Iran refuses talks with U.S. under coercion

Iran refuses talks with U.S. under coercion

Iran refuses talks with U.S. under coercion

The official confirmed that during July delegations would be dispatched to Beijing and Delhi to press home the case, having already visited the capitals of other major Iranian oil importers.

But as the new Indian fiscal year began in April, refiners have been taking more Iranian oil imports compared to the previous fiscal year, as Iran offered incentives such as extended credit periods and nearly free shipping to keep its market share in India-Tehran's second-largest oil customer after China.

Saudi Arabia, Russia, Kuwait and the UAE have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned USA sanctions take effect later this year.

It has warned countries which ignore the policy will face USA sanction, even if they are American allies.

Francis Fannon, U.S. assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, Bloomberg said, citing a U.S. government official.

Chinese and Indian companies "will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable", a State Department official told reporters in June.

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.

China - the world's top crude buyer and Iran's No. 1 customer - has said previously that it opposed unilateral sanctions and lifted monthly oil imports from the country by 26 percent in July. This accounted for 35 percent of Iranian exports last month, according to ship-tracking data compiled by Bloomberg.

Tensions ran high between Tehran and Riyadh after Saudi Arabia's execution of prominent Shiite cleric Sheikh Nimr al-Nimr in January 2016, and a subsequent attack by outraged Iranian protesters on the Saudi embassy in Tehran, which resulted in the Arab country's decision to sever its ties with the Islamic Republic. In return, Iran agreed to scale back its nuclear program.

After the re-imposition of sanctions, New Delhi had asked to be exempted but the Trump Administration refused.

The twin-prop planes are jointly manufactured by France's Airbus and Italy's Leonardo, but because just over 10 percent of their parts are made in the United States, they are subject to the renewed sanctions.

The US is due to impose a series of new sanctions on Iran in the next few months.

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