China Boosts Iraqi, Qatari Crude Imports to Offset Iranian Supply Drop
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Insights by Echo AI
Chinese oil refineries are increasing their purchases of Iraqi and Qatari crude oil to offset dwindling Iranian supplies through the Strait of Hormuz. At least 12 million barrels of Iraqi and Qatari crude oil have been purchased. This shift comes as independent Chinese refineries reduce their imports of Iranian oil due to a sharp decrease in supply.
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