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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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World

Two Rescued after Bulk Carrier Sinks Off India

Beachgoers view and take photos of the Panamanian-registered bulk carrier ship Blueways, which ran aground following a typhoon in September 2022 off the coast of Weihai, in eastern China's Shandong province on August 21, 2026. (Photo by CN-STR / AFP)
Beachgoers view and take photos of the Panamanian-registered bulk carrier ship Blueways, which ran aground following a typhoon in September 2022 off the coast of Weihai, in eastern China's Shandong province on August 21, 2026. (Photo by CN-STR / AFP)
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Two Rescued after Bulk Carrier Sinks Off India

Beachgoers view and take photos of the Panamanian-registered bulk carrier ship Blueways, which ran aground following a typhoon in September 2022 off the coast of Weihai, in eastern China's Shandong province on August 21, 2026. (Photo by CN-STR / AFP)
Beachgoers view and take photos of the Panamanian-registered bulk carrier ship Blueways, which ran aground following a typhoon in September 2022 off the coast of Weihai, in eastern China's Shandong province on August 21, 2026. (Photo by CN-STR / AFP)

Rescuers searched on Sunday for 22 people missing after a merchant vessel sank off India's eastern coast, the navy said.

The Panama-flagged bulk carrier MV Ocean Winner was headed to Singapore from Paradip port in India's Odisha state, according to MarineTraffic.

The vessel sent a distress alert about 700 kilometers (435 miles) east of Visakhapatnam, the navy said, prompting a joint rescue operation with the Indian coast guard.

Two of the 24 crew members were rescued, it said, adding that a navy patrol aircraft had been redeployed to surveil the area.

The coast guard also deployed three vessels, Indian broadcaster NDTV reported, according to AFP.

"The aircraft located life rafts in the area", and coordinated with a nearby vessel, MT Aisopos, to collect two of the crew from liferafts, the navy said.

Twenty crew members were Chinese, three were from Myanmar and one was Bangladeshi, the Press Trust of India news agency reported, citing coast guard sources.

The nationalities of the two rescued crew members were not immediately clear.

World

Egypt Tries to Revive US-Iran Negotiations

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 17, 2026. (Reuters)
Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 17, 2026. (Reuters)
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Egypt Tries to Revive US-Iran Negotiations

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 17, 2026. (Reuters)
Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 17, 2026. (Reuters)

The top diplomats for Egypt and Iran discussed efforts to bring Tehran and Washington back to the negotiating table to settle the war, Egypt's foreign ministry said on Saturday.

Iranian Foreign Minister Abbas Araghchi and Egyptian counterpart Badr Abdelatty also discussed the Iranian-Omani talks on the management of the Strait of Hormuz, the ministry said.

Araghchi briefed Egypt's foreign minister about “Iran’s view of ongoing developments, the course of negotiations and their challenges,” the ministry said, without elaborating.

There was no immediate statement from Araghchi.

World

Putin Says Ukraine Opened ‘Pandora’s Box’ with Strikes on Economic Targets

Russian President Vladimir Putin gives an interview to journalist Pavel Zarubin in Moscow, Russia, August 22, 2026. (Sputnik/Mikhail Metzel/Pool via Reuters)
Russian President Vladimir Putin gives an interview to journalist Pavel Zarubin in Moscow, Russia, August 22, 2026. (Sputnik/Mikhail Metzel/Pool via Reuters)
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Putin Says Ukraine Opened ‘Pandora’s Box’ with Strikes on Economic Targets

Russian President Vladimir Putin gives an interview to journalist Pavel Zarubin in Moscow, Russia, August 22, 2026. (Sputnik/Mikhail Metzel/Pool via Reuters)
Russian President Vladimir Putin gives an interview to journalist Pavel Zarubin in Moscow, Russia, August 22, 2026. (Sputnik/Mikhail Metzel/Pool via Reuters)

Russian President Vladimir Putin said in comments published on Saturday that Kyiv had opened "Pandora's box" with its strikes on Russian economic targets, saying that Russia would hit back at Ukraine's "most sensitive economic sectors".

Ukraine has this summer escalated a campaign of drone strikes targeting Russian economic infrastructure, including oil refineries and online retailers' warehouses, seeking to ‌destroy infrastructure it ‌says is central to Russia's ‌war ⁠effort.

Russia has responded ⁠with strikes against Ukrainian economic infrastructure, including Ukrainian grain exports via the Black Sea.

"The Kyiv regime set out to damage our economy. What did it do? It opened this Pandora’s box itself. Well then, expect a response targeting your ⁠most sensitive economic sectors," Putin said ‌in comments to ‌a Russian state television journalist.

He said that the strikes, ‌which have jeopardized Ukraine's agricultural exports, would ‌not cause global food shortages, because Russia would be able to replace Ukrainian exports, even as Kyiv has targeted Russian grain export infrastructure.

"We do face ‌challenges regarding the shipment of our goods, but we will resolve these issues. ⁠Consequently, ⁠there will be no shortage on the global market," Putin said.

Russia and Ukraine had previously adhered to a Turkish-brokered deal to protect grain exports on the Black Sea. But Russia exited the deal in 2023.

The Russian leader also restated his position that Moscow is open to peace talks, but only on the basis of "realities on the ground", rather than what he called "exotic" proposals that he said had been made by Ukraine via intermediaries.