21:31 - 20.08.2026

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August 20, Fineko/abc.az. Chinese refiners have purchased at least 8 million barrels of Iraqi Basrah crude. The purchases demonstrate that crude shipments from the Persian Gulf continue despite ongoing military tensions surrounding Iran.

Rongsheng Petrochemical and several state-owned refiners secured cargoes of Basrah Heavy and Basrah Medium crude for near-term delivery. In August, Iraq’s oil exports through the Strait of Hormuz rose to nearly 2 million barrels per day.

Iraqi crude is expected to plug potential supply gaps caused by reduced shipments from Saudi Arabia and Chinese refiners missing out on allocations in a recent Abu Dhabi National Oil Co. (Adnoc) tender.

Instead of shipping the crude itself, Iraq is providing discounts to incentivize shippers. Major international traders and energy firms, including Vitol, TotalEnergies, and Adnoc, are facilitating the delivery of Iraqi oil to global markets.