China cuts Iran oil purchases ahead of US sanctions – WSJ

Dhwani Mehta FXStreet

According to a report carried by the Wall Street Journal (WSJ) on Friday, China has asked its oil companies to cut some its oil trade with Iran in an attempt to please Washington, as the US seeks to reduce Iran’s exports sales to zero and isolate the Islamic Republic.

Meanwhile, Bloomberg reports that China has asked its state-owned oil companies, China National Petroleum Corp and Sinopec to avoid buying Iranian oil, as the US sanctions are set to take effect Nov 4.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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