Iraq and Turkey rely on Iranian gas for energy, while China buys over 80% of Iran's crude oil amidst US economic pressure.
4 reports, 2 independent
Updated Aug 29
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What happened
Iraq and Turkey rely on Iranian gas for energy, while China buys over 80% of Iran's crude oil amidst US economic pressure.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- China transfers oil revenues to Turkey, utilizing the country as a destination for funds derived from Iranian oil sales amidst US sanctions.Sub-event
China dominates Iranian crude purchases as Iraq and Turkey rely on Iranian gas.1 source
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Related events
- Iran is reportedly seeking to pass off its oil as Iraqi crude, while China utilizes the Belt and Road Initiative for major infrastructure deals amidst geopolitical competition in Iraq.
- US sanctions on Iran are affecting Iraqi policy, prompting a push for domestic oil and gas bill advancement.
- Trump administration seeks to isolate Iran financially while China remains a major buyer of Iranian oil, and UAE suspends trade.
- IRENA noted heavily subsidized energy tariffs in Iraq, which supplies up to 40 percent of the gas needed for power stations.
- Iraq diverted oil to benefit Iran in early 2026.