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Refiner in China Replacing US Imports With 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 cited an official from the refiner, Dongming Petrochemical Group, as saying.
The source said Beijing is planning to slap tariffs on US crude oil imports and replace them with West African and Middle Eastern crude, including crude from Iran, Oil Price reported. China has already said that it will not comply with US sanctions against Iran and it seems to be the only country for now in a position to do this.
US crude oil exports to China reached 400,000 barrels per day at the beginning of this month, but now Beijing is planning to impose a 25% tariff on these as part of its retaliation for Trump’s latest round of tariffs on $34 billion worth of Chinese goods. The retaliation began with tariffs on 545 US goods worth another $34 billion, but Reuters reports that oil tariffs will be announced at a later date.
https://financialtribune.com/articl...china-replacing-us-imports-with-iranian-crude
So many times, the justification we are given for why we sell weapons to Saudi Arabia, is that if we don't the Russians will.
Why doesn't this same logic apply for Iranian oil?
How do our sanctions against Iran do anything when China and India are more then willing to buy that oil?
Why are we helping China buy discounted oil?
What strategic US interest does it serve to strengthen ties between Iran and China?
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 cited an official from the refiner, Dongming Petrochemical Group, as saying.
The source said Beijing is planning to slap tariffs on US crude oil imports and replace them with West African and Middle Eastern crude, including crude from Iran, Oil Price reported. China has already said that it will not comply with US sanctions against Iran and it seems to be the only country for now in a position to do this.
US crude oil exports to China reached 400,000 barrels per day at the beginning of this month, but now Beijing is planning to impose a 25% tariff on these as part of its retaliation for Trump’s latest round of tariffs on $34 billion worth of Chinese goods. The retaliation began with tariffs on 545 US goods worth another $34 billion, but Reuters reports that oil tariffs will be announced at a later date.
https://financialtribune.com/articl...china-replacing-us-imports-with-iranian-crude
So many times, the justification we are given for why we sell weapons to Saudi Arabia, is that if we don't the Russians will.
Why doesn't this same logic apply for Iranian oil?
How do our sanctions against Iran do anything when China and India are more then willing to buy that oil?
Why are we helping China buy discounted oil?
What strategic US interest does it serve to strengthen ties between Iran and China?