Iranian crude has been slashed for Chinese buyers in an effort to entice interest from independent oil refiners, which have reduced operating rates to stem losses from weaker margins.
Prices for Iranian Light for July arrival were offered at a discount of more than $1 a barrel to ICE Brent benchmarks, compared with a premiumBloomberg Terminal last month, said traders who participate in the market. Russian crude that is shipped from the country’s far east has also been lowered, they added.
