Middle East Oil corridor
Paradox : fourth producer in the world, Iran lacks refining capacities and must import an important part of its refined gasoline (approx 30 %). Sanctions applied by the United Nations Council in June to react against Teheran nuclear policy make the situation far more complicated.
China, India and Japan growing needs in crude oil (and in gas) give to Iran an important position in the world economy and politics. China needs more and more oil for its constantly growing economy. This explains its very big interest in Iran.
Teheran and Beijing are discussing about the use of a barter system to exchange Iranian oil for Chinese goods and services. American financial sanctions blocked China in order to pay at least 20 billion dollars for crude oil imports. The repeated operations of American financial sanctions imposed in reply to Iran challenge consisting in pursuing its nuclear program, devastated the bank sector of the country by limiting its capacity in making business with other banks in the world.