The US decision to allow as much as 140 million barrels of Iranian oil at sea to be sold will be of little financial benefit to Iran, according to US officials. 140 million barrels is roughly 1.5 days of global consumption. Most Iranian oil goes to China on board a fleet of sanctioned tankers. More than 2 million barrels a day of Iranian crude arrived off China in February, almost double normal quantities, according to commodity analysts at Argus Media. Since the beginning of the conflict three weeks ago Iran has continued to ship an average of more than 1 million barrels a day from Kharg.

Source: CNN March 21, 2026 06:20 UTC