Abundant, cheap Iranian oil supply to cap Russian prices in China - sources
Friday, 25 August 2023 Rising prices of a popular Russian crude sold to China are expected to peak soon as more independent refiners are likely to switch to cheaper oil from Iran, which has increased its exports to 4-1/2 year highs in August. OPEC+ supply cuts and strong demand from large Chinese refiners for Russian oil have pushed prices for the ESPO Blend grade to the narrowest discounts since the Ukraine war. However, the availability of cheaper Iranian oil may cap the price hike for ESPO crude. China's large private refiners have been purchasing more ESPO crude, leaving smaller refiners to seek cheaper alternatives like Iranian oil.
No Relief In Sight as, Interest Rates , Continue to Rise.
NBC reports that mortgage rates continue to
climb, with the average interest rate on
a 30-year-mortgage rising to 7.48%.
According to Mortgage News Daily,
it is the highest level reached
since November of 2000.
The high cost of a...
BBC Newsnight is in international waters off the coast of Greece to see how Russian oil continues to be exported around the world. We see evidence that millions of barrels of Russian oil is still going..
Tonight, we talk about the global supply chain on rare earth minerals and how they are used in almost all modern tech and China being the leading producer and exporter of these minerals is looking to..
Saudi Arabia , Extends Production Cuts , in Bid to Boost Prices .
On August 3, Saudi Arabia said that it will extend
unilateral production cuts of one million barrels
of oil a day in an effort to..
Credit: Wibbitz Top Stories Duration: 01:31Published
Friday, 25 August 2023
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