Part 4/8:
A significant portion of the oil traded by these dark fleet vessels comes from sanctioned regions, predominantly Iran. Since 2022, as sanctions on Russian exports tightened and restrictions on Iranian crude revived, Iran has ramped up its oil sales—93% of which are directed towards China. Private refiners in China are particularly motivated to procure the cheapest crude available, including oil that is subject to sanctions. This confluence of economic necessity and regulatory evasion has facilitated a flourishing black market.