Oil markets fell after US vice president’s comments on Iran talks; China pauses oil purchases
Oil prices dropped following remarks by U.S. Vice President JD Vance on progress in talks with Iran. China, which holds the world’s largest oil reserves, has halted oil imports and indicated it will resume buying only when prices meet its target. Analysts note a regulatory “grey area” for Chinese firms and expect no immediate easing of sanctions on Chinese buyers of Iranian oil. China’s 2024 oil‑g
Oil markets moved lower after comments from U.S. Vice President JD Vance about progress in talks with Iran, and oil prices plunged, according to Economic Times. An initial deal between the United States and Iran was reported by the South China Morning Post.
According to Bluesky, China stopped buying oil and said it would start buying again only when oil prices reach a level the country is looking for. Bluesky also reported that oil prices would skyrocket after China resumes purchases. The same outlet noted that China has the biggest oil reserve.
The South China Morning Post said analysts warned of a “grey area” for Chinese firms and that new purchases of Iranian oil would not be subject to fresh sanctions. The outlet added that analysts do not expect a rush to lift existing sanctions on Chinese importers of Iranian oil.
Oilprice.com reported that China aims to maintain crude production in 2025 at above 200 million tons. In 2024, China’s total oil and gas output exceeded 400 million tons of oil equivalent for the first time. The outlet also noted that China’s crude production in 2024 was 213 million tons (4.9 million barrels per day) and its natural gas production was 246.4 billion cubic meters.
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