Russia and Iran Slash Oil Prices to Secure China Market Share

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Discounts for Russian and Iranian crude have widened in recent weeks as China’s independent refiners have remained the only buyers not shunning sanctioned supply, which is amassing in floating storage at sea.  India’s pivot away from Russian crude oil has been a major hit to Russia’s already limited export markets. Now China remains the only “safe” market for Moscow to rely on.  But Chinese independent refiners in the Shandong province, the so-called teapots, continue to buy sanctioned Iranian supply, too,…