Oct 17, 2018, 3:31 PM
News Code: 83069387
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Iran says US behind oil price hike: Chinese media

Beijing, Oct 17, IRNA – Chinese media reported on Wednesday that Iran believes due to the US' trade unilateralism, oil prices have skyrocketed around the globe and that Washington is the reason behind it.

Xinhua News Agency and China's Central Television have, in separate reports, said since pulling out of the Iran 2015 nuclear deal, known commonly as the Joint Comprehensive Plan of Action (JCPOA), the US has put Iran under mounting pressure and the oil industry has felt the impact of the pressures and sanctions.

Chinese media added Iran is making every effort to stand up to the US’ trade war, and believes the US' sanctions on Iran’s oil industry had begun months before the sanctions take full effect in November.

China.org information center has cited Iran's Minister of Petroleum Bijan Namdar Zanganeh as saying no country can in the long run make up for the loss caused by the halt in Iran’s oil supply.

According to Chinese media reports, through a psychological warfare, the United States is pretending that despite sanctions on Iran’s exports of oil, the oil market will encounter no problem, but the fact is no country can replace Iranian oil.

Reports predict that once the sanctions take full effect in November, oil prices will naturally surge.

However, it seems unlikely that Saudi Arabia or any other country could replace Iran's share in the global market, Chinese media reported.

Iranian officials say even Riyadh does not want to use its strategic reserves to address the oil supply shortage.

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