World Blog by humble servant.An unprecedented volume of Iranian crude oil is set to arrive at China’s northeast port of Dalian this month and in early November before US sanctions on Iran take effect. More than 20 million barrels of oil have been shipped to Dalian by the National Iranian Tanker Company (NITC), Reuters reports, citing an unnamed Iranian shipping source. “As our leaders have said, it will be impossible to stop Iran from selling its oil,” the source said, adding: “We have various ways of selling our oil and when the tankers reach Dalian, we will decide whether to sell it to other buyers or to China.” Read more © Global Look Press / Christian OhdeIran turns to new oil importers in the face of US sanctions – top official Dalian typically receives between one million and three million barrels of Iranian oil each month, according to statistics. The port has some of the biggest refineries and commercial oil storage facilities in China. OPEC’s third-largest producer, Iran is finding fewer takers for its crude ahead of the sanctions on its oil exports that will take effect on November 4. READ MORE: India to continue buying Iranian crude despite US sanctions threat The Islamic Republic has previously stored oil at Dalian during the last round of sanctions in 2014. The oil was later sold to buyers in South Korea and India. Earlier this week, Iran’s First Vice-President Eshaq Jahangiri said the country is ready to counter US sanctions and has already found new partners to buy its oil. Exports of Iranian crude oil have been in jeopardy since the White House announced that it is re-imposing unilateral sanctions against the Islamic Republic. In May, US President Donald Trump pulled the US out of the 2015 nuclear deal between Tehran and a broad alliance of world powers. Washington has also threatened secondary sanctions on any countries or companies that conduct transactions with Iran.

Russia is currently in talks with US energy major ExxonMobil over new oil and gas projects as Washington considers new sanctions against the country, unnamed sources in the Russian government told Bloomberg.
The negotiations are reportedly aimed at expanding contracts on existing projects between Russia’s state-run energy giant Rosneft and one of the biggest US oil and gas corporations, the source said. The projects reportedly include natural gas, refining and chemicals that haven’t yet been targeted by US sanctions.

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© Getty ImagesUS sanctions policy against Russia undermines dollar's reserve currency position – Goldman Sachs
ExxonMobil had to halt most of its joint ventures with the Russian firm earlier this year amid numerous sanctions that had been previously introduced. The partners had reportedly lost billions in profit. In 2013, Rosneft and ExxonMobil clinched a historic agreement to explore millions of acres onshore and offshore in Russia’s Arctic and the Black Sea.

The US energy giant is currently participating in just one major project – Sakhalin-1. The project in Russia’s Far East, which produces over 200,000 barrels of crude a day, was launched over 10 years ago. Exxon Neftegaz Limited, which runs the enterprise, owns 30 percent of the entire venture while the remaining share is owned by India’s ONGC (20 percent), Russia’s Rosneft (20 percent) and Japan’s SODECO (30 percent). Recoverable reserves of Sakhalin-1 total 307 million tons of oil and 485 billion cubic meters of natural gas.

According to the source, the latest offer is the result of the 2017 agreement on settling a lengthy tax dispute at Sakhalin-1. Should Exxon decide to stay in Russia and pick one of the projects, a deal is possible before the end of the current year, one official told the agency.

The latest round of anti-Russian penalties came into effect in August. The sanctions were imposed over Moscow’s alleged involvement in the poisoning of former Russian double agent Sergei Skripal and his daughter Yulia in Britain earlier this year. The penalties target exports of US-made electronics used in the aircraft and space industries. However, Russia could face more punitive measures as early as next month, with Washington describing them as “more draconian.”