Iran doubles oil discount for China – media ...News

The move aims to match the cost of Iranian crude with Russia's Urals grade, traders told Bloomberg Iran is being forced to discount its already-cheap crude even more to compete with Russia in the Chinese market, Bloomberg reported on Monday. Sanctions-hit Tehran reportedly has few options for its crude shipments. Meanwhile, Russian exports to China hit a record high in May, overtaking Saudi Arabia as the top supplier to the world’s biggest crude consumer. Russian Urals crude has also displaced some Iranian barrels, according to industry consultant FGE. “The only competition between Iranian and Russian barrels may

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