Record Iranian oil imports for India in July

Lloyd Doyle
August 6, 2018

The financial news provider quoted informed officials on Friday as saying that the United States had been unable to persuade China to cut Iranian oil imports and that Beijing's purchases from Tehran last month remained unchanged. The U.S. also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran.

Francis Fannon, US assistant secretary of state for the bureau of energy resources, was recently in China to discuss sanctions, Bloomberg said, citing a US government official.

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

Trump withdrew from the Iran nuclear deal in May, and Washington now plans to reimpose sanctions on Tehran.

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

The oil market has been speculating about how much of Iran's exports could be eroded by the US sanctions, with analysts from BMI Research to Mizuho Securities predicting that China might boost its imports of cheap supplies from the state and offset cuts by other nations.

"There are rising concerns, all this time we have uncertainties on the Iran sanction and uncertainties over tariffs, as we certainly don't need any more trigger for a significant swing [in prices] in one way or another", said Jim Ritterbusch, an analyst in Galena, Illinois.


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

"The unilateral sanctions should be abandoned because they are counterproductive", Chinese Foreign Ministry spokesperson Hua Chunying told reporters.

What's next for Iran oil?

The biggest member of the Organization of Petroleum Exporting Countries pumped 10.3 million barrels a day in July, according to the delegates, who asked not to be identified because the data is private.

"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.

Other reports by Iphone Fresh

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