Iran could increase its oil exports in August as its crude is now estimated to be much cheaper than Russia’s in China, the key oil customer for both exporters, oil flows tracking firms told Reuters on Wednesday. Iran, as well as Russia, offer their crude at discounts to China, but the discount of Iranian crude to Russia’s Urals grade has doubled in recent weeks, which could prompt China to buy more oil from Iran, traders and analysts told Reuters. Iran’s crude for August is now being offered at around $8 a barrel below the price of Russia’s Urals, compared to a smaller discount of up to $4 per barrel at the end of last month. Exports out of Iran have increased in June and July, tanker-tracking firms have estimated, and expect more flows out of Iran due to the wider discount to Russia’s crude. China has been the main […]