Economy

Iran's foreign minister says China 'pivotal' to salvaging its nuclear deal

Iran's foreign minister says China 'pivotal' to salvaging its nuclear deal

Meanwhile, the tensions between Washington and Beijing is scaring hedge funds away from an increasingly volatile oil market, according to Bloomberg, with money managers' total positions in the US benchmark and Brent having slid to the lowest since 2016.

Beijing, however, agreed not to increase purchases of Iran's crude, the officials, who spoke on condition of anonymity told Bloomberg on Friday.

Francis Fannon, the assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, according to a State Department spokesperson.

The arrival of the ATR72-600 airplanes at Tehran's Mehrabad International Airport represented perhaps the last benefits Iran will see under the nuclear deal after President Donald Trump withdrew from it in May.

The nuclear deal with world powers would have allowed Iran to replace its aging commercial fleet.

China is Iran's top oil importer.

The US is due to impose a series of new sanctions on Iran in the next few months.

Three months ago, the USA withdrew from a 2015 agreement among world powers and Iran in which worldwide sanctions against Tehran were lifted.

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Rouhani has suggested Iran might block the Strait of Hormuz in response to a shutdown of its oil exports.

State refiners accounted for about four-fifth of Iranian oil imports in July with Indian Oil Corp along with its unit Chennai Petroleum Corp getting about 300,000 bpd oil from Tehran, the preliminary data showed.

"At 9pm [15:30 GMT on Friday] they attacked the school and tried to break the doors down and burn things", the Fars News Agency quoted the head of the school in the town of Ishtehad, Hojatoleslam Hindiani, as saying.

Preliminary tanker arrival data cited by Reuters on Thursday showed that the Asian country increased purchases of Iranian crude by about 30 percent to a record 768,000 barrels per day (bpd) as state refiners' intake surged ahead of USA sanctions in November.

Increased US hostility has also driven a run on Iran's currency, which has lost around two-thirds of its value in six months.

Chinese Foreign Ministry spokeswoman Hua Chunying said: "China and Iran unwaveringly maintain normal trade and economic ties. China will continue to cooperate with Iran adhering to its global obligations", she added.

Tehran had offered nearly free shipping and an extended credit period for oil sales to India, its top oil client after China.

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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