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China Lashes Out At Washington’s Decision On Iran Oil Sanctions

China Lashes Out At Washington’s Decision On Iran Oil Sanctions

Washington has announced that all Iran sanction waivers will end by May, causing crude oil prices to rise and pressuring importers to cut their Iranian imports to zero.

The White House said after its Iran move it was working with Saudi Arabia and the United Arab Emirates to ensure oil markets were "adequately supplied" but traders anxious about tight supplies.

The Trump administration yesterday said it will end sanction exemptions on oil purchases from Iran for eight countries beginning in May, prompting pushback from countries that purchase Iranian oil and a sharp rebuke form the Islamic Republic.

USA decides to end Iran oil sanctions waivers.

Turkey's foreign minister on April 22 warned that Washington's move to end sanctions waivers on Iranian oil sales would do harm to regional peace. South Korea and Japan do not expect any major negative impact from the cancelation of the waivers. U.S. Secretary of State Mike Pompeo said Monday the U.S.is counting on ally Saudi Arabia to ensure sufficient supply.

Barclays bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets". India had managed to navigate the frequent crises around Iran with innovative diplomacy and much luck.

Resource-poor Japan relies heavily on energy imports, with Iranian oil, considered cheaper that that from other countries, having made up about 5 percent of Japan's crude oil imports.

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For its part, China will "continue to work in order to safeguard the lawful and legitimate rights of Chinese companies", Geng said.

China, Iran's largest customer with imports of about 585,400 bpd of crude oil past year, formally complained to Washington over the move, which a Chinese Foreign Ministry spokesman said "will contribute to volatility in the Middle East and in the global energy market". And he said if prices do increase, USA producers can quickly ramp up shale oil production to increase supply in response.

But oil analysts said the supply is likely to remain tight through the rest of the year.

The South Korean negotiating team will be led by Deputy Minister of Economic Affairs Yun Kang-hyeon, who will discuss ways to extend the permit with his USA counterpart, a Seoul Foreign Ministry official said.

Sultan Ahmed al-Jaber, the CEO of the Abu Dhabi National Oil Co (ADNOC) of the UAE is in Tokyo for talks with Seko, METI said.

Iran stands to lose billions in revenue to crude producers in the USA and Gulf states over the sanctions.

In this Saturday, March 16, 2019 photo, an Iranian worker carries Iranian flags prior to an inauguration ceremony of a natural gas refinery at the South Pars gas field on the northern coast of the Persian Gulf, in Asaluyeh, Iran.


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