Chinese Refineries Expand Purchases of Iraqi Crude Oil
Prefer us on GoogleChinese refineries are increasing their purchases of discounted Iraqi crude oil. Iraq's state oil marketing company SOMO has offered discounts of $25 to $27 per barrel for Basra Medium and $27.80 to $29.80 for Basra Heavy for shipments in August. Iraq's crude oil exports have reached 2 million barrels per day since early August, totaling approximately 26 million barrels, the highest level since the Middle East war. China's demand is not limited to Iraqi crude; independent refineries in Shandong province purchased 2 million barrels of Basra Heavy from Iraq in July. The increase in shipping risks in the Strait of Hormuz appears to have led Iraq to lower its price conditions. The International Energy Agency (IEA) described the Strait of Hormuz as a critical chokepoint through which an average of 20 million barrels of crude oil and petroleum products pass daily by 2025. Oil prices have fluctuated due to shipping route uncertainties, with Brent crude at $88.72 per barrel and WTI at $82.35 as of August 17. This issue is expected to react sensitively to the import of Middle Eastern energy and maritime freight rates in the South Korean market.
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