US Treasury Secretary Scott Bessent stated that Iran has approximately 30 million barrels of crude oil still floating on the water, most of which is destined for China. Chinese imports of Iranian crude fell to 534,000 barrels per day in August 2026, down from a peak of 1.58 million barrels per day earlier this year, representing a roughly 66% decline. Operation Economic Outcast, launched on August 24, 2026, combined with a US naval blockade near the Strait of Hormuz have contributed to this drastic reduction in Iranian exports. Those 30 million barrels represent less than two months of supply at China’s current import pace.
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