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China Looks to Buck Iranian Oil Sanctions

The country is the largest buyer of Iran crude at over 650,000 barrels per day

relates to China Looks to Buck Iranian Oil Sanctions

China is unlikely to fully heed President Trump’s caveat to stop buying oil from Iran, according to FGE. If the planned U.S. sanctions prove successful to cut Iran’s oil exports to zero by Nov. 4, that will put as much as 2.3 million barrels a day of crude from the Persian Gulf state at risk, the consultant said. The White House has yet to get responses from China, India or Turkey, which together make up about 60 percent of the Persian Gulf state’s exports, according to FGE. While Turkey and India may comply with America’s demand, China may sustain at least some of its purchases, it said.