Russia, Iran overtake Iraq, Saudi Arabia as top oil suppliers to China
Shafaq News/ Iraq and Saudi Arabia have lost their positions as the largest oil exporters to China due to incentives offered by Russia and Iran, the Future Iraq Institute for Economic Research and Consulting reported on Saturday.
According to the report, Russia captured 22% of China’s oil imports in August 2024, offering prices that were 6% below the average purchasing rate. Meanwhile, Iranian oil, funneled through Malaysia, accounted for 17% of Chinese imports, with discounts of up to 10% compared to market rates.
These aggressive pricing strategies have pushed Iraq and Saudi Arabia, traditionally major suppliers to China, down the ranks in the world’s largest oil market.
The report noted that in July 2024, Russian oil was priced 4% below the average, while Iranian crude was sold at 7.5% below the standard, further solidifying both countries’ positions as top suppliers to China despite their lower prices.
