Chinese refiners turn to discounted Iraqi crude as US blockade halts Iranian supply, Arab News says

Chinese independent refiners are buying Iraqi crude as the US naval blockade has nearly stopped Iran's oil exports, according to an Arab News analysis. Citing Reuters, it says Chinese refineries agreed deals for up to 20 million barrels for October and November, with Iraq offering discounts of up to $37 a barrel to offset the risk of passing through the Strait of Hormuz. About 90% of Iran's oil exports went to China in 2025, roughly 1.4 million barrels a day, but the article says flows had fallen to about a third of that by September and have since almost ceased. Analyst Yesar Al-Maleki expects China to keep buying the most competitive crude, so Iraqi oil may not permanently replace Iran's.

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