16:36 - 6.10.2026

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October 6, Fineko/abc.az. Independent Chinese refiners are turning to Iraqi crude after the U.S. blockade halted shipments from top supplier Iran, while fierce competition from state-owned peers priced them out of Russian oil. Refiners have purchased November-delivery Iraqi Basrah crude at premiums of up to $18 per barrel over ICE Brent.

Analysts note that the urgent buying spree reflects a struggle to avoid operational shutdowns rather than a strong recovery in Chinese fuel demand. With Russian ESPO crude trading at nearly a $30 premium per barrel over Brent, Iraqi crude has emerged as a more cost-effective alternative for price-sensitive private processors.