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. Full Story
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