icubud (icubud) wrote,
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icubud

Pressed by U.S., Asian Countries Look for Ways to Reduce Purchases of Iranian Oil

The decision by South Korea and Japan to try to accommodate Washington’s demands follows reports that China has already reduced its purchase of Iranian crude in the past month in a pricing dispute with Tehran. Whatever the motives, the combined loss of sales threatens an economy already reeling, where the currency has plummeted in value, inflation has surged and the general public has expressed growing anxiety about the prospect of war.

China, Japan, India and South Korea together import more than 60 percent of Iranian oil exports, and they all depend on Iran and other Persian Gulf producers for the preponderance of their oil and natural gas needs.

But if the goal is to force Iran to relent, the campaign has so far had an opposite effect: Iranian officials have equated targeting their oil market with economic war and threatened to block the Strait of Hormuz, where about one-fifth of the world’s oil passes to get to market.

whole article here
Tags: current events
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