Declining oil reserves at China’s independent refineries in Shandong may lead to an increase in purchases of crude oil by the Islamic Republic and, after a period of selling, give the Islamic Republic a breather.

Independent refineries with a large margin of difference are the biggest buyers of the Islamic Republic’s oil and usually account for about 90% of this government’s sales.

Based on Kpler data, nearly 30 million barrels of Iranian crude oil are currently on oil tankers in Asian waters, which could help refill the reserves of the Quori refineries.

According to traders, Iranian light oil for delivery in September was offered at a discount of about four dollars per barrel versus Brent, which is less than the previous discount of about five dollars, meaning demand has risen.