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Updated · Bloomberg · Jun 8Iranian Crude Cuts China Price by Over $1 a Barrel as Independent Refiners Curb Runs
3 articles · Updated · Bloomberg · Jun 8Summary
- Iranian Light for July arrival was offered to Chinese buyers at a discount of more than $1 a barrel to ICE Brent, reversing from a premium last month.
- Chinese independent refiners have reduced operating rates to limit losses as refining margins weaken, eroding demand for discounted barrels.
- Russian crude shipped from the country’s Far East has also been marked lower, indicating softer buying interest in China’s teapot refining market.
- The price cuts show how weaker Chinese refinery demand is forcing sanctioned suppliers to compete harder for one of their most important outlets.
Insights
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