China refuses U.S. order to reduce oil imports from Iran

China rejects US demand to reduce Iran oil imports: report

China rejects US demand to reduce Iran oil imports: report

While South Korea has halted imports from Iran and reports in India indicate it may also bow to the United States campaign, Washington's entreaties to Beijing have proved fruitless, two unnamed officials told Bloomberg.

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.

Trump withdrew from the Iran nuclear deal in May, and Washington now plans to reimpose sanctions on Tehran.

The US administration has vowed to impose sanctions on any company continuing to buy oil from Iran after the November 4 deadline.

USA officials are now travelling the world in a dramatic effort to stop other countries from buying Iranian oil.

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.

Iranian President Hassan Rouhani has warned the USA against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

"The Americans say they want to reduce Iranian oil exports to zero".

Trump's policies are already putting significant pressure on the Iranian economy, although U.S. intelligence suggests they may ultimately rally Iranians against the United States and strengthen Iran's hardline rulers, officials say.

"China and Iran unwaveringly maintain normal trade and economic ties".

"China will continue to cooperate with Iran adhering to its global obligations".

According to data compiled by the agency, China boosted its purchases of Iranian oil in July, snapping up more than a third of the country's total exports.

Tamar Essner, an analyst at Nasdaq Inc., said there are "no signs whatsoever that this trade war is going to clear up anytime soon", and that has "caused investors to continue to trim net length, take profits, and de-risk that position with the sense that oil's upside is limited unless there's material reduction in Iranian barrels".

USA nonfarm payrolls rose in July, but the United States trade deficit recorded its biggest increase in more than one-and-a-half years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill.

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