China's 'teapot' independent refiners buy Qatari, Iraqi and UAE oil over Iranian

The build-up of unsold Iranian cargoes at sea, arriving just as US sanctions snap back into force, points to a near-term glut of Iranian barrels searching for buyers, which could pressure Iranian Light discounts wider even as sellers have so far held firm at $2 to $3 a barrel under Brent. The sharper $5 to $8 a barrel discounts secured on non-Iranian Gulf g…

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