President Xi and President Rouhani have agreed to increase “pragmatic cooperation” between China and Iran. That follows America’s recent withdrawal from the JCPOA and reimposition of sanctions against Iran. The Chinese government will want to maintain access to Iranian oil, imports of which were worth $13 billion in the 12 months to February 28 or 67% of its imports from Iran. Meanwhile Iran will want to maintain access to the Chinese market, where it accounted for 7% of oil exports, as other markets wither. One example are shipments to India where Iran accounted for 10% of supplies i...