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Bloomberg: Iran cuts oil prices to compete with Russia in China.

by The Kyiv Independent news desk July 4, 2022 10:19 PM 1 min read
This audio is created with AI assistance

Iran, which is subject to U.S. sanctions, has been forced to lower its already cheap crude oil prices to $10 a barrel below Brent futures, compared with a $5-6 discount in February, in order to find new buyers on the Chinese market. In May, Russia became China's largest oil supplier, exporting about 2 million barrels of Urals crude a day to the East Asian country, up 55% year-on-year. Russia's Urals crude has also been trading at a big discount due to the sanctions imposed on Russia.

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2:25 PM  (Updated: )

Ukrainian drones hit chemical plant in Russia's Tula Oblast, source says.

The Russian Defense Ministry reported on Nov. 9 that Ukraine struck seven Russian regions – including Tula Oblast – with 50 drones. Moscow claimed that it had shot down all 50 drones, including two over Tula Oblast, which is located south of Moscow.
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