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China Look To Take Advantage Of Iran's Situation By Negotiating New Oil Prices

The Street -- In a turn of events that could prove disastrous for Iran, it has found its largest exporter, China, recently reducing the amount of oil it buys and looking for other sources, such as Saudi Arabia. China normally accounts for 20% of Iran’s exports, but has reduced the quantity of oil purchased by about 250,000 barrels per day (bpd), just over half of original supplies. It has nothing to do with current US and European sanctions but is more of a negotiating ploy to help increase the bargaining power of China.

They are trying to take advantage of the pressure exerted upon Iran by the West’s sanctions and negotiate lower prices for the oil it purchases from Tehran.

China has bought its new oil from Saudi Arabia, West Africa, Russia and Australia over the last few months. According to OPEC, S

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Submitted Feb 08, 2012 By: Cakes77

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PDQBlues Champion Author San Diego Posts:5,242 Points:1,086,275 Joined:Jan 2009	Message Posted: Feb 9, 2012 11:34:09 PM Ignore PDQBlues Report Abuse Very unsurprisingly. China's interest in world peace in nonexistent.
gawxnative All-Star Author Atlanta Posts:507 Points:185,430 Joined:Aug 2006	Message Posted: Feb 9, 2012 6:03:47 AM Ignore gawxnative Report Abuse If "OPEC" gets less from China, what will they charge the free market
Luckylindy Champion Author Milwaukee Posts:2,682 Points:770,270 Joined:May 2008	Message Posted: Feb 9, 2012 5:02:32 AM Ignore Luckylindy Report Abuse Whatever is in the best interest of the Chinese.
anascom All-Star Author Hamilton Posts:881 Points:319,365 Joined:Feb 2011	Message Posted: Feb 9, 2012 4:11:06 AM Ignore anascom Report Abuse like usual, opportunistic Chinese behaviors!
TXryder All-Star Author Texas Posts:728 Points:103,790 Joined:Jan 2012	Message Posted: Feb 9, 2012 2:49:22 AM Ignore TXryder Report Abuse Glad to see that the Chinese are out to screw someone else besides the U.S. for a change.
MN1 Champion Author Twin Cities Posts:1,518 Points:296,810 Joined:Jun 2011	Message Posted: Feb 9, 2012 2:46:50 AM Ignore MN1 Report Abuse Shrewd
Jeff4U Champion Author Atlanta Posts:6,561 Points:1,491,395 Joined:Nov 2004	Message Posted: Feb 9, 2012 2:30:44 AM Ignore Jeff4U Report Abuse Looks like China has Iran over a barrel. lol!
humblepie Champion Author Toledo Posts:17,322 Points:2,009,320 Joined:Mar 2006	Message Posted: Feb 9, 2012 2:04:28 AM Ignore humblepie Report Abuse obama could learn alot from the chinese
Double_Golden All-Star Author San Francisco Posts:740 Points:243,805 Joined:Aug 2011	Message Posted: Feb 9, 2012 12:59:41 AM Ignore Double_Golden Report Abuse good for China, If u can get low price oil, u will do everything to get it
ktbaeohana Champion Author Las Vegas Posts:1,178 Points:263,195 Joined:Mar 2010	Message Posted: Feb 9, 2012 12:52:40 AM Ignore ktbaeohana Report Abuse Not surprise.
el_fr Champion Author Massachusetts Posts:1,515 Points:384,075 Joined:Apr 2011	Message Posted: Feb 9, 2012 12:11:30 AM Ignore el_fr Report Abuse Where is the proof reade for the headline?
edgarCA Champion Author Oakland Posts:1,536 Points:232,670 Joined:Jun 2009	Message Posted: Feb 8, 2012 10:44:18 PM Ignore edgarCA Report Abuse Ok.
TruthMatters All-Star Author New Jersey Posts:928 Points:200,645 Joined:Oct 2011	Message Posted: Feb 8, 2012 10:37:01 PM Ignore TruthMatters Report Abuse Take them while they are hot!
RonTheRunner77 Veteran Author Michigan Posts:343 Points:119,115 Joined:Dec 2011	Message Posted: Feb 8, 2012 10:33:54 PM Ignore RonTheRunner77 Report Abuse whats that saying, every dark cloud has a silver lining ?
