China Rejects US Request to Cut Iran Oil Imports

China Rejects US Request to Cut Iran Oil Imports

Iran reportedly received five new commercial airplanes on Sunday in what are expected to be among the final imports to the country before the U.S.

The U.S. has told all countries, including India to stop their oil imports from Iran by November 4 or face sanctions for carrying out any transaction with Tehran as there would be "zero" waivers to any country.

They said they remained committed to the 2015 accord and to building up economic relations with Iran, including "the continuation of Iran's export of oil and gas" and other energy products.

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

Preliminary tanker arrival data cited by Reuters on Thursday showed that the Asian country increased purchases of Iranian crude by about 30 percent to a record 768,000 barrels per day (bpd) as state refiners' intake surged ahead of USA sanctions in November.

But Trump, a long-time critic of the deal who succeeded Barack Obama as president previous year, pulled out of the pact despite repeated assurances by United Nations inspectors that Iran is in compliance with its obligations.

Trump made that much known in a Twitter post days ago during a joint White House news conference with Italian Prime Minister Giuseppe Conte. In return, Iran agreed to scale back its nuclear program.

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In June, the USA state department said that countries buying oil from Iran should bring down to zero their Iranian crude imports by the time Washington re-imposes sanctions on November 4.

On August 7, Washington will reimpose sanctions on Iran's purchase of USA dollars, its trade in gold and precious metals and its dealings with metals, coal and industrial-related software.

Fear over decreasing demand from China triggered a slow down on Friday, after the country's main oil producer Sinopec, trim down its purchase of U.S. crude.

The activity extended to the Strait of Hormuz, a strategic waterway for oil shipments the Revolutionary Guards have threatened to block. US officials last week said Iran carried out a similar exercise, though Tehran did not immediately acknowledge it.

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.

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. It accounted for 35 percent the Iranian exports last month, according to ship-tracking data compiled by Bloomberg.

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