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Chinese Independent Refiners Remain Reluctant to Buy Iranian Barrels

OIL

Chinese independent refiners are reluctant to buy Iranian crude in February as the issues over pricing terms run into a second month according to Reuters sources.

  • The independent refiners are struggling to find cheap alternatives to sanctioned Iranian barrels and may be forced to cut run rates.
  • Sellers are offering Iranian Light crude arriving at China in February at a discount of around $4.50/bbl against ICE Brent on a delivered ex-ship (DES) basis. The discounts were around $5 to $6 in December and around $10 in November.
  • Iranian sellers are also reported to be seeking higher upfront payment for cargoes.
  • Iran's overall crude exports are at their lowest since March 2023 at 1.1 mn bpd in January, down about 250,000 bpd from December according to Kpler.
Energy BulletsCommodities
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