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China keeps buying Iranian oil, and the trade war adds a reason to defy US sanctions

  • China, the world’s top crude-oil buyer, imported around 718,000 barrels a day on average from Iran between January and May of this year.
  • China's imports are equivalent to more than one-quarter of Iran’s oil exports.
  • China has increased Iranian oil purchases by near-10 percent recently and is not expected to stop buying when U.S. sanctions go into place in November.
  • https://www.cnbc.com/2018/07/23/this-is-when-iran-could-restart-its-nuclear-program-and-when-oil-volat.html

  • August could be wild month for oil market with mounting worries Iran may restart nuclear program

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