Abundant, cheap Iranian oil supply to cap Russian prices in China: sources

News Snapshot:

Open this photo in gallery: A crude oil tanker at a terminal off Waidiao island in Zhoushan, Zhejiang province, China.CHINA DAILY/Reuters Rising prices of a popular Russian crude sold to China are poised to peak soon as more independent refiners are likely to switch to cheaper oil from Iran which has ramped up exports to fresh 4-1/2 year highs in August, several trade sources said. OPEC+ supply cuts and strong demand from large Chinese refiners for Russian oil have pushed prices for the ESPO Blend grade exported from the Pacific port of Kozmino to the narrowest discounts since the Ukraine...