Iran Withdraws Approximately 3 Million Barrels of Oil from China's Reserves

Iran has withdrawn approximately 3 million barrels of oil from China's reserves, according to a report by the Wall Street Journal citing sources. The action is intended to raise funds to assist Iran's allied forces in the Middle East.

The oil was drawn from a stockpile of at least 25 million barrels that Iran sent to China at the end of 2018, due to fears that new sanctions imposed by then-President Donald Trump's administration would hinder Iran's ability to export oil.

“Iran has withdrawn nearly 3 million barrels of oil from China's reserves in an effort to raise funds that can be used to support Iranian allied militias in the Middle East,” the report states.