Gasoline in the Middle East extended losses this week as major buyer Iran has almost disappeared from the market and added to oversupply.
“The barrels that were usually going to Iran have no place to go now,” one gasoline trader said. “Iran has been struggling to get any cargoes, but now they’re not buying.”
Iran has said it has achieved self-sufficiency in gasoline and although traders are skeptical, they do not dispute there has been a fall in imports following international sanctions.
