{"id":36784,"date":"2018-08-18T08:37:20","date_gmt":"2018-08-18T13:37:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36784"},"modified":"2018-08-18T08:37:20","modified_gmt":"2018-08-18T13:37:20","slug":"sanctions-oil-and-the-emerging-china-russia-iran-axis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36784","title":{"rendered":"Sanctions, oil, and the emerging China-Russia-Iran axis"},"content":{"rendered":"
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Sanctions, oil, and the emerging China-Russia-Iran axis<\/a><\/h3>\n

\"Sanctions,<\/span><\/p>\n

\n
Although China has backpedalled on proposed tariffs on U.S. crude imports, the move is indicative of its need to diversify sources and steps may now be taken to enable China to play the oil card in the future \u2013 including imports from Iran despite sanctions, and drawing closer to Russia.\u00a0<\/i><\/div>\n<\/div>\n<\/div>\n

A reshuffle of crude oil exports to Asia<\/b><\/p>\n

Asian oil refiners have been rushing to secure crude supplies in anticipation of an escalating trade war between the United States and China. Last week, Dongming Petrochemical<\/a>, an independent Chinese refiner, said it has halted crude purchases from the U.S. and turned to Iranian imports amid escalating trade tensions between Beijing and Washington. U.S. crude oil exports to China reached 400,000 barrels per day (bpd)<\/a> at the beginning of this July, but Beijing has recently threatened a 25 percent duty on imports of U.S. crude as part of its retaliation for Trump\u2019s latest round of tariffs on US$34 billion worth of Chinese goods. In addition, Iran\u2019s foreign minister said on 3 August that China was \u201cpivotal<\/a>\u201d\u00a0to salvaging a multilateral nuclear agreement for the Middle Eastern country after the United States pulled out. A reshuffle of crude oil exports to Asia is possible, with China vacuuming up much of the Iranian oil that other nations won\u2019t buy because of the threat of U.S. sanctions.<\/p>\n

China, India, Japan and South Korea together account for almost 65 percent of the 2.7 million barrels a day<\/a> that Iran exported in May. The U.S. has been lobbying these countries and other multinational oil giants to cut crude purchases from Iran to zero by November, the deadline for re-imposition of the secondary sanctions. In view of the current trade disputes with the U.S., China has reacted defiantly to U.S. sanctions banning business ties with the Islamic republic.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Sanctions, oil, and the emerging China-Russia-Iran axis Although China has backpedalled on proposed tariffs on U.S. crude imports, the move is indicative of its need to diversify sources and steps may now be taken to enable China to play the oil card in the future \u2013 including imports from Iran despite sanctions, and drawing closer […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[130,1997,21281,441,588,694,805,3222,827,21282],"class_list":["post-36784","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-china","tag-economic-sanctions","tag-global-risk-insights","tag-iran","tag-oil","tag-russia","tag-trade","tag-trade-war","tag-united-states","tag-yueyi-chen"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36784"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36784\/revisions"}],"predecessor-version":[{"id":36785,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36784\/revisions\/36785"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}