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06 August, 2018, 10:53 | Author: Brooke Harris
  • Iran China oil sanctions

While the US failed to persuade Beijing to stop importing Iranian oil, the Chinese government did say it would not increase the imports, according to Bloomberg, which cited two anonymous officials "familiar with the negotiations".

Beijing, however, agreed not to increase purchases of Iranian crude, said the officials who spoke on condition of anonymity.

A State Department official confirmed Francis Fannon, assistant secretary of state at the US Bureau of Energy Resources, was recently in China to discuss Iranian sanctions.

President Donald Trump's administration has threatened anyone with sanctions - including U.S. allies in Western Europe - that use Iranian oil.

The US is due to impose a series of new sanctions on Iran in the next few months.

United States officials are now travelling the world in a dramatic effort to stop other countries from buying Iranian oil.

The U.S. has been unable to persuade China to cut Iranian oil imports, according to two officials familiar with the negotiations, dealing a blow to President Donald Trump's efforts to isolate the Islamic Republic after his withdrawal from the 2015 nuclear accord.

Iranian President Hassan Rouhani has warned the U.S. against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

Iran China oil blockade
In May Trump controversially pulled America out of the nuclear deal Obama agreed with Iran in 2015

Leszczynski says it is unclear whether Unipec's decision is due to a direct policy to reduce imports from the United States or if it's simply out of the uncertainty over whether tariffs will be imposed by the Chinese government on U.S. oil in the coming months, as they have threatened.

She told CNBC with regards to the USA sanctions against Iran kicking in next week, "we're looking at tougher rhetoric and potentially tougher actions over August and September".

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran.

"China and Iran unwaveringly maintain normal trade and economic ties".

"China will continue to cooperate with Iran adhering to its global obligations".

India's July purchases of Iran's oil were about 85 percent higher in comparison to the shipments of about 415,000 bpd a year earlier, the news agency said. "Iran was hoping to sell more than 500,000 [barrels per day] of oil to India in [fiscal year] 2018/2019", the outlet wrote, citing a February statement by Iranian Oil Minister Bijan Zanganeh.

"US oil exports are still relatively small, but China had quickly emerged as the second largest destination for USA oil exports after Canada", Ralph Leszczynski, Banchero Costa's head of research in Singapore tells TradeWinds.

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