The crude oil market is still uncertain over the likely impact of the renewed U.S. sanctions against Iran, but two things seem to be becoming clearer: Iran is struggling to keep buyers, and much of the crude it is shipping is being stored.
While not quite a death knell for Iranian exports, news that China’s two biggest state refiners, Sinopec Group and China National Petroleum Corp (CNPC), have decided not to take any November-loading cargoes from Tehran is a serious blow. Read More
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