According to a report by Reuters on July 3rd, three Iranian and Western sources said that Iran has begun negotiations with Japanese companies regarding oil sales. However, potential buyers hope that the United States will extend the sanctions exemption period and wish to receive guarantees regarding the safety of shipping in the Gulf region.
In June this year, the United States approved Iran's re-entry into the oil market. While seeking to reach a final peace agreement with Tehran, it relaxed its sanctions that had been in place for decades, in exchange for Iran making commitments regarding nuclear facilities and freedom of navigation in the Strait of Hormuz.
According to Bloomberg, U.S. Treasury Secretary Steven Teton said in a Fox News program on Tuesday: "So far, Iranians have not been able to sell their oil smoothly, as some buyers are concerned about whether sanctions will be reimposed. Apart from China, no other country purchases Iranian oil, so Iranian oil is still being sold at a discount."
The current sanctions exemption measures imposed by the U.S. Treasury allow the sale of Iranian-produced crude oil, petrochemical products, and petroleum products until August 21.
In recent years, China has been one of Iran's major oil buyers.
U.S. President Trump stated in April that he believed China would not stop purchasing Iranian oil.
The spokesperson of the Chinese Ministry of Foreign Affairs responded that China has always opposed unilateral sanctions without international legal basis or authorization from the UN Security Council.
