facebook
twitter
rss
account
search
search
 

China, Singapore cut back on Iranian crude

June 29, 2012 at 7:15 AM   |   Comments

WASHINGTON, June 29 (UPI) -- China and Singapore became the latest countries to get protection from U.S. sanctions because of moves away from Iranian crude, a U.S. official said.

U.S. and European sanctions targeting the Iranian energy sector go into force within days. Countries that "significantly" cut back on the amount of crude oil imported from Iran are protected from U.S. sanctions.

U.S. Secretary of State Hillary Clinton announced that China and Singapore have met the requirements to get an exemption, bringing the number of exempted countries to 20.

U.S. and European governments have expressed concern Iran is financing a controversial nuclear program with its oil-dependent economy. Clinton said more transparency from Tehran was needed to allay international concerns.

"Failure to do so will result in continuing pressure and isolation from the international community," she said in a statement.

The International Energy Agency states that Iranian crude oil imports have declined to the point that Tehran is out nearly $8 billion in oil revenue per quarter, Clinton said.

A lack of crude oil exports from Libya during last year's war prompted the IEA to call on member states to release oil from strategic petroleum reserves to offset liquidity concerns. Oil markets in 2012 are said to be well supplied as Tehran's consumers had several months to prepare for the decline in Iranian crude.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
The 'Home of the Whopper' to keep headquarters in U.S.
3
Canadian media must broadcast official emergency notifications
4
France receives upgraded aerial tanker
5
Kurds raise oil funds for refugees
Trending News
Video
x
Feedback