Oct 6, 2018, 3:05 PM
News Code: 83056163
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Rising oil prices offset US sanctions against Iran: Chinese media

Beijing, Oct 6, IRNA- The gradual rise in oil prices in international markets will offset a major part of US oil sanctions against Iran, Chinese state-run media wrote on Saturday.

Xinhua reported it seems the US does not consider the recent developments in the oil market favorable and as Iranian officials have warned Washington, oil sanctions will further increase crude oil prices.

According to the Chinese media, the higher the oil prices, the less the impact of US oil embargo which will take full effect in November.

As figures indicate 'Iran's oil revenues were up 16 percent in the past six months', Xinhua wrote.

Quoting a top Iranian official, the Chinese official News Agency further wrote, 'Iran's budget for the current fiscal year was based on the oil price of 55 US dollars a barrel, but the average oil price has risen to 70 dollars a barrel so far.'

Xinuha statistics indicate Iran was expected to export 2,400,000 barrels of crude per day each month, but it has exported an additional 100,000 barrels a day and the prices have been higher.

The Chinese media pointed to the futile US sanctions against Iran and said US president Donald Trump made oil prices hit a record high since 2014.

Iran has announced, except for South Korea, no country has bowed to US pressure and sanctions and has stopped purchasing Iranian crude.

The report raises suspicions of the ability of other countries such as Saudi Arabia to replace Iran's crude.

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