China Continued Iran Oil Imports In July In Teeth of U.S. Sanctions

[rainman + 263]

China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into China last month, or 142,000 to 360,000 barrels per day (bpd). The upper end of that range would mean July imports still added up to close to half of their year-earlier level despite sanctions. The imports are continuing at a precarious moment in U.S.-China relations: The flow is hampering U.S. President Donald Trump’s efforts to choke off oil exports vital to Iran through sanctions, just as tensions rise in the festering U.S.-China trade dispute that has cast a pall over the global economy. Senior Trump administration officials estimate that 50-70% of Iran’s oil exports are flowing to China, while roughly 30% go to Syria. China is typically Iran’s largest oil customer and contests Washington’s sanctions. But June imports of around 210,000 bpd were the lowest in nearly a decade and 60% below their year-ago level, according to customs data, as some Chinese refiners, concerned about the sanctions, refrained from dealing with Iran. The General Administration of Chinese Customs is scheduled to release details of July imports by origin in the last week of August. Neither the National Development & Reform Commission, the state planner that oversees the country’s state oil reserves, nor the national customs bureau responded to Reuters’ requests for comment.

[joze44 + 39]

China plays by China's rules. So, there are no rules.

[Pavel + 384]

Is anyone surprised? They are not the only ones.

[50 shades of black + 254]

To be clear, I was waiting for that to happen. We don’t need the oil but other countries do. 

[pinto + 293]

5 minutes ago, Pavel said:

Is anyone surprised? They are not the only ones.

Prices may crash $30 per bbl if China makes this Iran move in trade war with US?

https://www.financialexpress.com/economy/oil-prices-may-go-into-a-tailspin-if-china-takes-this-countermeasure-against-us-tariffs/1669070/

[BALBOA + 37]

3 minutes ago, pinto said:

Prices may crash $30 per bbl if China makes this Iran move in trade war with US?

https://www.financialexpress.com/economy/oil-prices-may-go-into-a-tailspin-if-china-takes-this-countermeasure-against-us-tariffs/1669070/

It might be more "dangerous" than a trade war...

[ThunderBlade + 231]

Maybe ironic, but sanctions are literally what drives them into the arms of China and Russia. They need to export their oil somewhere. Indeed, Venezuela, Syria, Iran or North Korea: in every of these examples Russia and China are one side... Does that tell us anything?

[Pavel + 384]

Just now, ThunderBlade said:

Maybe ironic, but sanctions are literally what drives them into the arms of China and Russia. They need to export their oil somewhere. Indeed, Venezuela, Syria, Iran or North Korea: in every of these examples Russia and China are one side... Does that tell us anything?

Yep, regimes likes regimes...😀

[Zhong Lu + 845]

"I'll take my red chip and ante up against your blue chip.  Let's see how many friends and allies you actually have."

Edited August 8, 2019 by Zhong Lu

[ronwagn + 6,290]

5 hours ago, BALBOA said:

It might be more "dangerous" than a trade war...

Possibly in the short term. I will wait for others to tell us more about the effects. I don't see why China would consider not buying from anyone. I question our right to prevent anyone from selling their oil unless we are at war. 

[ronwagn + 6,290]

5 hours ago, Zhong Lu said:

"I'll take my red chip and ante up against your blue chip.  Let's see how many friends and allies you actually have."

It is good that we are finding out. No point in negotiating with false premises all around. 

[JR EWING + 123]

20 hours ago, rainman said:

China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into China last month, or 142,000 to 360,000 barrels per day (bpd). The upper end of that range would mean July imports still added up to close to half of their year-earlier level despite sanctions. The imports are continuing at a precarious moment in U.S.-China relations: The flow is hampering U.S. President Donald Trump’s efforts to choke off oil exports vital to Iran through sanctions, just as tensions rise in the festering U.S.-China trade dispute that has cast a pall over the global economy. Senior Trump administration officials estimate that 50-70% of Iran’s oil exports are flowing to China, while roughly 30% go to Syria. China is typically Iran’s largest oil customer and contests Washington’s sanctions. But June imports of around 210,000 bpd were the lowest in nearly a decade and 60% below their year-ago level, according to customs data, as some Chinese refiners, concerned about the sanctions, refrained from dealing with Iran. The General Administration of Chinese Customs is scheduled to release details of July imports by origin in the last week of August. Neither the National Development & Reform Commission, the state planner that oversees the country’s state oil reserves, nor the national customs bureau responded to Reuters’ requests for comment.

Good for China

[ronwagn + 6,290]

On 8/8/2019 at 12:44 PM, ronwagn said:

It is good that we are finding out. No point in negotiating with false premises all around. 

I will be very content to really find out, no matter what the score. The problem is actually knowing and it changes constantly. Our goal should be to as economically strong as possible and to be the best partner possible while helping ourselves as well. We tried that with China and they ate our lunch because our corporations were only to happy to ignore how they were serving Americans while making their profits importing Chinese made products. 

The American people did benefit from much lower price products but China has proven to be a formidable adversary and NOT a friend. We should have known that because they are obviously a tyrannical dictatorship and treat many of their own people horribly. They have a leader for life, they imprison hundreds of thousands of political prisoners. They do not allow freedom of religion or speech etc. Russia has very much the same system as do Iran, North Korea, Cuba, Venezuela etc. We must do everything we can to beat them economically.