• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes The Inconvenient Truth Of Electric Cars
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 1 hour Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 4 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 2 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 10 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 2 hours The Strait of Hormuz is the world’s most important oil transit chokepoint
  • 5 hours The Plastics Problem
  • 6 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 8 hours Cherry Picking Climate Data
  • 59 mins Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 11 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 4 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 6 hours Coal Boom in Asia is Real and a Long Trend
Expert: Chances Of U.S.-Iran War Are At Least 50%

Expert: Chances Of U.S.-Iran War Are At Least 50%

There’s at least a 50-percent…

Top Chinese Refiners Not Booking Iranian Oil For November

oil tanker

China’s largest refiners, state-held Sinopec and China National Petroleum Corporation (CNPC), haven’t booked any crude oil cargoes from Iran for November due to fears that in doing so, they would be in breach of the U.S. sanctions on Iranian oil returning in less than two weeks, Reuters reported on Wednesday, quoting two people with direct knowledge of the plans.

The key concern for the state-owned refiners is the uncertainty over whether Iran’s Chinese customers would obtain waivers from the sanctions, Reuters’s sources said.

China, Iran’s single-largest oil customer, has said that it would not stop buying Iranian oil despite U.S. efforts to have the Iranian exports down to ‘zero.’ But Beijing was also said to have agreed to refrain from increasing its oil purchases from Iran. Iran, for its part, is keen to keep its single biggest oil customer when U.S. sanctions on Iranian oil exports kick in.

Analysts have assumed that China will keep buying Iranian oil and be pretty much the only certain meaningful customer of Iran, because the other major buyer, India, is even more hard-pressed by the United States to wind down purchases from Tehran.

Last month, China’s top refiner Sinopec was said to be halving its oil imports from Iran as of September, bowing to pressure from the United States.

Related: Find 150+ Crude Oil Prices Here

Sinopec—listed in Hong Kong, but more importantly, also in New York—has reportedly faced direct pressure from the United States to curtail Iranian oil imports. According a Reuters source, U.S. officials visited Sinopec in Beijing in August and demanded steep reductions of oil imports from Iran.

Now a senior industry official with a Chinese state oil firm told Reuters on Wednesday that in the face of uncertainty over waivers, “No company will risk taking any barrels for November.”

“The risk is a lot greater than the amount of oil cut,” the source told Reuters.

The United States has recently hinted that it was at least considering waivers, but U.S. Treasury Secretary Steven Mnuchin said over the weekend that it would be more difficult for Iranian oil customers to get waivers from the sanctions than it was during the Obama administration, and the United States would issue waivers, if any, only to buyers that have significantly reduced Iranian purchases.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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