Azerbaijan, Baku, Feb. 15/ Trend M. Moezzi
China and Iran have reached a new agreement on Iran's sale of crude oil to its biggest customer, Mehr news agency reports.
A delegation traveled from Tehran to Beijing for the talks on the two countries' joint projects and oil buying and selling. According to the new agreement, Iran's oil exports to China will soon increase.
Iran was under increasing pressure as the U.S. and its Western allies have imposed sanctions against Iran's oil industry and its central bank and prodded other nations to stop buying oil from Iran. The European Union formally imposed an oil embargo on Iran and agreed to a freeze on the assets of the Iranian Central Bank on January 23, but existing contracts will be honored until July 1.
Iran's oil exports to China have dropped from 200,000 to 250,000 barrels a day since the beginning of the new year. It is expected to send half a million barrels of oil a day to China in the coming weeks.