Chinese refiners boost Iraqi oil imports
The increase in Chinese refining companies' oil purchases from Iraq and Qatar in October and November came to compensate for the decline in Iranian supplies. Iraqi oil was preferred as the "new benchmark" due to its lower price and quick delivery. Chinese refineries purchased at least 12 million barrels of Iraqi and Qatari oil, with estimates reaching up to 20 million barrels, selling at prices above Brent by $12 to $20 per barrel. This followed a significant drop in China's imports of Iranian oil, which fell to their lowest levels since the beginning of 2023, with Iranian oil exports completely halted in September due to the U.S. naval blockade.
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