Chinese Refiners Buy More Iraqi and Qatari Oil as Iranian Supplies Decline

Independent Chinese refiners have increased purchases of Iraqi and Qatari crude to make up for reduced supplies from Iran.

The shift puts the two Arab producers in a larger role in these refiners’ sourcing as they seek alternatives to Iranian oil.

The additional purchases come as exports from other Gulf countries through the Strait of Hormuz are recovering.

Together, the developments point to a changing supply mix for the Chinese buyers, with increased sourcing from Iraq and Qatar helping offset the Iranian shortfall.