Chinese Refiners Buy Iranian Crude at Premium

Chinese independent refiners are buying Iranian crude at a premium to Brent crude, for the first time in years, Reuters has reported, noting prices were driven higher by anticipated increases in Indian purchases of Iranian oil. At least two so-called teapot refiners had bought cargoes of Iranian Light at premiums of between $1.50 and $2 per barrel to Brent crude this month, two unnamed trading sources told the publication, after the United States temporarily lifted sanctions on the commodity to manage international prices. India, which stopped…