China refuses United States order to reduce oil imports from Iran

Kenny Grant
August 6, 2018

China, for its part, has agreed to not ramp up purchases of Iranian crude to "ease concerns that China is working undermine United States efforts", according to the Bloomberg report.

China - the world's top crude buyer and Iran's No. 1 customer - has said previously that it opposed unilateral sanctions and lifted monthly oil imports from the country by 26 percent in July.

His decision to withdraw from the 2015 Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), has led to months of rising tensions between Washington and Tehran.

Unfazed, the administration has warned that even allies would face sanctions if they didn't show “significant” progress in reducing Iranian oil purchases by November 4, ruling out broad exemptions or waivers.

In Saudi Arabia, 10.29 million barrels per day were produced by the Middle East's largest power, a surprising decline of nearly 200,000 bpd, and the decline is hitting oil markets twice as hard as the decline in production amounts is announced amidst a supposed period of production increases by OPEC. The U.S. also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran.

U.S. officials have softened their stance after initially saying they would press allies in Europe, Asia and the Middle East to adhere to the sanctions and reduce their imports to zero. "It shows they have not thought about its consequences", Rouhani was quoted as saying by state news agency IRNA while on an official visit to Austria's capital, Vienna, in July.

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Trump unilaterally withdrew the U.S. from the multilateral deal with Iran in May and announced plans to reimpose sanctions on the Islamic Republic, that would eliminate Tehran's oil revenues.

Between April and July India's oil imports from Iran has risen by an annual 40% to about 677 500 bpd, the data showed.

When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor.

United States nonfarm payrolls rose in July, but the USA trade deficit recorded its biggest increase in more than one-and-a-half years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill.

What's next for Iran oil?

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