Chinese independent refiners purchase Iraqi crude following United States Iranian blockade

Independent Chinese refiners are purchasing Iraqi crude oil for November delivery after United States blockades disrupted Iranian supplies.

FTMQ Climate, written by our newsroom7 October 2026 at 01:030 views

Independent oil refiners in China are turning to Iraqi crude after a United States blockade halted supplies from Iran, according to Rigzone News and Bloomberg. Private processing companies, including smaller teapot refiners located in Shandong province, have secured Iraqi Basrah Heavy and Basrah Medium crude grades for November delivery. [1][3]

Rigzone News and Bloomberg both report that the Iraqi crude was purchased at premiums reaching up to 18 dollars a barrel over ICE Brent. At least 50 tankers, primarily carrying Iranian crude oil, remain bottled up along the Chinese coast as the United States blockade seeks to exert pressure on Tehran. [1][3]

Traders cited by Rigzone News and Bloomberg stated that the purchases reflect a rush for immediate supplies rather than a strong recovery in Chinese oil demand. Competition from Chinese state owned rivals has also priced most independent refiners out of buying Russian oil barrels. [1][3]

Chinese independent refiners bought Iraqi crude for November delivery at premiums up to $18 a barrel over ICE Brent.
At least 50 tankers carrying Iranian crude are stuck along China's coast due to a US blockade.
Competition from state-owned rivals has priced independent Chinese refiners out of Russian crude barrels.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

[1]China Refiners Flock to Iraqi CrudeRigzone News, 16h ago (the report this story comes from)
[2]China Refiners Flock to Iraqi CrudeRigzone, 16h ago
[3]China Refiners Flock to Iraqi Crude as US Chokes Iran SupplyBloomberg.com, 1d ago

Background

[4]Methodism on Wikipedia
[5]2026 East–West Crude Oil Pipeline attack on Wikipedia

Our newsroom writes these reports with the help of software, from the 5 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

Get the day in one email

Reports like this one, the top news of the last 24 hours, every morning. Free, one email a day; readers can comment under every report.

By signing up you agree to our terms and privacy policy. Unsubscribe any time.

Comments

Join the conversation

Comments are open to readers of our daily email: the top news of the last 24 hours, every morning, free. Sign up and the comment box opens.

Already on the list? Enter the same address and we will send a sign-in link.