12:07 - 8.06.2026
June 8, Fineko/abc.az. Iran has sharply lowered oil prices for Chinese buyers, trying to attract independent refineries that are reducing their workload due to unprofitability.
ABC.AZ reports that grade Iranian Light, delivered in July, is already being offered at discount of more than $1 to crude oil standard Brent , whereas a month ago it was sold at a premium. Russian oil from the Far East has also fallen in price.
Chinese independent processors (samovars), the key buyers of Iranian raw materials, are facing negative margins and are reducing activity. Against this background, Iranian oil supplies to China in May fell to 1.1 million b/d, the lowest since the beginning of 2025, and about 56 million barrels remain in floating storage facilities.
Additional pressure is exerted by the tightening of US sanctions, including measures against the large processor Hengli Petrochemical.
