Pressure builds on Iran oil sector -

Pressure builds on Iran oil sector

Chinese seller of refined oil faces sanctions, Japan promises to draw down oil imports


The U.S. is ramping up its efforts to put pressure on Iran’s Islamic regime, thought to be pursuing a nuclear weapons program, by squeezing the country’s oil sector. Late Thursday night, the U.S. State Department announced sanctions against three large oil companies—including, including, in a bold move, China’s Zhuhai Zhenrong—for selling refined oil products to Iran. “This is an extremely unfriendly signal,” said analyst Li Guofu of the China Institute for International Studies, speaking with the Financial Times. Refined oil products are considered crucial to Iran’s economy since the country doesn’t have the domestic infrastructure to refine crude oil on its own. The targeted sanctions come as Treasury Secretary Tim Geithner visited Asia’s two largest economies this week, pressuring China and Japan to reduce the amount of oil they import from Iran. Japan, which imports 10 per cent of its oil from Iran, pledged to reduce its crude trade with Iran after Geithner’s visit.


The Financial Times

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Pressure builds on Iran oil sector

  1. Of course we wouldn’t want them to wean themselves off iran oil by importing our oil now would we.

  2. American imperalism at its best example here…now Im not a fan of the Mullah Regime, but it is obvous that this is just another way in which the U.S. projects its hegemonic policies on the World. But I think this would be a good time for the EU (except for the UK for obvious reasons) to stand up and not support the U.S. here. Anyway, European countries should build closer ties with Russia and not the USA, maybe higher tarriffs for export o the US would be nice too, since it is obvious to me that it is the other way around like Trump said it…or China should sell its U.S. bonds, but obviously they cant because no-one would buy them (Real “rating”: BBB-), so the Americans have to be reminded that they dont dominate the planet (at least not since 2000) anymore and this would be a good step by the EU IMO, sidin with Russia and not with the USA.