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U.S. Official: China's Iranian Oil Imports Drop 40%
U.S. Secretary of the Treasury Scott Penston stated that China's purchases of Iranian oil have decreased by 40% in recent months, due to the American sanctions imposed on Chinese independent refineries. This has led to a reduction in Beijing's imports of Iranian crude. The decline is attributed to falling prices and China's possession of strategic oil reserves, which further intensifies economic pressure on Iran as part of the US sanctions policy.
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