US sanctions not to work, world relies on Iran’s oil: Analyst

IRNA – The US sanctions on Iran’s oil will not work as the world is dependent on the crude, a Chinese analyst said on Sunday.

‘Many countries as well as private companies are dependent on Iran’s oil supplying their fuel; therefore, it is their right to decide on buying oil from Iran according to their interests,’ a senior member of the Chinese Institute of World Economics and Politics told the Islamic Republic News Agency (IRNA).

‘The countries’ trades with each other are based on their bilateral interests,’ Wu Chenghui said, ‘They should not be forced by the US to avoid buying oil from Iran.’

Iran and the five permanent members of the UN Security Council (the US, France, Britain, China, and Russia) plus Germany signed the nuclear deal, known as the Joint Comprehensive Plan of Action, in 2015. Iran accepted to curb its nuclear program in exchange for economic sanctions relief.

Despite several reports of the international nuclear watchdog confirming Iran’s commitment to JCPOA, US President Donald Trump withdrew from the deal on May 8, calling it the worst deal ever. Washington has also re-imposed the economic sanctions the first set of which will take effect on August 6.

The US should not force any party to back its stance on Iran, the energy analyst said.

In addition to sanctioning trade with Iran, US has also waged a big war with China on trade and is trying to disrupt the economic order of the world, Wu said.

Some Chinese companies are dependent on the US market, particularly in high-tech, he said, adding that Beijing’s insistence on buying Iran’s oil can prompt retaliatory measures by the US.

China has bought 8 million tons of oil from Iran during the first three-months of this year, compared to 3.9 million tons of oil imported from the US.