Russia, Iran overtake Iraq, Saudi Arabia as top oil suppliers to China
Shafaq News/ Iraq and Saudi Arabia have lost their positions as thelargest oil exporters to China due toincentives offered by Russia and Iran, the Future Iraq Institute forEconomic Research and Consulting reported on Saturday.
According to the report, Russia captured 22% of China’s oil imports inAugust 2024, offering prices that were 6% below the average purchasing rate.Meanwhile, Iranian oil, funneled through Malaysia, accounted for 17% of Chineseimports, 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 largestoil market.
The report noted that in July 2024, Russian oil was priced 4% below theaverage, while Iranian crude was sold at 7.5% below the standard, furthersolidifying both countries’ positions as top suppliers to China despite theirlower prices.
