China, India to Defy US Sanctions on Iranian Oil? CNBC

The Trump administration continues efforts to constrain Iran. In 2018, the US abandoned a nuclear agreement designed to limit Iran’s nuclear program, and the administration announced nations purchasing Iranian oil will face sanctions after May 1. The United States had granted waivers over the past six months to India, China, Turkey, Greece, Italy, Japan, South Korea and Taiwan, allowing limited imports. Iran accounts for about 5 percent of global oil exports and represents 6 percent of China’s imports. “China and India are both unlikely to completely cut off Iranian crude imports, energy analysts have said, despite the imminent threat of U.S. sanctions,” reports Sam Meredith for CNBC. “Beijing said it was resolutely opposed to the move, adding its energy cooperation with Tehran is lawful and reasonable.” The US move has hiked the price of oil, a benefit for other major exporters, including Saudi Arabia and Russia, responsible for about 15 and 11 percent oil exports, respectively. – YaleGlobal