The discount of Iran Light crude to ICE Brent has now narrowed to below $4 per barrel, from $5-$6 a barrel earlier this year,
Iran ’s crude oil going to China these days is priced at its narrowest discount to Brent in five years as Iran ian cargo loadings slumped last month amid fears that Israel would target Tehran’s energy facilities in response to the Iran ian missile attack on Israel on October 1. trading and refinery sources have told Reuters. The higher prices for Iran ’s crude oil have been determined by lower cargo availability as Iran slowed loadings in the first half of October, waiting for the Israeli response.
China’s private refiners are key buyers of Iran’s sanctioned crude, and the two sides have established a trade relationship favorable for both. Iran gets to sell its crude that nearly everyone else shuns, while China’s independent refiners, the so-called teapots, get cheap oil.
China Oil Sanctions Oil Exports Light Crude
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