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Iran has begun to displace Russian oil from China
Aug 16, 2023
China has sharply increased its oil purchases from Iran, replacing the overly expensive oil from Russia, which is becoming more expensive and costs more than the price ceiling set by the West.
This was reported by Bloomberg with reference to Kpler data.
In August, China imports 1.5 million barrels per day from Iran, a record volume for at least the last 10 years.
Compared to January-July, the demand for Iranian oil has increased by more than one and a half times.
As traders working in the region told Bloomberg, the reason is the price. Iranian oil is offered at a $10 per barrel discount to Brent and is much cheaper than Russian oil.
Author - Olena Madiak, 16/08/2023
