U.S. Treasury Secretary Janet Yellen said most countries, except China, are still unwilling to purchase Iranian oil, mainly out of concern over possible reinstatement of U.S. sanctions in the future. This has also become an important factor prompting Tehran and Washington to return to the negotiating table.
During an interview with Fox News on Tuesday, Yellen said: "So far, Iran has not been able to successfully sell oil, because buyers have some concerns, fearing whether they will be sanctioned again."
She said: "Other than China, no other country is buying Iranian oil. China was already purchasing during the period Iranian oil was under sanctions, so Iranian oil is still being traded at a discount."
Yellen also said this is the reason Iran is "truly accepting these negotiations." The next round of peace talks between the U.S. and Iran is scheduled to start Tuesday in Doha, Qatar.
In addition, Yellen warned that the recent significant drop in international oil prices would prompt the U.S. government to closely monitor whether U.S. gasoline retailers are reflecting cost decreases in end-user prices to benefit consumers, especially as the U.S. is about to celebrate its 250th anniversary, "because we are watching."