China’s independent refiners swtich to Iraqi crude as US blocks Iran supplies

AI Summary

Chinese independent refiners are turning to Iraqi crude after US restrictions disrupted their Iranian supply, while state-owned competitors have secured much of the available Russian oil. Smaller Shandong-based processors bought Basrah Heavy and Basrah Medium for November delivery at premiums reportedly reaching $18 per barrel.

China’s independent refiners are purchasing Iraqi oil after a US blockade cut off supplies from Iran, their primary source, while state-owned competitors have secured most available Russian barrels. Private processors, including smaller teapot refiners in Shandong province, purchased Iraq’s Basrah Heavy and Basrah Medium grades for November delivery at premiums reaching $18 per barrel above ...