News
Newsfeed
News
Monday
August 15
USD
406.19
EUR
414.31
RUB
6.6
Show news feed

Iran is forced to lower the cost of its already cheap oil in order to remain competitive with Russia in China, according to Bloomberg.

Russia has increasingly begun to gain a foothold in the key market for Iran in China. Because of this, the country is forced to sell its oil at a discount in order to compete with Russia.

The agency noted that for Russia China has become the main destination for oil after the start of a special operation in Ukraine. This has led to increased competition with Iran.

The publication indicated that in May, Russian oil exports to China reached record levels, overtaking Saudi Arabia. Iran has also been able to maintain its export flows, thanks in part to an increase in fuel demand due to the easing of coronavirus restrictions in China.

!
This text available in   Հայերեն and Русский
Print
Read more:
All
Photos