Trump Told Xi: Cut Iranian Oil, Get Venezuelan Crude
The ongoing war between the US and Iran is taking a toll on the region's economy, but the Iranian regime seems to be defying expectations. Despite being under sanctions, Iran continues to project power in the region, impeding commercial traffic through the Strait of Hormuz and supporting its proxies in Yemen.
A key factor enabling Iran's defiance is China's economic support. Chinese purchases account for approximately 90% of Iran's oil exports, allowing Tehran to survive sanctions and finance its regional ambitions. However, this support comes at a cost for both parties, as China also relies on the same energy supplies from Saudi Arabia, the UAE, Iraq, and Qatar.
US President Donald Trump is set to meet with Chinese President Xi Jinping in September and should leverage this opportunity to address the issue of China's support for Iran. The US can offer Beijing a conditional opening for Chinese commercial participation in Venezuela's oil sector in exchange for reducing its economic support for Tehran. This would not only weaken Iran but also provide China with an alternative energy source.