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China to import oil from Iran; Crude oil price may decline

The International media reported that China may import crude oil from Iran neglecting the international sanctions on the Islamic republic.

The Bank of America Merrill Lynch has informed that the crude oil price may crash down if China imports oil from Iran. The crude oil price may be crashed to $30 per barrel.

The trade war ignited by the US against China has provoked China to do this. The US has decided to impose a 10% tarrif on $300 billion dolaars chinese goods.

Earlier the Bank of America Merrill Lynch predicted that the crude oil price may remain at $60 per barrel. But if China buys oil from Iran the price may slip down by 30 dollars to reach at $30 per barrel.

Meanwhile, the US sanction has negatively affected the export of crude oil from Iran. The export of crude oil has declined to 55,000 barrel in June from 85,000 barrel in May. The half of the export in June and July month was to China.

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