China’s independent refiners continue to delay purchases of crude from Iran for February as the Islamic Republic is now demanding higher prices and upfront payments before loading the cargoes, trading sources familiar with the matter have told Reuters. The stand-off between Iran and the independent Chinese refiners, the so-called teapots, began in the middle of December, and has cooled the market for Iranian oil – under U.S. sanctions – with the private buyers in China. Iran seeks higher prices for its crude going…
