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Chinese refiners buy Iraqi, West African crude for December arrival, traders say

By Reuters News

SINGAPORE, Nov 3 (Reuters) - Chinese refiners bought millions of barrels of crude from Iraq and West Africa for December arrival, multiple traders in the market said.

Here are some details of the deals:

  • Chinese refiners bought about 6 million to 8 million barrels of Iraqi crude for December delivery, with Basrah Heavy trading at premiums of around $10 to $13 a barrel to ICE Brent on a delivered basis, the people said

  • Several independent refiners in China's eastern province of Shandong snapped up 8 million to 10 million barrels of West African crude for December arrival

  • The purchases included Congo's Djeno, Angola's Dalia and Gabon's Mandji grades, which traded at premiums of about $20 a barrel or higher to ICE Brent on a delivered basis, according to the traders

  • Sellers of the Iraqi oil include Adnoc Trading, while sellers of the oil from West Africa include Totsa and PetroChina, the sources said

  • Those deals were done last week

  • The companies typically do not comment on their commercial deals

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