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“The US has been unable to persuade China to cut Iranian oil imports, according to two officials familiar with the negotiations, dealing a blow to President Donald Trump’s efforts to isolate the Islamic Republic after his withdrawal from the 2015 nuclear accord,” Bloomberg reported.
“The oil market has been speculating about how much of Iran’s exports could be eroded by the US sanctions, with analysts from BMI Research to Mizuho Securities predicting that China might boost its imports of cheap supplies from the state and offset cuts by other nations.”
“Countries including South Korea and Japan are reducing purchases from OPEC’s third-largest producer before the deadline to avoid the risk of buyers losing access to the US financial system.”
US President Donald Trump announced on May 8 that Washington was walking away from the nuclear agreement.
Trump also said he would reinstate the US nuclear sanctions on Iran and impose “the highest level” of economic bans on the Islamic Republic.
Under the JCPOA, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against Tehran.
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