Chinese refiners are rushing to buy at least 8 million barrels of Iraqi crude to fill supply gaps from Saudi Arabia and ADNOC, while Iraq has boosted exports through the Strait of Hormuz to around 2 million barrels per day in August. Sources said Rongsheng Petrochemical and some state-run refiners bought Basrah Heavy and Basrah Medium crude for near-term delivery, with sellers including CNOOC and several global oil trading firms. Some Basrah Medium cargoes were sold at premiums below 10 dollars per barrel against Dubai quotes on a delivered basis. The deals took place even as the Iran conflict drags on and some tankers switch off their location transponders while passing through the Strait of Hormuz to reduce security risks.
CNOOC LimitedCNOOC is a seller of Iraqi crude to Chinese refiners, benefiting from increased sales.
Rongsheng Petrochemical Co LtdRongsheng Petrochemical buys Iraqi crude to fill supply gaps, securing feedstock.
