China cuts Iranian oil purchases by 40%, Bessent says

AI Summary

U.S. Treasury Secretary Scott Bessent reported that China has reduced its crude oil purchases from Iran by about 40%, significantly impacting Iran's oil revenues. The U.S. has imposed sanctions on Chinese teapot refineries, affecting privately owned facilities engaged in these transactions.

U.S. Treasury Secretary Scott Bessent said Tuesday that China has reduced its crude oil purchases by approximately 40% in recent months, a decline he said is significantly reducing Iran’s oil revenues. Bessent told Fox Business Network that the United States has imposed sanctions on Chinese teapot refineries, which are privately owned facilities, leading to a ...