Weak Chinese Demand Forces Cuts to Iranian Crude Prices

Chinese buyers are being offered Iranian crude at discounts to Brent, compared to a premium in May, as demand from China’s independent producers has weakened in recent weeks amid soaring input costs that dent refining margins. The price of Iranian Light for delivery in July into China has been cut to a discount of $1 per barrel to the ICE Brent benchmark, anonymous traders participating in the market told Bloomberg on Monday. This compares with a premium of up to $2 per barrel in the previous two months. The independent Chinese refiners,…