• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 7 minutes The Painful Death of Coal
  • 11 minutes Forecasts for Natural Gas
  • 2 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 8 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 day .
  • 19 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Сryptocurrency predictions
  • 1 day *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 3 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 8 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 13 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 13 hours Joe Biden's Presidency
  • 1 day How US Capitalism Uses Nationalism
  • 4 days European gas market to 2040 according to Platts Analitics
Chinese Oil Imports Dropped 11% In April

Chinese Oil Imports Dropped 11% In April

China’s crude oil imports in…

China Vows To Continue Iran Trade Despite U.S. Oil Sanctions

China will continue its trade with Iran and opposes the U.S. sanctions on the Islamic Republic as unilateral and “long-arm jurisdiction,” a spokeswoman for the Chinese foreign ministry said on Monday, when the American sanctions on Iran’s oil, shipping, and banking industry returned.

“China opposes unilateral sanctions and long-arm jurisdiction,” AFP quoted foreign ministry spokeswoman Hua Chunying as saying at a regular briefing with reporters on Monday.

“We believe that China’s normal cooperation (with Iran) within international law is legal and legitimate, and this shall be respected,” Hua said.

Late last week, U.S. government officials signaled that the United States would be granting waivers to eight countries to continue temporarily buying Iranian oil, on the condition that they had significantly reduced purchases from Iran. Today, China was identified as one of those countries that received a waiver.

China is carrying out “normal cooperation” with Iran, Hua said, dodging a direct reply to a question whether China had been issued a waiver, just hours before the official notice from Washington.

China’s waiver, like the others, is not a pass to purchase Iranian crude oil indefinitely. On Sunday, U.S. Secretary of State Mike Pompeo said that the waivers were granted to give some countries with time to wind down their purchases of Iranian oil to zero.

“We’ve already reduced Iranian crude oil exports by over a million barrels per day. That number will fall farther. There’s a handful of places where countries have – that have already made significant reductions in their crude oil exports need a little bit more time to get to zero, and we’re going to provide that to them,” Secretary Pompeo said in an interview with Fox News Sunday.

As sanctions returned on Monday, Iran struck a defiant tone, with President Hassan Rouhani saying in a televised speech “I announce that we will proudly bypass your illegal, unjust sanctions because it’s against international regulations.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Pete Bauer on November 05 2018 said:
    When US can buy oil from Saudi Arabia and sell arms to them, despite a cruel murder of a journalist. Why would China listen to US on sanctions against Iran.

    China & Russia will continue to trade with Iran. After all for China's survival, they need Oil as much as USA.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News