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Iran's Zarif Says China 'Pivotal' to Salvaging Nuclear Deal, China Agrees

05 August 2018

Repeating the pattern of past weeks, crude prices on Friday ended the week down by 0.4 percent for West Texas Intermediate and 1.5 percent for Brent, this time in reaction to China state oil major Sinopec cutting its purchases of USA product due to the trade spat between both countries.

"Iran will survive this round of U.S. sanctions as it has survived them before", Rouhani said, describing them as a "crime and aggression".

Iran has been furious over U.S. President Donald Trump's decision to pull out of an worldwide agreement on Iran's nuclear programme and re-impose sanctions on Tehran.

But all Iranians are concerned about the struggling economy, especially since the United States walked out of the nuclear deal in May and announced it would reimpose full sanctions in two stages.

More than half-a-dozen current and former officials told the Reuters news agency that the campaign is meant to work in concert with US President Donald Trump's push to economically throttle Iran by re-imposing tough sanctions.

Recall that President Hassan Rouhani of Iran had earlier warned the United States against any attempt to stop Tehran's oil trade.

"The Americans say they want to reduce Iranian oil exports to zero".

Iran's Revolutionary Guards confirmed on Sunday it had held war games in the Gulf over the past several days, saying they were aimed at "confronting possible threats" by enemies, the state news state news agency IRNA reported.

India's imports from Iran could start to slow from August as some big Indian refiners worry that their access to the USA financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran.

Sanctions will also be reapplied to USA imports of Iranian carpets and foodstuffs and on certain related financial transactions. -Chinese trade relations. The Trump administration this week said it would increase tariffs on China from 10 percent to 25 percent, prompting Beijing to say it wouldn't be persuaded by economic blackmail.

In January-July, India's oil imports from Iran rose by more than 17 percent to about 612,000 bpd, the data showed.

When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor.

Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier to 11.21 million bpd, energy ministry data showed on Thursday.

Remaining sanctions ncluding on Iran's oil and gas sector and central bank will resume on November 5.

Iran's Zarif Says China 'Pivotal' to Salvaging Nuclear Deal, China Agrees