Record Iranian oil imports for India in July

12 2017 shows a Panamanian tanker docking at the platform of an Iranian oil export facility in the Persian Gulf

China rejects US demand to reduce Iran oil imports: report

USA officials, speaking to Reuters on condition of anonymity, said the drills appeared created to send a message to Washington, which is intensifying its economic and diplomatic pressure on Tehran but so far stopping short of using the us military to more aggressively counter Iran and its proxies.

Efforts by the Trump administration to choke off Iran's oil exports are being thwarted by China, which has refused to stop buying crude in the face of reimposed U.S. sanctions, according to a Bloomberg report published Friday.

Francis Fannon, the assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, according to a State Department spokesperson.

The Iranian rial has dropped to a record low amid growing concerns about renewed US sanctions, which kick in on Monday.

Iranian President Hassan Rouhani has warned the U.S. against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

Trump has ordered US sanctions on Tehran, while a senior State Department official said Washington has told allies to cut imports of Iranian oil by November.

Unfazed, the administration has warned that even allies would face sanctions if they didn't show “significant” progress in reducing Iranian oil purchases by November 4, ruling out broad exemptions or waivers.

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According to Metro News , Williams continued to protest, saying: 'But you're not letting me tell you what's going on. Williams was someone who liked to speak ". "But you're not letting me tell you what's going on", said Williams.

WTI settled down 47 cents to $68.49 per barrel, and Brent fell 24 cents to $73.21 per barrel, causing Jim Ritterbusch, president of Ritterbusch & Associates, to remark, "It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other".

Iran is also said to have started to offer India cargo insurance and tankers operated by Iranian companies as some Indian insurers have refused to cover oil cargoes from Iran in the face of the returning USA sanctions on Tehran.

Three months ago, the United States withdrew from a 2015 agreement among world powers and Iran in which global sanctions against Tehran were lifted.

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

Iran wants guarantees from Europe to maintain banking cooperation and investments in Iran's oil fields as well as continuation of cooperation between Iranian and European small and medium-sized enterprises, Qasemi noted. This accounted for 35 percent of Iranian exports last month, according to ship-tracking data compiled by Bloomberg.

Remaining sanctions ncluding on Iran's oil and gas sector and central bank will resume on November 5.

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