Chinese refiners buy Iraqi oil
Chinese independent refiners have increased purchases of Iraqi and Qatari crude oil to replace dwindling Iranian supplies. The shift comes as Middle East exports recover and sanctions disrupt Iranian shipments.
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Independent refiners in China bought 15 million to 20 million barrels of crude from Iraq and Qatar for October and November delivery. The purchases replace dwindling supplies from Iran following military disruptions in the Strait of Hormuz. Buyers secured the cargoes at premiums of $12 to $20 a barrel over Brent Crude Oil, three traders close to the deals said.
