Economy

China rejects United States demand to reduce Iran oil imports

China rejects United States demand to reduce Iran oil imports”

Beijing, however, agreed not to increase purchases of Iran's crude, the officials, who spoke on condition of anonymity told Bloomberg on Friday.

Interestingly, China has also rejected a USA request to cut imports from its biggest customer, Iran, for the sake of fulfilling us president Donald Trump's objective of achieving a complete halt of outgoing Iranian crude supplies; China's rejection would presumably lessen the chance of a market tightening that many analysts are still anxious about and consequently help keep prices relatively low - which is what Trump was demanding from the Organization of the Petroleum Exporting Countries (OPEC).

Following Trump's decision to quit the historic Iran nuclear pact on May 8, the United States vowed to reimpose sanctions lifted under the accord against Iran and inflict punishments like secondary sanctions on nations that have business links with Iran.

As an original signatory, the USA also pledged to waive secondary sanctions as long as Iran continued to abide by the deap.

Later in the year, on November 4, all countries must stop importing Iranian oil or they, themselves, will face financial punishment from Washington.

Sporadic protests broke out in several cities in Iran for a fifth night on Saturday, a day after demonstrators attacked a seminary, according to Iranian news agencies and social media, as Iranians brace for a return of United States sanctions.

Repeating the pattern of past weeks, crude prices on Friday ended the week down by 0.4 percent for West Texas Intermediate and 1.5 percent for Brent, this time in reaction to China state oil major Sinopec cutting its purchases of us product due to the trade spat between both countries.

Teams of USA officials have been visiting capitals around the world to try to choke off sales of Iranian oil by early November, when US sanctions are due to snap back into effect.

Recall that President Hassan Rouhani of Iran had earlier warned the U.S. against any attempt to stop Tehran's oil trade.

Iran's Revolutionary Guards confirmed on Sunday it had held war games in the Gulf over the past several days, saying they were aimed at "confronting possible threats" by enemies, the state news state news agency IRNA reported. -Chinese trade relations. The Trump administration this week said it would increase tariffs on China from 10 percent to 25 percent, prompting Beijing to say it wouldn't be persuaded by economic blackmail.

Iran wants guarantees from Europe to maintain banking cooperation and investments in Iran's oil fields as well as continuation of cooperation between Iranian and European small and medium-sized enterprises, Qasemi noted.

Last month around 35 percent of Iranian oil exports went to China.

The Trump administration had wanted Iranian oil exports cut to zero by November 4.

Remaining sanctions - including on Iran's oil and gas sector and central bank - will resume on Nov 5.



Like this

loading...
loading...

Latest


05 August 2018
The Europeans fleeing from the sweltering heat in the fountains
Portugal's Civil Protection agency reported 426 firefighters were putting out or checking fire alerts in the north and centre. People refresh themselves in a fountain at Plaza de Espana, on a hot summer day in Sevilla, Spain on August 1, 2018.

04 August 2018
Donald Trump takes shot at LeBron James
"Sports have never been something that divide people it's always been something that brings people together". LeBron James thinks President Trump is using athletics, and athletes, to split up the country.

04 August 2018
Prince Harry's former Audi for sale on AutoTrader for £71,900
Harry "only owned the Audi RS6 for a year", according to Auto Trader , which is selling the vehicle . In fact, the asking price sits at £71,900 ($94,319), which isn't bad considering its past.

04 August 2018
Pope declares death penalty ''inadmissible''
It's something that this Pope, who has made mercy the watchword of his pontificate, repeatedly seeks to underline. The shift in the Catholic Church's position could influence the debate there, as well as in the United States.

04 August 2018
Urban Meyer says he mishandled his answer on Zach Smith allegations
Zach Smith's ex-wife said this week that she had shared texts with Meyer's wife detailing years of domestic violence. My intention was not to say anything inaccurate or misleading. "I was never told about anything".

04 August 2018
Lallana confident Liverpool will win trophies
There is no doubt Karius was disappointed by the arrival of the Brazilian, but the wonderful gesture is sure to soften the blow for the now second-choice goalkeeper .

04 August 2018
Will Google search actually return to China?
Shares in Baidu, which reported better-than-expected results a day earlier, slumped as much as 8 percent on Wednesday. But the company still employs 700 people in three offices in China working on other projects.

04 August 2018
China to Respond If US Provokes Escalation of Trade War - Foreign Ministry
But White House officials said formal talks between the countries have mostly lapsed as the economic restrictions have hardened. This wave of tariffs would include a wide range of products, from dog food to furniture, bicycles to beauty products .

04 August 2018
Demi Lovato 'Agrees To Rehab' After Family Plea
One of TMZ's sources, said: "She could die if she doesn't, and that's not going to be on my watch that we did nothing". He came into the home as her assistant screamed that Lovato was dead.

04 August 2018
Molson Coors Forms JV with Canadian Cannabis Company, Shares Q2 Results
Hunter added: "We were pleased with the sequential improvements in the second quarter for top and bottom line results". In February, Aurora Cannabis bought a stake in Liquor Stores N.A., which has since changed its name to Alcanna.