran a “comprehensive strategic partner,” backed reopening the Strait of Hormuz, and pledged to protect Iran’s “legitimate rights,” but stopped short of pressing Tehran or offering a mediation plan.
China’s leverage rests on trade: it is Iran’s biggest trading partner and takes more than 80% of its seaborne oil exports, even though Iran makes up just 1% of China’s global trade.
That leaves Beijing balancing gains and costs as the Iran war has drained more than $38 billion from the Pentagon and pulled US assets from the Indo-Pacific, while Shanghai crude hit a record 929.4 yuan a barrel.
Washington has sanctioned five Chinese refineries and dozens of shipping links over Iran trade, but broader moves against major Chinese banks could ricochet through the wider US-China economic relationship.