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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
China teapot demand for sanctioned barrels slowed towards the end of 2023 as refining margins narrowed and import quotas tightened.
- China’s Iranian oil imports reached just over 1mbd in December, a decline from the record 1.6mbd in October according to Vortexa.
- China’s demand for seaborne Iranian cargoes appears to be softening for the coming months as more aggressive pricing dissuades China buying.
- Prices have in part risen because of a lack of competition with Venezuelan barrels now heading to the US due to sanctions easing.
- Iran told China buyers in early December they were narrowing Dec/Jan discounts for Iranian Light crude to $5-6/bbl below Brent – compared with a discount of around $10/bbl in prior months according to Reuters sources.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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