Energy and China

iran: The White House announced on April 21 that it would end oil purchase waivers by May 2 to Iran's five main customers, China, India, Turkey, Japan and South Korea, cutting Iran's access to its main source of foreign currency revenue, according to Global Times China. Observers noted that China's energy security won't be affected too much since it has multiple overseas energy suppliers and diversified options for energy products, but this issue could become a new bargaining chip for the US in trade talks with China. File photo VCG To maintain its relations with Iran, a key partner on energy and the Belt and Road Initiative BRI China is unlikely to submit to unilateral sanctions by the US on Iranian oil exports, Chinese analysts said on Saturday, though some Chinese companies doing business with Iran feel the pressure. According to nasdaq, the latest price for Brent crude oil dropped to 70.85 on Friday from 73.80 on April 23. China has multiple overseas oil suppliers, so the US sanctions won't have a huge impact on China's energy security. Bai Ming, deputy director of the Ministry of Commerce s International Market Research Institute, said that the US doesn't want to see the international oil market panic, so it will ask other oil exporters and its allies, like Saudi Arabia, to maintain supply. (news.financializer.com). As reported in the news.