Chinese independent refiners turn to Iraq, Qatar as Iranian crude supplies dwindle

Chinese independent refiners have turned to buying Iraqi and Qatari crude as Iranian supplies dwindle. The traders report purchases totaling up to 20 million barrels from regional trading houses. Refining margins have weakened due to a cap on fuel prices and rising crude costs. As a result, refinery utilization rates have fallen significantly in Shandong. The situation reflects broader shifts in crude supply dynamics amid geopolitical tensions.