Via Bloomberg (gated) comes the weekend report that Iran has cut its crude prices, "to match Russian Urals grade"
- Iran is being forced to discount its already cheap crude even more as a top ally gains a bigger foothold in the key Chinese market.
- China has become an important destination for Russian oil as Moscow seeks to maintain flows following the fallout from its invasion of Ukraine. That’s led to increased competition with Iran in one of the few remaining markets for its crude shipments, which have been significantly curtailed by US sanctions.
