"Oil for Arms" – the phase of China's secret pact with Tehran

According to the report, Iran's oil exports, estimated at 1.5–2 million barrels a day, bring Iran about $53–54 billion a year. More than 80-90 percent of this volume goes to China through a complex supply chain, utilizing dozens of old oil tankers from the alleged shadow fleet, frequently pumping oil among themselves, which is assumed by Chinese refineries for example as Malaysian.