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OIL: Iran Light Crude Diffs to Face Downward Pressure: Kpler

OIL
Energy BulletsIranBulletMiddle EastCommodities

Iran light crude is currently trading around a discount of $1/b to ICE Brent, a discount not seen since June. 2022, as Chinese buyers look for alternatives, Kpler said.

  • Trump plans to return to the ‘maximum economic pressure’ campaign on Iran which will likely bring tougher sanctions on vessels, middlemen, financial institutions, and port operators dealing with Tehran’s oil.
  • Some buyers, particularly larger Chinese Teapots, are likely to avoid dealing with Iranian barrels as a near-term precaution, Kpler said.
  • China’s imports of Iranian crude fell to a two-year low of 847k b/d in January, driven by the tougher US sanctions on Iran from late 2024.
  • Teapots are already cutting rates to around 45% amid thin margins, meaning that Iranian Light may already have hit a ceiling. The grade could come under renewed downward pressure, especially amid rising sanction risk, Kpler added.
  • US Treasury Secretary said that the US intends to cut Iran’s oil exports to 100k b/d. 

 

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Iran light crude is currently trading around a discount of $1/b to ICE Brent, a discount not seen since June. 2022, as Chinese buyers look for alternatives, Kpler said.

  • Trump plans to return to the ‘maximum economic pressure’ campaign on Iran which will likely bring tougher sanctions on vessels, middlemen, financial institutions, and port operators dealing with Tehran’s oil.
  • Some buyers, particularly larger Chinese Teapots, are likely to avoid dealing with Iranian barrels as a near-term precaution, Kpler said.
  • China’s imports of Iranian crude fell to a two-year low of 847k b/d in January, driven by the tougher US sanctions on Iran from late 2024.
  • Teapots are already cutting rates to around 45% amid thin margins, meaning that Iranian Light may already have hit a ceiling. The grade could come under renewed downward pressure, especially amid rising sanction risk, Kpler added.
  • US Treasury Secretary said that the US intends to cut Iran’s oil exports to 100k b/d. 

 

Keep reading...Show less