Beijing has declined a request by U.S. envoys to stop importing crude oil from Iran, Bloomberg reports , citing unnamed sources in the know. While this is a major setback in President Trump’s quest of cutting Iranian oil exports to zero by November 4, Beijing, according to the sources, agreed to not increase its imports of Iranian crude. U.S. officials are traveling around the world to persuade allies to suspend imports of Iranian oil ahead of the sanctions, but analysts doubt the push will be completely successful, as Iran’s return on international oil markets provided a very welcome diversity of oil supplies for buyers from Asia to Europe. Iran, on the other hand, has warned the United States that Tehran would respond with “equal countermeasures” if the United States tries to block Iranian crude oil exports. “If America wants to take a serious step in this direction it will […]