Russia and Iran are cutting its oil prices to China, Bloomberg reports citing traders; Russia's Urals grade is selling USD 12/bbl below ICE Brent (prev. USD 10/bbl below), Iranian Light selling USD 11/bbl below ICE Brent (prev. USD 8-9/bbl)
Russia and Iran cutting oil prices for China signals an aggressive move to boost market share amid a challenging environment.
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Russia and Iran are cutting its oil prices to China, Bloomberg reports citing traders; Russia's Urals grade is selling USD 12/bbl below ICE Brent (prev. USD 10/bbl below), Iranian Light selling USD 11/bbl below ICE Brent (prev. USD 8-9/bbl)
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The widening discount of both Urals and Iranian Light relative to ICE Brent suggests increased competition, which could pressure global oil prices further and impact currencies linked to commodities, particularly the RUB and IRR.
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