Pricing Dispute Threatens Iran's Oil Exports to China

Iran's crude-oil exports to China, its largest export customer, are expected to fall by almost 40% in January because of a dispute over pricing and other contract terms, a person familiar with Iran's oil sales said.

Though China could play a key role in the effectiveness of international sanctions on Iran, a major supplier to its energy-hungry economy, it has steadfastly declined to join international efforts to deprive Tehran of revenue.

Between January and November last year, China imported 25.3 million metric tons of crude from Iran, or about 555,000 barrels a day. Imports were up almost 30% from the previous year, customs data show.

China Foreign Ministry spokesman Hong Lei said on Thursday that the two countries have "regular and transparent cooperation" that doesn't violate any United Nations Security Council resolutions.

Read Full Article from Wall Street Journal

- Posted: 2012-01-06 13:44:56

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