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China and other countries are receiving oil shipments from a large number of Iranian tankers. defying sanctions imposed by the United States to choke off Tehran’s main source of income. an investigative report by The New York Times said.

Shipments of Iranian oil fell below 550.000 b d (barrels per day) in June from about 875.000 b d in May and about 2.5 million b d in June 2018.

Iranian Foreign Minister Mohammad Javad Zarif says the country will go ahead with the third phase of scaling back its nuclear deal commitments under the current circumstances.

The Iranian government has approved to revalue its rial tenfold and revert to the currency’s old name. the toman. the Fars news agency reported.

Among countries with higher output. Gulf producers Kuwait and the United Arab Emirates both raised supply while remaining below their OPEC targets.

Oil and gas-rich Russia in 2013 had started to hold annual renewable tenders to reach 5.4GW in renewable energy capacity by 2024.

Five waivers were still extended and are set to stay in place at least for another 90 days.

The biggest supply drop came from Saudi Arabia. which has cut supply even further below its OPEC target in a bid to reduce oil inventories.

Brasilia and Tehran have long enjoyed a good history of political and economic relations.

Economic growth in the US slowed less than expected in the second quarter.