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    China Won't Buy Iran's Oil, But Not Because of Nuclear Weapons

    China Won't Buy Iran's Oil, But Not Because of Nuclear Weapons

    Reuters is out with a report that China is buying up oil from Saudi Arabia and other sources to reduce the amount it depends on Iran as it negotiates prices with Tehran. Reuters' Judy Hua and Alex Lawler report:

    Industry sources told Reuters that Beijing had bought the bulk of an increase in crude oil supplies from top oil exporter Saudi Arabia in the last few months.

    The world's second-largest oil consumer is also importing more cargoes from West Africa, Russia and Australia to replace reduced supplies from Iran.

    The squeeze is motivated by business not diplomacy, as China looks to improve its bargaining position and take advantage of the Iran's customer shortage in the face of sanctions from Europe and the United States. It was widely expected that Chinese importers would use the nuclear standoff to its advantage. Motivations aside, the news is still bad for Iran, and maybe for the world. As The Atlantic's Jordan Weissmann explained last month, the more people buy into Iran's sanctions, the more volatile the world's economy becomes. 

     

    86 comments

    • Davidsmountain  •  3 mths ago
      China is shrewd . . . They will be happy to take Iranian crude at radically reduced prices and cash strapped Iran will submit. China is a bigger problem than Iran!
      • Tommy 3 mths ago
        Be sure an buy Chinese
      • Rosco 3 mths ago
        The worlds eyes are on Iran and China is sneaking in the back door.
    • AuroraNox  •  Pioche, Nevada  •  3 mths ago
      China, with it's billions in its treasury can monopolize the world's oil market, thus, making them a major player in the price per bbl of oil. Look for it to continue!
    • Cyclonus  •  Millersville, Pennsylvania  •  3 mths ago
      So I guess oil will be around 5 a gallon by the 4th of July.
      • RH 3 mths ago
        And it will still be half the price of many European countries.
      • james 3 mths ago
        Only cause Federal Reserve bailed-out europe and trashed our dollar
    • edzo  •  Mansfield, Massachusetts  •  3 mths ago
      ever higher prices coming to a pump near you,,AND REAL SOON TOO,,
      • james 3 mths ago
        Thanks to the federal reserve
    • Jan Trescak  •  Perth, Australia  •  3 mths ago
      More expensive oil for us when China becomes primary buyer with our traditional suppliers.
      • Octavio 3 mths ago
        We only get 10% of our oil from Saudi Arabia .
      • Rosco 3 mths ago
        China is reaching out to all the oil suppliers, middle east, Africa, Canada, South America, etc. Maybe we only buy a few percent here or there but they are covering all the bases.
    • larry  •  3 mths ago
      China does not care about Iran or any one else. They are looking out for #1. So why isn't Russia doing the same? I know that they look out for them selfs but has not backed off of Iran as far as oil goes like China. What do they have up their sleve????

      Watch out that tey do not pull their pants down and Putin all over every one. It could get messssy.
      • Berkeley 3 mths ago
        how do you know they arent? Do you really think the press tell us everything? Try CNN or even BBC once in awhile.
    • dead_martian  •  3 mths ago
      so everything should be built here, fine. yeah, we would be all employed but the questions are: 1) whom we are going to sell our products to, besides us and few european countries? 2) are we sure we can afford things building here? 3) without profits, are you sure american businesses would be flourishing?
    • sis  •  Everett, Washington  •  3 mths ago
      Alternative Fuel. So we don't have to give a rat's #$%$ Yes, we need petroleum products for concrete and plastic, and blah blah, but we need a lot less when we don't need gasoline. I think we can supply oil for by products, and have vehicles powered by alternative fuel, and energy for heating from other sources. Clean coal, wind, solar, ethanol, ect and so on, and any far sighted energy related industry is going to see this and invest in this, it is coming. Sooner would be better, so we can thumb our noses at the Middle East.
    • Amazon  •  3 mths ago
      you are either a liar or a true #$%$..there's a whole lot that "made in Vietnam"& " made in Pakistan" products also not so great to the US as your Naive mind would put it. truthfully, I will buy whatever product that save the most $$$ & last the longest... that NOT the Government nor any yahoo commentators are paying my bills to persuade me to buy ONLY" made in USA" products if that's even exist.
    • zaldy  •  3 mths ago
      I think the chinese want to earn big from Iran nuclear standoff and the speculative oil future markets at the expense of world oil consumers. Now that the elephant joins the pack of the speculative oil jackals! who knows how much the pump price of petroleum products will go up to. Greed knows no bounds!
    • Stardiver  •  Chicago, Illinois  •  3 mths ago
      Europeans pay an average of $8.00 a gallon. Pull your pants up and fight.
    • CJ  •  3 mths ago
      "the more people buy into Iran's sanctions, the more volatile the world's economy becomes"
      ------------------------
      So the more we allow Iran's terrorist government to go unchallenged, the more stable the world, and it's economy, becomes? I don't think so.
    • dictatorSlime  •  3 mths ago
      the Chinese turned from being a repressive, yet respectable communist and peaceful place, into a hard boiled oppressive pseudo-capitalistic kleptocracy filled with self-serving theives. I used to like china (precisely betw 1949 and 1984) and before they started selling their mothers down the Pearl river for a buck
    • PMM  •  3 mths ago
      This oil situation is so corrupt. The US has plenty of natural gas that is cleaner, yet we keep playing the "oil game". Why isn't our gov't helping set up a new fuel distribution network for something other than oil. I believe there is just a scheme to continue to rip everybody off with inflated prices for gasoline. There is no excuse to only depend on one fuel when others are readily available. Why aren't there more natural gas fueled vehicles available to the public with fueling stations. It is not that difficult unless a lot of people are being bought out.
    • SCOTT  •  3 mths ago
      So when is the US going to stop exporting the oil that is extracted out of US soils and use it here?
    • Sheila  •  Pleasanton, California  •  3 mths ago
      so we will pay 50% more so china can pay 40% less..brilliant strategy...
    • Ward Lafrance  •  Houston, Texas  •  3 mths ago
      "Save a little for a rainy day........."
    • V  •  New Delhi, India  •  3 mths ago
      Whatever good deal anyone gets from Iran, the cost benefit will still not be passed on to the average consumer anywhere. They keep increasing oil prices everywhere citing international prices, but when international prices go down, the price of petrol does not go down for the average consumer.
    • matias  •  Addis Ababa, Ethiopia  •  3 mths ago
      no comment
    • Jason  •  3 mths ago
      The Atlantic Wire: Employing neo nazi numbnutz since 1857.
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