India's Oil Imports From Iran Jump To Record-High In July

05 August, 2018, 22:16 | Author: Dave Hampton
  • US President Donald Trump

The U.S. has been unable to persuade China to cut Iranian oil imports, according to two officials familiar with the negotiations, reports Bloomberg.

Last month, Iran's Supreme Leader Ayatollah Ali Khamenei backed President Hassan Rouhani's suggestion that Iran may block Gulf oil exports if its own exports are stopped.

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 agency IRNA reported.

If the USA wants negotiations, it should stop pressures and sanctions, Qasemi was quoted as saying by official IRNA news agency.

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On Tuesday, the reimposition of USA sanctions will include purchasing of United States dollars, trade in gold and precious metals, coal and industrial-related software, U.S. imports of Iranian carpets, foodstuffs and some financial transactions.

WTI settled down 47 cents to $68.49 per barrel, and Brent fell 24 cents to $73.21 per barrel, causing Jim Ritterbusch, president of Ritterbusch & Associates, to remark, "It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other".

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

Rouhani's apparent threat earlier in July to disrupt oil shipments from neighboring countries came in reaction to the looming USA sanctions and efforts by Washington to force all countries to stop buying Iranian oil.

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Purchases from Iran could slow from August as imports from Tehran are getting tougher after the United States in May pulled out of a 2015 nuclear deal and announced the renewal of sanctions against Tehran.

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

The matter is awkward for Germany because the government is also committed to keeping alive the 2015 deal it, along with the USA and other world powers, signed with Iran which provides incentives in exchange for Tehran not pursuing a nuclear weapon.

In July, Beijing lifted monthly oil imports from Iran by 26 percent. "China will continue to cooperate with Iran adhering to its global obligations", she added.

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In a statement, Captain Bill Urban, the military's Central Command spokesman, said the USA was "aware of an increase" in Iranian naval operations in the Gulf, the Strait of Hormuz and the Gulf of Oman.

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