Mediaboss Marketing

Sign up for our daily Energy Newsletter

Iranian Oil Minister Bijan Zanganeh was joined by trade and industry officials in his first state visit to China since taking office in 2013. His visit comes one week after Tehran and international powers brokered a framework nuclear agreement that could bring sanctions relief to Iran.

Iran supplies China with about 12 percent of its annual oil needs. The National Iranian Oil Co. said more oil could head to the Chinese market as sanctions pressure ease.

Word of Zangeneh's visit influenced crude oil markets already pressured by the glut of oil from U.S. shale deposits. Iran's oil exports are limited about half of its potential under existing economic sanctions.

Iran this week was approved as one of the founding members of the AIIB, billed as a counterpart to the World Bank and International Monetary Fund, both of which have headquarters in the United States.

Iranian lawmakers in March said the nuclear deal with world powers would pave the way for more oil exports and therefore increase Iran's influence on world energy markets. Iran is a rival to Saudi Arabia, the de facto head of the Organization of Petroleum Exporting Countries. Iran's semiofficial Fars News Agency called for a boycott of Saudi oil this week to protect the Sunni-led kingdom's military operations in Yemen.

Iran is suspected of backing Yemeni rebel forces.

2015 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Popular Photos

Notable deaths of 2014

Read more:
Iran's oil minister heads to China