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Biden: There is Enough Petroleum to Reduce Amount Purchased from Iran

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. REUTERS/Chen Aizhu//File Photo
China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. REUTERS/Chen Aizhu//File Photo
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Biden: There is Enough Petroleum to Reduce Amount Purchased from Iran

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. REUTERS/Chen Aizhu//File Photo
China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. REUTERS/Chen Aizhu//File Photo

US President Joe Biden said in a memo to the US State Department on Friday that there were sufficient supplies of petroleum so other countries can reduce what they buy from Iran.

Reuters said that the White House is required to affirm every six months that there is enough oil supply globally to maintain sanctions against Iran that were put in place in 2012, during Barack Obama's administration.

Biden's statement comes in advance of a virtual meeting with China's President Xi Jinping on Monday, in what is expected to be the leaders' most extensive meeting since Biden took office.

China is the largest purchaser of Iranian oil, averaging purchases of more than 500,000 barrels a day over the last three months.

Chinese purchases of Iranian crude have continued this year despite sanctions that, if enforced, would allow Washington to cut off those who violate them from the US economy.

The Biden administration is currently not enforcing those sanctions ahead of forthcoming negotiations with Iran to revive a 2015 nuclear deal that would let that nation sell its oil openly again.

"Consistent with prior determinations, there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions," Biden said in the memo.

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Iran Is ‘Pressing the Gas Pedal’ on Uranium Enrichment, IAEA Chief Says 

International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi speaks at the Annual Meeting of World Economic Forum in Davos, Switzerland, Tuesday, Jan. 21, 2025. (AP)
International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi speaks at the Annual Meeting of World Economic Forum in Davos, Switzerland, Tuesday, Jan. 21, 2025. (AP)
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Iran Is ‘Pressing the Gas Pedal’ on Uranium Enrichment, IAEA Chief Says 

International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi speaks at the Annual Meeting of World Economic Forum in Davos, Switzerland, Tuesday, Jan. 21, 2025. (AP)
International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi speaks at the Annual Meeting of World Economic Forum in Davos, Switzerland, Tuesday, Jan. 21, 2025. (AP)

Iran is "pressing the gas pedal" on its enrichment of uranium to near weapons grade, UN nuclear watchdog chief Rafael Grossi said on Wednesday, adding that Iran's recently announced acceleration in enrichment was starting to take effect.

Grossi said last month that Iran had informed the International Atomic Energy Agency that it would "dramatically" accelerate enrichment of uranium to up to 60% purity, closer to the roughly 90% of weapons grade.

Western powers called the step a serious escalation and said there was no civil justification for enriching to that level and that no other country had done so without producing nuclear weapons. Iran has said its program is entirely peaceful and it has the right to enrich uranium to any level it wants.

"Before it was (producing) more or less seven kilograms (of uranium enriched to up to 60%) per month, now it's above 30 or more than that. So I think this is a clear indication of an acceleration. They are pressing the gas pedal," Grossi told reporters at the World Economic Forum in Davos.

According to an International Atomic Energy Agency yardstick, about 42 kg of uranium enriched to that level is enough in principle, if enriched further, for one nuclear bomb. Grossi said Iran currently had about 200 kg of uranium enriched to up to 60%.

Still, he said it would take time to install and bring online the extra centrifuges - machines that enrich uranium - but that the acceleration was starting to happen.

"We are going to start seeing steady increases from now," he said.

Grossi has called for diplomacy between Iran and the administration of new US President Donald Trump, who in his first term, pulled the United States out of a nuclear deal between Iran and major powers that had imposed strict limits on Iran's atomic activities. That deal has since unraveled.

"One can gather from the first statements from President Trump and some others in the new administration that there is a disposition, so to speak, to have a conversation and perhaps move into some form of an agreement," he said.

Separately, UN Secretary-General Antonio Guterres said at Davos that Iran must make a first step towards improving relations with countries in the region and the United States by making it clear it does not aim to develop nuclear weapons.