As independent China refineries reduce their purchases, the volume of Islamic Republic crude oil remaining on tankers at sea has increased; an issue that could push Tehran to offer further discounts to maintain its export market.
Reuters reported that during the period of the interim understanding with the United States, the Islamic Republic had increased its oil exports, but in recent weeks independent refineries in China’s Shandong province have replaced oil from these countries—due to the lower price of Iraqi, the United Arab Emirates and Qatar oil—with oil from Iran.
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