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flag Chinese refiners buy Iranian crude at premiums to Brent for the first time in years.

flag Chinese independent refiners are purchasing Iranian crude at premiums to Brent for the first time in years, according to trade sources. flag At least two refiners in Shandong province bought Iranian Light crude at $1.50 to $2 per barrel above Brent, a shift from previous discounts, as falling benchmark prices and expectations of increased Indian buying spurred demand. flag The move follows a temporary U.S. waiver of sanctions on Iranian oil at sea, which has eased shipping concerns and enabled India to receive its first Iranian oil shipment in seven years. flag Lower crude costs and recent increases in China’s retail fuel prices have boosted incentives for these refiners to secure prompt Iranian crude.

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