Latest news with #IranianOil
Free Malaysia Today
22-07-2025
- Business
- Free Malaysia Today
US treasury chief says China talks could cover Iran, Russia oil buys
Treasury secretary Scott Bessent threatened US action against those who buy Russian oil. (AP pic) WASHINGTON : The next round of US-China talks could include Chinese purchases of Russian and Iranian oil, US treasury secretary Scott Bessent said Monday, a move that would shift the focus of trade negotiations into national security issues. US President Donald Trump has imposed fresh tariffs on allies and competitors alike this year, and Washington and Beijing in April rapidly hiked duties on each other's goods in a tit-for-tat escalation. But after high level talks in Geneva and London, the world's two biggest economies temporarily lowered tariff levels until mid-August while discussions continued. 'I think trade is in a good place,' Bessent told CNBC in an interview. 'And I think now we can start talking about other things.' 'The Chinese unfortunately, are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil. So we could start discussing that,' he said. China's position as the main buyer of Iranian oil has served as a key lifeline for Tehran as its economy is battered by international sanctions. The world's second biggest economy is also a key purchaser of Russian energy. Bessent on Monday threatened US action against those who buy Russian oil, pointing to a strategy in which 'any country who buys sanctioned Russian oil is going to be subject to up to 100% secondary tariffs'. This suggests that Washington might impose heavy duties on countries it finds to be buying such Russian energy exports. 'I would urge our European allies, who have talked a big game, to follow us if we implement these secondary tariffs,' Bessent said. Trump, who has expressed mounting frustration with president Vladimir Putin, last week gave the Russian leader a 50-day ultimatum to strike a peace deal with Ukraine or face massive economic sanctions.
Yahoo
13-07-2025
- Business
- Yahoo
Treasury Dept. designates 22 entities linked with selling Iranian oil for IRGC-QF
Refineries purchase Iranian oil, and then transfer payments to these front companies, who in turn, move funds to other front company accounts also controlled by IRGC-QF, OFAC stated. The US Treasury Department's Office of Foreign Assets Control (OFAC) designated 22 entities based in Hong Kong, the UAE, and Turkey, for facilitating the sale of Iranian oil that funds the Islamic Revolutionary Guard Corps Quds Force (IRGC-QF), the department announced on Wednesday. IRGC-QF leverages front companies outside of Iran, using "offshore accounts to transfer hundreds of millions of dollars in profits derived from Iranian oil sales to circumvent sanctions and funnel funds toward IRGC-QF terrorist activities," OFAC said. Refineries purchase Iranian oil, and then transfer payments to these front companies, who in turn, move funds to other front company accounts also controlled by IRGC-QF, OFAC stated. IRGC-QF uses these proceeds to fund weapons programs and support Iran's terror proxies across the Middle East. The IRGC-QF is Iran's most powerful terrorist force. "The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people,' Treasury Secretary Scott Bessent said. "Treasury remains focused on disrupting this shadowy infrastructure that allows Iran to threaten the United States and our allies in the region," he added. OFAC had previously designated over 30 individuals and entities tied to Iranian brothers who collectively laundered billions of dollars" through front companies for the Iranian regime, OFAC noted. These sanctioned entities had ties to the "Shadow Banking Network," which is involved in money laundering on behalf of Iran. The network has laundered billions of dollars through Iranian exchange houses and foreign front companies, according to OFAC. The Zarringhalam brothers and their associates used front companies based in the United Arab Emirates and Hong Kong to help certain Iranians generate revenue from the sale of petroleum and other commodities used to build nuclear weapons.
Asharq Al-Awsat
27-06-2025
- Business
- Asharq Al-Awsat
China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand
China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said. The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May. The rising imports are fueled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed. It typically takes at least one month for Iranian oil to reach Chinese ports, Reuters reported. Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said. Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst. A possible relaxing of US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added. Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signaled a potential easing in enforcement to help the country rebuild. For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries. Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said. Market fears for a closure of the chokepoint had escalated after last weekend's US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled a ceasefire. Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.
Reuters
27-06-2025
- Business
- Reuters
China's Iran oil imports surge in June on rising shipments, teapot demand
SINGAPORE, June 27 (Reuters) - China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said. The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May. The rising imports are fuelled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed. It typically takes at least one month for Iranian oil to reach Chinese ports. Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said. Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst. A possible relaxing of U.S. President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added. Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signalled a potential easing in enforcement to help the country rebuild. For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries. Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said. Market fears for a closure of the chokepoint had escalated after last weekend's U.S. attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signalled a ceasefire. Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.
Bloomberg
26-06-2025
- Business
- Bloomberg
Oil Climbs as Trump Maintains Iran Pressure, US Stockpiles Fall
Oil edged higher as President Donald Trump said his maximum pressure campaign on Iranian oil will continue, while a government report showed another large decline in American crude stockpiles. West Texas Intermediate futures rose above $65 a barrel after climbing 0.9% in the previous session. Brent closed near $68. Trump said he's 'not giving up' on the strategy targeting Tehran's petrodollars, after his comments that appeared to undermine the plan. The president also flagged talks with Iran next week.
