The pivot to Iraq comes as competition from state-owned Chinese companies drives up the cost of Russian crude. Market participants note that the shift is driven by an urgent search for replacement barrels to maintain refinery operations rather than a broad recovery in Chinese oil demand.
Wednesday, October 21, 2026
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Iran Suspected of Masking Oil as Iraqi to Bypass US Blockade
Commodities12 days ago
Independent refineries in China's Shandong province have increased purchases of Basrah Heavy and Basrah Medium crude for November arrival to replace missing Iranian shipments. These buyers are paying premiums of as much as $18 a barrel over Brent to secure the volume, which has sparked concerns that Tehran is masking its own oil as Iraqi to circumvent a US blockade.
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