In November, Iran concluded contracts with China to purchase crude oil. The Middle Kingdom can then buy oil from Tehran at $10 per barrel less than the market price. – Reuters reports. However, this has changed since December.
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Iran reduces discounts for Chinese buyers
Iran has narrowed the range of discounts offered to Chinese customers to $5 to $6 per barrel of oil. Furthermore, some deliveries have been suspended. Reuters sources say so China is trying to negotiate a reduction in oil prices. But they add that the scope for negotiations is limited.
According to Reuters estimates, Iranian oil represents 10 percent. Crude oil imports to China. Therefore, the interruption of supplies may affect global prices and also reduce the profits of Chinese refineries. What's more, China saved billions of dollars by purchasing oil at deeply discounted prices from Russia, Venezuela, and Iran. These countries supply approximately 30 percent. Chinese oil imports – we read.
As Bloomberg explained at the time, Chinese Customs Administration data indicated that imports from Malaysia to China rose to a record high in December 2022. However, according to experts, it was not possible for this Asian country to implement such a scale.
He added: “In the first nine months of 2022, Malaysian exports amounted to approx Three times higher than the average daily oil production from the Southeast Asian country. The flows also exceeded those of OPEC giants Iraq and the United Arab Emirates“- Bloomberg noted.
According to Vortex analysts, everything indicates that it is Iranian crude oil. The additional barrels coming from Iran and Venezuela are likely to have been previously renamed Malaysia and Oman oil.
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