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China highlights leverage over Iran ahead of US-China summit
Beijing said Iran and China are “comprehensive strategic partners,” and it urged “all parties” to reopen the Strait of Hormuz, a route that previously carried about one-fifth of global oil and gas supply.
Ahead of a US-China summit planned for September 24 at the White House, China is signaling influence over Iran in a bid to gain leverage in negotiations with its geopolitical rival, OilPrice reports.
Chinese Foreign Minister Wang Yi met his Iranian counterpart Abbas Araghch in Beijing on September 16, the fourth time the two men have spoken in the past three months. During the meeting, Wang said China and Iran are “comprehensive strategic partners,” a relationship that the article notes is asymmetric in China’s favor.
According to commodities analytics firm Kpler, China is Iran’s largest trading partner and the destination for more than 80 percent of Iran’s seaborne oil exports, while Chinese government data show Iran accounts for about 1 percent of China’s overall global trade.
Wang urged “all parties” to swiftly “reopen” the Strait of Hormuz, which before the US-Iran war was the route for about one-fifth of global oil and gas supply, while stopping short of directly pressing Iran, OilPrice reports.