Oil and gas deals between China and Iran are set to change. Last week, several news agencies in the region, including the Iran Daily and Trend News Agency said that Iran and China have agreed that China would pay in cash for the oil and gas it buys from Iran. China is currently the biggest buyer of Iranian crude oil, purchasing more than 440,000 barrels per day (b/d), but Tehran imports goods instead of receiving cash from these sales. The Iran Daily said that Iran can sell about one million b/d of oil under a preliminary nuclear agreement but the country has to use a maze of routes to receive its money. The two countries reached an agreement on payments partly in cash and the transfer of money to a third country to pay for imports. “We wanted to transfer part of […]