Tighter U.S. sanctions on Iranian oil planned for May are adding to a wealth of ...
LONDON - Tighter U.S. sanctions on Iranian oil planned for May are adding to a wealth of factors curbing global supply of heavy-medium crude, driving up prices for scarcer barrels and setting up a stand-off between buyers and sellers.
Refiners are also seeking more of the heavy sweet crude Iran and Venezuela once provided in abundance to produce low-sulfur fuel oil ahead of new shipping emissions rules due next year. This month Iraq’s SOMO sold 2 million barrels of Basra Heavy crude to China’s Unipec at a premium of over $2 a barrel to its official selling price , the highest in months, sources said.
Some of Sonangol’s regular customers balked at the mark-ups, prompting the company to offer the crude to other buyers instead as spot cargoes. These have sold quickly, trading sources said.
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