business ⛽ Iran's Oil Supply to China Nearly Gone
Iranian crude oil cargoes available to Chinese buyers are rapidly diminishing following the US blockade's reinstatement. This situation affects major buyers, independent Chinese refiners, who may need alternative sources next month. Currently, only about 83 million barrels of Iranian crude are outside the Persian Gulf and Gulf of Oman. This shortage has caused Iranian Light crude to trade at a premium of $3.50 over ICE Brent this week. Chinese refiners will likely need to ramp up purchases of Russian Urals crude or fuel oil to avoid cuts in October. ⛽