Iran Oil Shipments to Asia Dry Up as Cargoes Flip to $4-a-Barrel Premium
Updated
Updated · Bloomberg · Aug 24
Iran Oil Shipments to Asia Dry Up as Cargoes Flip to $4-a-Barrel Premium
3 articles · Updated · Bloomberg · Aug 24
Summary
Iranian crude cargoes to Asia have nearly vanished in recent weeks, pushing the cost of available barrels to the highest levels in years before Washington unveils new measures.
Around $4 a barrel above global benchmarks is now being sought for Iranian oil, traders said, reversing the long-standing discounts that drew China’s private refiners.
US threats to further isolate Tehran and its trading partners are already constricting regional supply, showing policy pressure is lifting prices even ahead of formal action.
China’s independent refiners have been the main buyers of Iranian crude, so the supply squeeze points to tighter feedstock options and higher import costs across that market.