China Says It Will Safeguard Iran Nuclear Deal And Uphold Sino-Iran Ties –

China Says It Will Safeguard Iran Nuclear Deal And Uphold Sino-Iran Ties

China will make efforts to safeguard the Iran nuclear deal and defend the legitimate interests of Sino-Iranian relations, the Commerce Ministry said on Thursday.

Ministry spokesman Gao Feng told a news conference in response to a media question that China has not received notifications of sanctions on Iranian oil from the Biden administration.

China’s comments came after Reuters reported that Iran has “indirectly” shifted record volumes of oil to China in recent months, marked as supplies from Oman, the United Arab Emirates and Malaysia, even as China’s customs data showed that no Iranian oil was imported in the first two. months this year.

Rising Iranian supplies contributed in part to a $ 70 a barrel drop in Brent crude prices in mid-March.

US President Joe Biden has tried to reignite talks with Iran on a nuclear deal abandoned by former President Donald Trump in 2018, though tough economic measures remain in place that Tehran insists be lifted before negotiations resume. talks.

The United States and the other Western powers that signed the 2015 accord appear to disagree with Tehran on which side should return to the accord first, making it unlikely that the US sanctions that have crippled Iran’s economy can be removed quickly.

However, oil exports by OPEC members increased in January after a boost in the fourth quarter, despite US sanctions, in a sign that the end of Donald Trump’s term as president of the United States. United may be changing buyer behavior.

Iranian crude oil exports remain high in March compared to last year, tanker tracker Petro-Logistics said on Tuesday, adding to signs of a recovery in shipments.

The sanctions caused a sharp drop in Iranian exports to China, India, Japan and South Korea since the end of 2018. Those measures, and production cuts by other OPEC + producers, have led to a shortage of supplies of acidic crude. the Middle East in Asia, the world’s leading oil. market. Asia imports more than half of its crude from the Middle East.

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