May 13

Iran Hits Saudis Where It Hurts, Offers Biggest Discount On Asian Crude Since 2007:

Iran’s heavy crude, as Reuters points out, will now trade at a $0.30 discount to the Saudi Arab Medium, the widest gap since 2007. Refineries generally prefer light crude because it’s easier to process, but China’s teapots have made do with whatever crude comes their way, so they are very flexible in this respect, which is good news for Iran.

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