Iranian oil exports to China in October on decline

The four Asian consumers - China, India, Japan and South Korea - will reduce their oil imports from Iran by 12% month-on-month in October.

The different pricing strategy shows that Saudi Arabia is focusing particularly on the important and highly competitive market in Asia with a view to making it as difficult as possible for potential rivals such as Iran and Russia to gain (or regain) market shares there.

It is thus not surprising that October will see Iran sell less oil in China than it has for an entire year, according to preliminary shipping plans, notes Commerzbank.