Stock market quotes, forex, financial news, forex tools – money-investing.com

China stopped purchasing Iranian oil to avoid sanctions

 Breaking News
  • US Ministry of Energy predicts reduction of oil prices The US Ministry of Energy has published a monthly report, which turned out to be discouraging. It is expected that in the last quarter of this year the price for...
  • 28 Chinese companies are blacklisted by the US Everyone knows that just in few days two powerful states China and the USA – are starting the next round of the negotiations. Official Beijing has announced that it is...
  • Startup WeWork again in spotlight We have been writing about the startup WeWork, which was forced to postpone the initial public offering. They earn by renting commercial space for a long time in order to...
  • Massive cuts in HSBC HSBC Holdings Plc, the largest bank in Europe and one of the most significant and serious players in the global financial market, has announced the launch of a cost-optimization program....
  • Oil quotes still wait for negotiations Today, at 8.15 a.m. Moscow time, futures for Brent crude oil were trading in London for $ 58.31 per barrel. This is only 0.1% below the closing price of the...
China stopped purchasing Iranian oil to avoid sanctions
May 28
13:00 2019

The Wall Street Journal reports that because of fears to fall under US sanctions, the PRC has stopped buying oil from Iran. Such information was provided by the source of the newspaper, covering the news on the Iranian oil industry.

After the States withdrew from the program on the Iranian atom, the sanctions against Iran again came into force. The US authorities have indicated that they want to ensure that export of Iranian oil go down to zero. At the same time, every state that tries to buy Iranian oil may be under severe sanctions.

Temporary exemptions were in force for several countries. During that period they could buy fuel from Iran. The postponement was given in order to find new suppliers. The exceptions ceased on May 2. The United States did not want to extend the postponement, so oil purchases stopped at the appointed time.

Iranian businessmen still hope that China will begin to buy fuel again. The WSJ has learned that private suppliers are negotiating with some Chinese refineries. Anyway, transactions can be renewed only if the Iranian and Chinese authorities agree.

The Chinese Foreign Ministry has already expressed dissatisfaction with America’s actions, noting that the United States imposed unilateral sanctions against Iran and third countries. However, oil trade was carried out on the basis of international laws.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment