China's July 2026 Iraqi oil purchases drop 98%

Shafaq News- Beijing/ Baghdad

China's imports of Iraqi crude oil plunged 98% in July to about 100,000 tonnes, while purchases from Russia, the country's largest oil supplier, rose sharply, according to Chinese customs data released on Thursday.

Imports from Russia reached 9.15 million tonnes in July, up 5% from a year earlier and 10% from June, equivalent to about 2.16 million barrels per day (bpd).

China's imports from Saudi Arabia, its second-largest supplier, fell 28.7% year-on-year to 5.33 million tonnes, or about 1.25 million bpd. Purchases from the United Arab Emirates also declined, dropping 14.5% to 2.43 million tonnes, equivalent to about 570,000 bpd.

By contrast, Brazil recorded stronger growth, with Chinese imports rising 31.9% year-on-year to 4.98 million tonnes, or about 1.17 million bpd.

Imports from Indonesia climbed 51.8% year-on-year to 3.15 million tonnes, equivalent to about 740,000 bpd. Meanwhile, volumes from Malaysia, a major hub for the transshipment of sanctioned Iranian oil, fell 64.3% to 1.51 million tonnes, or about 350,000 bpd.

China did not receive any Omani crude in July, while customs records also listed no crude oil imports from the United States, Venezuela or Iran during the month.

Despite the drop in Chinese purchases of Iraqi oil, Baghdad's crude exports nearly tripled in July to about 1.4 million bpd, according to figures from data platform Commodities at Sea. The recovery in shipments came alongside a sharp increase in the prices of Iraq's two Basrah grades on Thursday. Basrah Heavy settled at $77.43 a barrel, up $12.39, or 19.05%, while Basrah Medium advanced to $80.73 a barrel, also gaining $12.39, or 18.13%.