The new suggested prices on the official website of Iran’s National Oil Trading Company show a striking jump in the Islamic Republic’s oil discounts to oil customers.

Iran has offered its light crude oil for delivery to Khark Island for next month at $4.35 below the Oman–Dubai price (the main benchmark for pricing exported crude oil in the Middle East) and has offered its heavy crude oil at $6.5 below the Oman–Dubai price to customers.

This comes while last month Iran had offered its light crude oil at $7.15 above and its heavy crude oil at $5.3 above the Oman–Dubai price.

Accordingly, within one month, Iran has offered more than $11 in discounts for its export oil.

Kepler data shows that China’s purchases of Iranian oil have fallen to around 550,000 barrels per day, one-third of the level before the Islamic Republic’s closure of the Strait of Hormuz in March, leaving tens of millions of barrels of the Islamic Republic’s oil without buyers adrift in Asian waters.