A top Russian official has warned that a Western ban on Russian oil imports could result in oil prices more than doubling to about $300 per barrel and prompt the closure of the main gas pipeline from Russia to Germany.
China appears to be becoming a major importer of Iranian oil, as Iran’s production levels look set to soar thanks to better relations with Biden’s U.S.
Indian External Affairs Minister Sushma Swaraj spoke to her US counterpart Mike Pompeo about flexibility in US sanctions on Iranian oil imports but America’s top diplomat was non-committal, people familiar with developments said.
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe on Saturday confirmed a joint desire to eliminate oil imports from Iran, a U.S. official said.
After China, South Korea, India and Turkey, Japan has also resumed importing Iran oil, Governor of the Central Bank of Iran (CBI) said.
Asia’s largest buyer of Iranian oil is said to have resumed purchases from the Persian Gulf state following a one-month hiatus, a move that will help allay fears that US sanctions on the OPEC producer will constrain global supplies.
Turkey as a European customer of Iran's oil in sanctions era, increased its oil imports after the implementation of the nuclear deal known as Joint Comprehensive Plan of Action (JCPOA).
