Chinese Refiners Irritated at Higher Oil Prices from Iran

October 10, 2024

2:55 PM

Reading time: 1 minute


Reports from independent oil refiners in China indicate growing irritation at Iran for rising the prices for crude oil, which are usually available at a steep discount off the standard global price. As Iran is under sanctions from most Western countries, China is its major export market, and must offer its oil at discounted prices even there. However, Iranian producers are now demanding higher prices, and citing the growing risk of a conflict with Israel as its reason.

Chinese refiners are also contributing to the rise in price, however, because they are ordering higher volumes, leading to a rise in demand and a subsequent rise in the price.

Tensions between Chinese buyers of crude oil and Iranian suppliers are now uncommon, with disputes and occasional cutoff's of supply or demand being a regular feature of the relationship.

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