LONDON (Reuters) - Iran’s vice president acknowledged on Tuesday that U.S. sanctions would hurt the economy, but promised to “sell as much oil as we can” and protect banking.
Eshaq Jahangiri said Washington was trying to stop Iran’s petrochemical, steel and copper exports. “America seeks to reduce Iran’s oil sales, our vital source of income, to zero,” he said, according to Fars news agency.
“It would be a mistake to think the U.S. economic war against Iran will have no impact,” Jahangiri added.
President Donald Trump said in May he would pull the United States out of an international accord under which Tehran had agreed to limit its nuclear development in exchange for sanctions relief.
Trump said he would reintroduce sanctions and Washington later told countries they must stop buying Iran’s oil from Nov. 4 or face financial consequences.
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WNU Editor: The Iran oil situation is not great .... How Bad Is Iran’s Oil Situation? (Nick Cunningham, OilPrice.com). But China is going to help .... Chinese Refiner Stops U.S. Oil Imports, Turns To Iranian Crude (OilPrice.com).
1 comment:
China is loath to be dependent upon Middle Eastern oil just as Iran has threatened to close the Straits of Hormuz. China's trading relationship with the USA is its most important in the world.
Any solution to the USA trade war will include massive imports of US oil and gas. So I predict this trade war won't last long, especially as the price of oil and gas keeps rising and China's import bills keep rising. Its obvious flaw as an exporter will be on full display. It lacks natural resources to support its export industries.
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