Desperate Iran May Turn to China for Help as Beijing’s Oil Purchases Plummet

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Title : Desperate Iran May Turn to China for Help as Beijing’s Oil Purchases Plummet
Link : Desperate Iran May Turn to China for Help as Beijing’s Oil Purchases Plummet

The collapse of the rial currency and the looming threat of U.S. oil sanctions, scheduled to take hold in November, are reportedly leading Iran to turn to China for help keeping their economy afloat. A report Thursday suggests that China, itself struggling amid U.S. tariffs, may not be looking to save Iran and is diminishing its imports of Iranian oil.

The Associated Press (AP) noted in a report Wednesday that shoppers in Tehran’s Grand Bazaar have become accustomed to an influx of inferior Chinese products replacing the Western imports they became accustomed to as sanctions began to bite.

“From Chinese goods flooding markets to its business people eager for deals as Western business interests flee, Iran likely will further embrace Beijing as an alternative market for its crude oil and financial transactions amid uncertainty over the nuclear deal,” the outlet concludes. It cites several experts, including Peter Harrell, a fellow at the Washington-based Center for a New American Security, who predicts that, as plenty of Chinese companies do not have a full open avenue to American trade, “Iran is going to be able to continue large quantities of trade there, assuming the Chinese government lets that happen.”

Whether the Chinese communist regime is in a position to accept the consequences of trade with Iran remains a major unknown. The Chinese Foreign Ministry has repeatedly claimed it would maintain friendly relations with Iran despite warnings from the United States and has offered to intervene to Iran’s benefit in nuclear deal negotiations. Caught in the middle of an escalating trade war with Washington, however, the reality of bilateral commerce does not reflect Beijing’s vocal support for Tehran.

According to a Bloomberg News report published Thursday, China has dramatically reduced purchases of Iranian oil, leading to Iran enduring an 18-day gap between its last two shipments to China – the longest such gap in at least three years. The outlet notes that Iran’s oil exports have dropped to 1.3 million barrels a day, down from over twice that a three million a day in 2016. China remains Iran’s largest purchaser but appears to be trending away from buying more. READ MORE