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Chinese refiners buy 8 million barrels of Iraqi crude despite Hormuz curbs
Marine Traffic counted 95 tanker crossings for the week to Aug. 17, down from 118 the prior week, reflecting the ongoing disruption to Iraq exports via the Strait of Hormuz.
Chinese refiners have increased prompt purchases of Iraqi crude, buying about 8 million barrels of Basrah Heavy and Basrah Medium, according to Bloomberg, citing unnamed traders. The procurement underscores how buyers are still seeking supply from Iraq even as regional shipping routes remain constrained.
Oil is continuing to move via the Strait of Hormuz, Iraq’s main export channel, despite an Iranian blockade. However, Marine Traffic data for the week to Aug. 17 showed 95 vessel crossings, down from 118 the previous week, and some tankers have reportedly reduced detectability by turning off transponders.
The report also points to knock-on disruptions elsewhere. Saudi Arabia has diverted exports away from Hormuz to the Red Sea, then from Yanbu to Egypt, after Yemeni Houthi attacks on tankers and energy infrastructure, and it has shipped crude north via the Suez Canal to reduce strike risk.
Even with those broader route changes, Iraq has managed to raise exports via the Strait of Hormuz, with its state oil marketing company saying the country has been exporting about 2 million barrels per day since the start of the month, the outlet added.
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