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Chinese Refiners Turn to Iraqi and Qatari Crude as Iranian Oil Supplies Plunge

Oil supplies for Chinese refiners
कंप्यूटर द्वारा तैयार हिंदी ऑडियो

BEIJING/SINGAPORE: Chinese independent refiners have sharply increased purchases of crude oil from Iraq and Qatar as supplies from Iran fall amid the continuing Middle East conflict and US pressure.

Iraqi crude becomes key alternative

Reuters reported purchases of at least 12 million barrels, with one estimate putting the total at 15 million to 20 million barrels for October and November delivery. Iraqi Basra Medium and Heavy grades have attracted buyers because of availability and pricing.

China’s imports of Iranian crude fell to about 590,000 barrels per day in September, according to Kpler data cited by Reuters. Higher feedstock costs are also squeezing private refinery margins in Shandong.

Related: Global energy news

Source: Reuters


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Imran Siddiqui

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