Chinese Refiners Turn to Iraqi Crude as Iranian Supplies Decline

Independent Chinese refiners have increased their purchases of Iraqi crude as they seek alternatives to declining Iranian oil supplies.

Industry traders said Chinese refiners had purchased at least 12 million barrels of Iraqi and Qatari crude for October and November deliveries, while other estimates put the total volume at between 15 million and 20 million barrels.

A significant portion of the purchases consists of Iraq’s Basra Medium and Basra Heavy crude, which have become increasingly attractive due to their availability and relatively fast delivery.

The move comes as Chinese imports of Iranian crude have fallen sharply, prompting independent refiners to seek more reliable supplies from Gulf producers.