Weekend – “Iran significantly reduces the cost of its oil”

Via Bloomberg (gated) comes the weekend report that Iran cut crude prices, ‘to match Russian Ural quality’

  • Iran is being forced to cut its already cheap crude even further as a top ally expands its foothold in the key Chinese market.
  • China has emerged as a major destination for Russian oil as Moscow seeks to maintain flows after the fallout from its invasion of Ukraine. This has led to increased competition with Iran in one of the few remaining markets for its crude shipments, which have been drastically reduced by US sanctions.


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