💭 🇷🇺 🇮🇷 🇨🇳 ➡️  Russian and Iranian oil producers are offering deepening discounts as they compete for Chinese buyers after India retreated from purchases, — Bloomberg 📰 ➡️  China’s independent refiners have limited capacity to absorb displaced crude, leaving unsold oil accumulating in Asian waters as Russia and Iran face fewer selling options🪙 📉  Russian and Iranian producers are offering deeper discounts to compete for a shrinking pool of Chinese buyers after India reduced purchases. Russia’s Urals crude is selling about $12 per barrel below Brent, while Iranian Light is discounted by up to $11🇨🇳  Chinese independent refiners can absorb only limited volumes due to capacity constraints and import quotas. As a result, Russia has cut production to maintain prices, while Iran is trying to maximize exports amid geopolitical risks🇷🇺 📈 So far, it looks like Iran is taking a hit as Russia muscles in on the market. Deliveries of Russian oil to Chinese ports rose to 2.09 million barrels a day in the first 18 days of February, vessel-tracking data compiled by Bloomberg show. That’s a roughly 20% increase from January and a jump of around a half from December