Saudi Arabia resumes stockpiling its oil | Business , Regional

China rejects US demand to reduce Iran oil imports: report

‘We will NOT stop buying Iranian oil’ - China SNUBS US over Trump’s blockade demand

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

State refiners accounted for about four-fifth of Iranian oil imports in July with Indian Oil Corp along with its unit Chennai Petroleum Corp getting about 300,000 bpd oil from Tehran, the preliminary data showed.

His decision to withdraw from the 2015 Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), has led to months of rising tensions between Washington and Tehran.

"Tehran had offered nearly free shipping and an extended credit period for oil sales to India", Reuters reported.

But Trump, a long-time critic of the deal who succeeded Barack Obama as president previous year, pulled out of the pact despite repeated assurances by United Nations inspectors that Iran is in compliance with its obligations.

Overall U.S. crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels, according to data from the Energy Information Administration (EIA), however stocks at the key Cushing storage hub in Oklahoma fell by 1.3 million barrels, the EIA data showed. The US also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran.

Read the transcript of the Smith College employee's call to campus police
No police report was filed in the incident, as the officer found the complaint to be unfounded. In an interview with ABC affiliate WCVB, Kanoute said she felt she needed to speak up.

UN Yemen envoy to invite warring parties to Geneva
"The airstrikes of the drone Kasif-1 hit King Khaled military base in Khamis Mushait City of Asir Province", Houthis said in a statement.

Melania Trump Praises LeBron James After Donald Trump Mocks Him
The school opened with a group of third- and fourth-graders, but will expand to serve first through eighth grades by 2022. Part of James' interview with Lemon was about the new school he opened up in Cleveland to help at-risk youth.

Iranian President Hassan Rouhani has warned the US against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

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.

It has warned countries which ignore the policy will face USA sanction, even if they are American allies.

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran.

The official confirmed that during July delegations would be dispatched to Beijing and Delhi to press home the case, having already visited the capitals of other major Iranian oil importers.

July volumes were about 85 percent higher than year ago shipments of about 415,000 bpd, the data showed. This is causing investors to continue to trim net length, take profits as well as de-risk that position with the sense that oil's upside is limited unless there is material reduction in Iranian barrels.

Latest News