Chinese independent refiners have stepped up purchases of crude from Iraq and Qatar for October and November delivery to replace dwindling Iranian supplies, as exports from other Gulf producers through the Strait of Hormuz recover, traders said, Reuters reports.
Strong demand for non-sanctioned Gulf crude from private refiners has helped support the market after supply disruptions linked to the US-Israeli war with Iran.
Chinese refiners bought at least 12 million barrels of Iraqi and Qatari crude from trading houses Mercuria, Totsa and Trafigura, according to three traders close to the deals. One estimated total purchases at 15 million to 20 million barrels.
