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

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

The US announced end to waivers for eight large importers of Iranian oil by May 1, but India and China may not go along
Sam Meredith
Tuesday, April 23, 2019

Read the article from CNBC about the US ending waivers from sanctions for nations that import Iranian oil.

Sam Meredith is a digital reporter for CNBC in London. Having joined in October 2016, Sam writes regular news stories covering politics and macroeconomics across Europe.

Source: World’s Top Exports and Observatory of Economic Complexity, MIT)

© 2019 CNBC LLC. All Rights Reserved.