Russia and Iran Slash Oil Prices in Fierce Competition for Chinese Buyers

Russia and Iran slash crude prices to record discounts for Chinese buyers, with Russian exports hitting 2.09M barrels daily.

Russia and Iran announced coordinated oil pricing strategies on March 1, 2026, slashing official prices for crude exports and engaging in fierce competition for market share in Asia-Pacific energy markets.

Both nations announced crude oil price reductions of $8-12 per barrel below Brent reference pricing, with additional volumetric discounts for long-ter…