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OIL: Iranian Oil Discount for China's Teapots Narrows Further

OIL
IranAPACCommoditiesChinaEnergy BulletsBulletMiddle East

China’s private teapot refiners are facing further narrowing of discounts on Iranian oil due to scarce supply and limited shipping options amid US vessel sanctions, according to Bloomberg.

  • Teapots are buying Iranian Light oil at a discount as narrow as $2/bbl against ICE Brent for December arrival compared to around $3.50/bbl last month and about $4-4.5/bbl in late September, according to Bloomberg.
  • The teapots are willing to buy the cargoes amid potential front-loaded import quota for 2025 allowing for deliveries before end of this year, Bloomberg sources said.
  • Iranian crude exports could fall 54kb/d to 1.43mb/d in November, according to Kpler, due to domestic demand for electricity generation amid a natural gas shortage.

 

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China’s private teapot refiners are facing further narrowing of discounts on Iranian oil due to scarce supply and limited shipping options amid US vessel sanctions, according to Bloomberg.

  • Teapots are buying Iranian Light oil at a discount as narrow as $2/bbl against ICE Brent for December arrival compared to around $3.50/bbl last month and about $4-4.5/bbl in late September, according to Bloomberg.
  • The teapots are willing to buy the cargoes amid potential front-loaded import quota for 2025 allowing for deliveries before end of this year, Bloomberg sources said.
  • Iranian crude exports could fall 54kb/d to 1.43mb/d in November, according to Kpler, due to domestic demand for electricity generation amid a natural gas shortage.

 

Keep reading...Show less