The US sanctions on Iran's oil will not work as the world is dependent on the crude, a Chinese analyst said on Sunday. “Many countries as well as private companies are dependent on Iran's oil supplying their fuel; therefore, it is their right to decide on buying oil from Iran according to their interests,” a senior member of the Chinese Institute of World Economics and Politics told the Islamic Republic News Agency (IRNA). “The countries' trades with each other are based on their bilateral interests,” Wu Chenghui said, “They should not be forced by the US to avoid buying oil from Iran.” ...Some Chinese companies are dependent on the US market, particularly in high-tech, he said, adding that Beijing's insistence on buying Iran's oil can prompt retaliatory measures by the US. China has bought 8 million tons of oil from Iran during the first three-months of this year, compared to 3.9 million tons of oil imported from the US. US sanctions not to work, world relies on Iran's oil: Analyst China has never been fond of sanctions. August 6---and the fun begins.