Economy

Crude Price Suffers Over US-China Trade War

Crude Price Suffers Over US-China Trade War

"If the Iranians demonstrate a commitment to make fundamental changes in how they treat their own people, reduce (what he called) their malign behavior, can agree that it's worthwhile to enter into a nuclear agreement that actually prevents proliferation, then the president said he's prepared to sit down and have the conversation with them".

Washington's withdrawal from the landmark Iran nuclear deal was criticized across the world.

The AP reported that ATR has pushed the US for permission to send the final seven airplanes to Iran.

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. According to a Friday report from Bloomberg News, the Trump administration has been unsuccessful in persuading Beijing to back away from the Islamic republic, though it has agreed to keep its Iranian oil purchases static.

India's imports from Iran could start to slow from August as some big Indian refiners worry that their access to the USA financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran.

Francis Fannon, U.S. assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, Bloomberg said, citing a U.S. government official.

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.

More news: Canadian province scraps ‘not sustainable’ basic income program pilot

Between April and July India's oil imports from Iran has risen by an annual 40% to about 677 500 bpd, the data showed.

Washington imposed a series of additional sanctions on Iranian entities and individuals, as well as foreign companies in Iran, squeezing Iran economically.

The U.S. military's Central Command on Wednesday confirmed it has seen an increase in Iranian naval activity, including in the Strait of Hormuz, a strategic waterway that Iran's Revolutionary Guards have threatened to block.

Last month, United States officials familiar with the matter said the Trump administration had launched a communications campaign to foment unrest and put pressure on Iran to end its nuclear programme and its support of armed groups.

Other oil producing countries, led by Saudi Arabia, have vowed to increase production to cover the loss of Iranian oil.

U.S. crude exports have been seesawing over the past month, falling 51 per cent last week after an 84 per cent increase the week earlier, according to the latest Energy Information Administration Data.


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