Iran says it will no longer ship oil to the UK and France, due to sanctions the US and EU have put onto trade because of concerns about nuclear weapons programs
Now, Iran must deal with another trade problem which could damage its income from oil. China has cut its Iran oil imports to the lowest level in five months, according to Bloomberg. It is not clear whether this is part of a systematic cutback by China, or that it merely source more crude for other countries as part of its normal course of business.
The simplest excuse for now, is that the two countries have not settled on tactical trade terms.
China, the biggest buyer of Iranian crude, cut purchases to the lowest level in five months in January even as its total oil imports rose after trading companies in the two nations failed to renew supply contracts.
Iran’s economy may buckle if its sales to China drop for a long period along with its exports to the West.
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