livable1 Champion Author New York Posts:2,323 Points:283,265 Joined:Oct 2008	Message Posted: Feb 8, 2012 10:27:00 PM Ignore livable1 Report Abuse Good move.
roadrunnin Champion Author Richmond Posts:1,316 Points:369,370 Joined:May 2008	Message Posted: Feb 8, 2012 10:25:33 PM Ignore roadrunnin Report Abuse they'd be crazy not to take this opportunity
SammyAdams Champion Author Tallahassee Posts:1,202 Points:431,555 Joined:Nov 2010	Message Posted: Feb 8, 2012 10:25:18 PM Ignore SammyAdams Report Abuse You don't think that BO is trying to help his pals in China, do you?
humblepie Champion Author Toledo Posts:17,322 Points:2,009,320 Joined:Mar 2006	Message Posted: Feb 8, 2012 9:53:55 PM Ignore humblepie Report Abuse AND pays with u s taxpayer dollars
bandannaman Champion Author New Jersey Posts:1,144 Points:223,670 Joined:Dec 2010	Message Posted: Feb 8, 2012 9:29:23 PM Ignore bandannaman Report Abuse Ok.
BuckyTJones Champion Author Salt Lake City Posts:3,118 Points:688,235 Joined:Mar 2010	Message Posted: Feb 8, 2012 8:07:16 PM Ignore BuckyTJones Report Abuse I really don't give a hoot where China gets its oil.
alterman156 Champion Author New York Posts:5,615 Points:1,195,700 Joined:Dec 2008	Message Posted: Feb 8, 2012 7:58:27 PM Ignore alterman156 Report Abuse Maybe China can help to lower oil prices.
Lugi1967 Champion Author Ohio Posts:3,122 Points:649,145 Joined:Jun 2010	Message Posted: Feb 8, 2012 7:51:21 PM Ignore Lugi1967 Report Abuse And the others were only too glad to sell to them
36_ACRES_4_SALE All-Star Author Appleton Posts:628 Points:164,570 Joined:Oct 2011	Message Posted: Feb 8, 2012 7:46:54 PM Ignore 36_ACRES_4_SALE Report Abuse Good
jwkycola Veteran Author Columbia Posts:401 Points:243,175 Joined:Jul 2011	Message Posted: Feb 8, 2012 7:31:19 PM Ignore jwkycola Report Abuse Pretty smart.
Jeff1944 Champion Author South Dakota Posts:3,484 Points:775,305 Joined:Jan 2010	Message Posted: Feb 8, 2012 7:22:08 PM Ignore Jeff1944 Report Abuse Smart fellas those Chinese. In the USA we are all neutered by our 2 party system. Just think what a good dictatorship would do to those 2 party leaders and the greenies!
RitaVespa Champion Author Oregon Posts:1,681 Points:450,835 Joined:Jan 2011	Message Posted: Feb 8, 2012 7:13:57 PM Ignore RitaVespa Report Abuse Wow
dh0770 Champion Author Colorado Posts:1,678 Points:322,360 Joined:Jun 2011	Message Posted: Feb 8, 2012 7:07:13 PM Ignore dh0770 Report Abuse aquarinut wrote "Good business move considering China is not even part of the sanctions, using the US and European sanctions to leverage better prices!!!.... Smart!" Agreed!
aquarinut Champion Author British Columbia Posts:1,209 Points:277,050 Joined:Jul 2011	Message Posted: Feb 8, 2012 7:05:02 PM Ignore aquarinut Report Abuse Good business move considering China is not even part of the sanctions, using the US and European sanctions to leverage better prices!!!.... Smart!
DerHahn Champion Author Illinois Posts:11,751 Points:1,758,685 Joined:May 2004	Message Posted: Feb 8, 2012 6:54:08 PM Ignore DerHahn Report Abuse chinese aren't the only ones doing this. i'm sure exxon and the others are doing the same thing. [Edited by: DerHahn at 2/8/2012 6:54:31 PM EST]
VomVom Champion Author Calgary Posts:2,454 Points:1,292,550 Joined:May 2007	Message Posted: Feb 8, 2012 6:53:31 PM Ignore VomVom Report Abuse The Chinese are not stupid!
paguy2012 Sophomore Author Pennsylvania Posts:109 Points:21,885 Joined:Jan 2012	Message Posted: Feb 8, 2012 6:45:20 PM Ignore paguy2012 Report Abuse Just another sign...........................
MidNJ Champion Author New Jersey Posts:5,476 Points:842,225 Joined:Sep 2009	Message Posted: Feb 8, 2012 6:41:41 PM Ignore MidNJ Report Abuse Wheeling and dealing for lower prices. What a Capitol idea.