Basnet: About 30 million barrels of Iran’s crude oil remain that China has not yet bought

Basnet: About 30 million barrels of Iran’s crude oil remain that China has not yet bought

🔸The U.S. Treasury Secretary says that the combination of a naval blockade and broad sanctions has severely limited Iran’s oil exports and the Islamic Republic’s access to its revenues, and that once the remaining shipments are completed, China will no longer have any oil from Iran to buy.

🔸In a recent interview with Fox News that was published on Sunday, Shahrivar 15, Scott Basnet described the so-called “Economic Exclusion Operation” campaign as an effort to isolate the Islamic Republic in an unprecedented way, and said: “We will choke this regime.”

🔸Referencing China’s role as the main buyer of Iran’s oil, he said that the naval blockade prevents the departure of fresh shipments and estimated that “probably only about 30 million barrels of Iran’s crude oil remain that China has not yet bought.”

🔸According to Basnet, once these shipments run out, the issue of China continuing to buy Iran’s oil will also be ruled out: “because there will no longer be any product available for purchase.”

This figure in his remarks refers to oil remaining for sale, not Iran’s underground oil reserves.

🔸Alongside the naval blockade aimed at Iran’s oil exports, the U.S. government in recent weeks has launched a program known as the “Economic Exclusion Operation” to limit Iran’s access to commercial and financial dealings around the world.

🔸In this new interview, the U.S. Treasury Secretary described sanctions and the naval blockade as two complementary tools, and said that their combination—contrary to criticism about the ineffectiveness of sanctions—produces “an unprecedented” result against the Islamic Republic.

Read the full report on the Radio Farda website.