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China's reliance on discounted Iranian oil, despite US sanctions, highlights the complex relationship between the two nations. China imports roughly 90% of Iran's crude oil, utilizing a "dark fleet" of ships to circumvent sanctions and transfer oil at sea. This trade, crucial for Iran's survival, fosters a close partnership despite differing political ideologies. While China could replace Iranian oil from other sources like Russia or Venezuela, it would be more costly. Some Chinese refineries, particularly smaller "teapot" refineries, benefit from the low-priced sanctioned oil. China's large oil stockpile provides a buffer against potential disruptions from Middle East tensions.

Prepared by Rachel Morgan and reviewed by editorial team.