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Market Chatter: Bessent Says China's Iranian Oil Purchases Have Declined Sharply

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US Treasury Secretary Scott Bessent said China's purchases of Iranian oil have dropped sharply after US sanctions targeted independent Chinese refineries, according to a Fox Business Network interview on Tuesday.

Bessent said sanctions on China's private teapot refiners curbed Iranian crude imports, while China's overall crude purchases have fallen about 40% in recent months because of prices and ample strategic reserves, increasing pressure on Iran.

The US Department of the Treasury did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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