Published: Sun, August 05, 2018
Markets | By Erika Turner

China rejects United States demand to reduce Iran oil imports

China rejects United States demand to reduce Iran oil imports

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.

In Washington, the US State Department tweeted on its Persian-language account: "While it is ultimately up to the #people_of_Iran to determine their country's path, #America supports the voice of the Iranian people, which has been ignored for a long time".

Iran's oil exports could fall by as much as two-thirds by the end of the year because of the U.S. sanctions, putting oil markets under strain amid supply outages elsewhere in the world.

While South Korea has halted imports from Iran and reports in India indicate it may also bow to the United States campaign, Washington's entreaties to Beijing have proved fruitless, two unnamed officials told Bloomberg.

The nuclear deal lifted global sanctions in return for Iran limiting its nuclear program and allowing regular inspections.

"Iran will survive this round of USA sanctions as it has survived them before", Rouhani said, describing them as a "crime and aggression".

China has however agreed it will not increase oil imports from Iran, in a move which would directly challenge the United States blockade.

Turkey 'will retaliate' over U.S. sanctions as crisis grows
Brunson , 50, is being tried on espionage and terror-related charges, which he and the US government vehemently deny. On Tuesday, a court rejected his appeal to be released from house arrest during his trial on terrorism charges.

Washington imposed a series of additional sanctions on Iranian entities and individuals, as well as foreign companies in Iran, squeezing Iran economically. USA officials last week said Iran carried out a similar exercise, though Tehran did not immediately acknowledge it.

President TrumpDonald John TrumpPastor at Trump rally prays to shield Trump from "jungle journalism" Bill Russell: Being criticized by Trump is the "biggest compliment you can get" Salmon farmers in California fear Trump will destroy their industry MORE pulled the USA out of the Obama-era nuclear deal, which offered sanctions relief in exchange for Tehran reining in its nuclear program.

The arrival of the ATR72-600 airplanes at Tehran's Mehrabad International Airport represented perhaps the last benefits Iran will see under the nuclear deal after President Donald Trump withdrew from it in May.

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.

The official confirmed that during July delegations would be dispatched to Beijing and Delhi to press home the case, having already visited the capitals of other major Iranian oil importers.

In April-July, the first four months of this fiscal year, India's oil imports from Iran has risen by an annual 40 percent to about 677,500 bpd, the data showed.

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