US President Joe Biden said in a note sent to the State Department that there are sufficient stocks of oil in so that other countries can cut back on the oil they buy from Iran.
The White House is obliged to ensure, every six months, that there are sufficient oil supplies in around the world to support the sanctions against Iran that were imposed in 2012 during the Barack Obama administration.
Biden’s statement, released on Friday, precedes a virtual meeting with Chinese President Xi Jinping on Monday in what should be the biggest meeting of the two leaders since Biden joined in load.
China is the largest buyer of Iranian oil, with average purchases exceeding 500,000 barrels per day over the past three months.
Chinese purchases of Iranian crude continued questyear despite the sanctions.
The Biden administration is not currently imposing these sanctions ahead of upcoming negotiations with Iran to revive the 2015 nuclear deal that will allow that country to resume publicly selling its oil.
“Consistent with previous conclusions, there are sufficient supplies of oil and petroleum products from countries other than Iran to allow for significant reductions in the amount of oil and petroleum products purchased by Iran from or through foreign financial institutions,” Biden said in the statement. .
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