12:21 - 3.09.2026

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September 3, Fineko/abc.az. Iranian oil and condensate exports plummeted to between 220,000 and 255,000 barrels per day (bpd) in August, down from 740,000 bpd in July and nearly 2 million bpd in March.

According to the Financial Times, no confirmed oil cargoes have breached the US blockade bound for China since July 14, leaving 29 tankers holding 36.1 million barrels stranded within the Strait of Hormuz.

In response to the supply crunch, Chinese independent refiners are turning to Russian crude, Bloomberg reports. Discounts on Russian ESPO shipments for November delivery have vanished, with premiums jumping up to $7 per barrel over Brent, compared to about $2 earlier this month.