India's Iranian oil intakes jump to record high in July

China rejects US demand to reduce Iran oil imports: report

Unipec, the world's largest spot charterer of VLCC tonnage, is reported to have suspended crude oil imports from the US.

According to Bloomberg news agency, which cited two officials familiar with the negotiations, Beijing, however, agreed not to increase purchases of Iran's crude.

China, for its part, has agreed to not ramp up purchases of Iranian crude to "ease concerns that China is working undermine U.S. efforts", according to the Bloomberg report.

The US has ramped up pressure around the globe, asking countries to stop using Iranian oil by the time sanctions get re-imposed in November. "When we decide anything on Iran, we will inform you".

Iran has repeatedly expressed dissatisfaction over Trump's decision to pull out of an worldwide nuclear deal and reinstate sanctions.

"Iran will survive this round of USA sanctions as it has survived them before", Rouhani said, describing them as a "crime and aggression".

Teams of US officials have been visiting capitals around the world to try to choke off sales of Iranian oil by early November, when USA sanctions are due to snap back into effect.

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Repeating the pattern of past weeks, crude prices on Friday ended the week down by 0.4 percent for West Texas Intermediate and 1.5 percent for Brent, this time in reaction to China state oil major Sinopec cutting its purchases of us product due to the trade spat between both countries.

United States officials have softened their stance after initially saying they would press allies in Europe, Asia and the Middle East to adhere to the sanctions and reduce their imports to zero.

"China and Iran unwaveringly maintain normal trade and economic ties".

When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor. This accounted for 35 percent of Iranian exports last month, according to ship-tracking data compiled by Bloomberg.

The Trump administration had wanted Iranian oil exports cut to zero by November 4.

Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier to 11.21 million bpd, energy ministry data showed on Thursday.

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