Speculations are rife that this could prompt Iran to shut the strategic chokepoint of Strait of Hormuz, debilitating oil supplies from the Persian Gulf and proving to be a catalyst for Iranian attacks on neighboring oil facilities. So, oil prices could spike despite the buffer of Saudi spare capacity and Latin American supply channels.
Such acts could also jeopardize Sino-Iranian relations as Beijing continues to navigate alliances with Moscow and Riyadh while seeking modus vivendi with Washington in a complex politico-economic scenario.
Being aware of China's economic slowdown and consistent monthly decline in refinery runs, Iran is scouting for buyers besides Chinese state oil companies and 'teapots' (small independent refiners based mostly around Shandong province).
Having 10 percent of the world's oil reserves and being home to an impressive automotive industry, the Islamic republic is desperate to revive its economy, emulating Saudi Arabia, Kuwait and the UAE.
Most of its oil is currently routed to China and paid for in renminbi. While such revenue is partially offset via import of Chinese equipment and technology, the balance constitutes Tehran's external reserves with lesser-known banks in mainland China and Hong Kong, often considered conduits for money laundering and layering.
Iran also nurtures hopes of nuclear cooperation with the US for energy and scientific research, especially after a prisoner exchange and the promised release of oil funds in Qatar's custody since 2023.
Denne historien er fra October 30, 2024-utgaven av The New Indian Express.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 30, 2024-utgaven av The New Indian Express.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
The Great Bottled Hoax
People are drinking more and more bottled water in India because many consider it safer than the unhygienic public water supply available. The truth behind the health hazards and safety standards of even trusted mineral water’ brands are hidden by the hype and advertising
Soft Power: The Indian Way
The Lord’s cricket ground, with its manicured green fields and the faint echo of polite applause, is very British.
Gender Fluidity is No Trend, It is a Timeless Truth
As it is rightly said, it all starts young. So no surprise that in my late teens I set out to find a job, be financially independent, with the belief that Prince Charming would have to wait till I made it.
Hamas has Intentionally Sought and Provoked Civilian Harm in Gaza
War is complex, and in our polarising age, an adequate approximation of the truth of any conflict is hard to come by.
To Weaken China, Modi Must Strengthen Manipur
The enduring travesty of colonialism is not the blood that has been spilt of indigenous populations, but the festering wounds of identity politics the invaders left unhealed.
In Order to Get Out of Man-made Hell, Rules Need to be Respected and Enforced
ACUTE ANGLE
The Big Band Theory
Destroyer by Bodhi and the Omega Force mixes Indian classical music with progressive rock
When the Postman Comes Calling
Tucked away in the Nilgiris in Kerala, Chindakki can almost be written off the face of the earth.
Statuesque in Maximum City
Art Mumbai's Sculpture Walk tries to get visitors talking about the city, its nature, its life, its people and its vibe
India's Scamdemic
Blackmail, threats of arrest and fake authority are being used to create an atmosphere of fear by local and global criminal networks using phones and computers to cheat unsuspecting Indians of their life savings amounting to crores
