U.S. Toughens Stance on Future Iran Oil Exports

collected by :Frank Ithan

"We will certainly be requesting that their oil imports go to zero without question by Nov. 4th," the official said of other countries' purchases of Iranian oil. Photo: GettyTwo weeks ago, Andrew Peek, deputy assistant secretary of State for Iran and Iraq, said the U.S. was prepared to issue waivers if countries made major reductions in Iran oil imports. A crew member working in the engine room of the oil tanker 'Devon' in March as it prepared to sail to to pick up crude oil in Iran for export. European refiners say they have already started buying more oil from Saudi Arabia, Russia and Iraq to make up for upcoming reductions in Iranian oil. Some analysts say China's government will likely keep importing Iranian crude, banking on Washington's desire for its cooperation on North Korea.

Chinese Refiner Stops U.S. Oil Imports, Turns To Iranian Crude

An independent Chinese refiner has suspended crude oil purchases from the United States and has now turned to Iran as one of its sources of crude, media reports, citing an official from the refiner, Dongming Petrochemical Group. What's more, the source said that Beijing is planning to slap tariffs on U.S. crude oil imports and replace them with West African and Middle Eastern crude, including crude from Iran. The retaliation began with tariffs on 545 U.S. goods worth another US$34 billion, but, Reuters reports, the oil tariffs will be announced at a later date. Energy analysts seem to believe that these oil tariffs are more or less a certainty, and now expect a reshuffle of crude oil imports to Asia. The country is the third-biggest buyer of Iranian crude in Asia, buying Iranian crude at an average daily rate of almost 300,000 barrels since March this year.

A Clash Between U.S. And Iran Could Send Oil Prices Above $100 And Bad News For China

as mentioned in If that turns out to be the case, it will disrupt Middle East oil supplies and push crude oil prices above $100 level. That could be bad news for China – because the Middle East supplies close to 50% of China's oil imports. It could be good for Russia, which will have to sell more oil to its own allies, including China. They, too, want to be the guarantors of the free flow of oil supplies to its own European and Asian allies, including China. Thus, there is a potential for open military confrontation between the two countries that could send oil prices soaring.