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Iran discusses storing oil reserves in China |
| Home | (Reuters) - KUALA LUMPUR: Iran is in discussions to store strategic oil reserves in China and to build refineries around Asia, Iran's oil minister, Kazem Vaziri-Hamaneh, said Monday, as the country seeks secure outlets for its crude in the face of Western economic sanctions. He said there was no shortage of crude in the market and that the Organization of Petroleum Exporting Countries had no plans to increase supplies. It was the latest producers' rebuff to calls by consumer nations for more oil. Vaziri-Hamaneh said Iran was in discussions to store crude in China, which has been building up reserves in the past year. |