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.

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