”Lower demand because of sanctions will make Iranian oil cheap at a time when two of China’s other traditional suppliers, Libya and Venezuela, are struggling. China’s rising needs could allow it to buy more oil from Iran without moving away from other suppliers, such as Saudi Arabia. The world’s No. 2 economy is expected to need an extra 500,000 barrels a day in 2018 and 400,000 barrels a day in 2019, according to the International Energy Agency’s latest monthly report.”
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