Iran Aggressively Discounts Crude In Bid To Seize Back Market Share

In an attempt to wrestle back China market share from Russia, Iran is reportedly gearing up to slash the price of its sanctioned crude oil stored offshore Singapore, The Straits Times reports, citing unnamed industry sources. If Iran offers its crude oil to China at a heavy discount, it would likely indicate that optimism for a revival of the 2015 nuclear deal with the West and a reversal of sanctions has faded to zero.  According to The Straits Times, Iran is “offering the crude in tankers anchored in Malaysia and Indonesian waters…