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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Baghdad 's economy widens the "gap" with Tehran and takes advantage of the US sanctions crisis

    Rocky
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    Baghdad 's economy widens the "gap" with Tehran and takes advantage of the US sanctions crisis Empty Baghdad 's economy widens the "gap" with Tehran and takes advantage of the US sanctions crisis

    Post by Rocky Sat 25 Aug 2018, 2:00 am

    [size=32]
    Baghdad 's economy widens the "gap" with Tehran and takes advantage of the US sanctions crisis[/size]
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     42 minutes ago



    (Reuters) - Iran is holding its breath as energy restrictions tighten as early as November, after US President Donald Trump withdrew in May from a nuclear deal signed in 2015 aimed at curbing Tehran's nuclear program.
    Iran's oil is mainly sold to refiners in China, India, Japan and South Korea, although it also has customers in Turkey and the European Union. Buyers looking for an alternative can not simply choose any ore in the market.
    "With the oil sanctions on Iran and the problems of production in other regions, maintaining global supplies may be a strong challenge and it will come at the expense of maintaining adequate spare capacity as a precaution," the IEA warned recently.
    "Accordingly, the market horizon may be much calmer in the next phase, compared to the current time," she said.
    A senior Iranian diplomat told OPEC on Sunday that no member of the group should be allowed to control the share of another member of oil exports, given Saudi Arabia's offer to increase production to cover any shortfall in Iran's crude supplies.
    But data from oil trade flows show that in Europe at least, Saudi Arabia and Iraq have already succeeded in doing so in the past period.
    Iran's oil flows to Europe have dropped 35 percent since the beginning of this year to around 415,000 bpd, Saudi Arabia's shipments have doubled, and exports from Iraq have risen 30 percent, Reuters data showed.
    The company said in response to a question about raw materials, which are likely to be an alternative to Iranian crude, it is "Saudi crude, ore Basra and Oral ore." The last two are from Iraq and Russia respectively.
    Iraq and Saudi Arabia have boosted their oil production by 245,000 bpd since the beginning of the year and cut their official sales price for light crude to customers in Asian countries.
    Iran is the fifth-largest oil exporter in the world, but about 1.5 million barrels per day of supplies under the threat of sanctions. And its customers may have to pay generously for possible alternatives.
    Oil is mainly classified according to sulfur content, and its density relative to water, according to the API's density index.
    Ores are graded over 35 degrees on the API's Density Index in the Light category, while those between 25 and 35 degrees are considered "medium" and below 25 degrees in the "heavy" category.
    Light crude is easier and cheaper to extract and transport, and easier to refine. Heavy materials, which contain more impurities such as sulfur or metals, require additional treatments to extract high-value products.
    The sulfur component is the second major indicator of the classification. The sulfur "low" sulfur is less than 0.5 percent sulfur, while the crude "high" sulfur in which the sulfur component exceeds this level. And sulfur from corrosive materials, and refineries that use more high-sulfur raw materials need more intensive maintenance.
    According to data from the American Petroleum Institute, the average density of sulfur in OPEC ores is about 33 degrees. While in American raw materials it is about 35.7 degrees. Rock oil, the fastest growing crude in the United States, is still the lightest.
    Iran's light crude is the average sulfur, which means that American rock, despite its availability and low cost, is not an alternative in itself. Most of the refineries around the world are equipped to consume raw materials at 32 degrees on the density index of the American Petroleum Institute, according to a source in a major European refining company.
    Refineries usually mix different types of materials to get the best fit.
    Raw materials with a higher sulfur content are affected less by price fluctuations. Oil prices have fallen in the current selling market over the second half of 2018. But the Russian Urals, British Fortis and the high sulfur sulfur gyrasol were the best performers around the Atlantic basin.
    Oil prices have fallen about 4 percent since the middle of the year, compared to losses of 5 to 6 percent for lighter and low-sulfur materials such as Norway's Ekofisk or Bonny Light.



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