[size=36]Bloomberg: Trump is wrong and America really needs Middle East oil[/size]
Economy | 08:50 - 01/14/2020
[size=11]FacebookViberWhatsAppEmail[/size]
Follow-up - Mawazine News
Bloomberg News said that US President Donald Trump was wrong when he stated last week that his country does not need Middle Eastern oil.
The US agency added that the United States is still importing crude oil produced by Iraq and Saudi Arabia, noting that any obstruction of oil supplies from the Middle East will raise its selling prices to consumers in the United States.
According to the agency, the US oil refineries still need the Middle East oil to process it and manufacture products that its customers demand.
Trump had made that statement from inside the White House after Iran launched a barrage of missiles at two military bases in Iraq that the US military is exploiting, amid fears of an escalation in attacks on major oil facilities in the region, which may affect the flow of oil through the Strait of Hormuz, a waterway Narrow linking the Gulf to the high seas.
"It is true that small quantities of crude produced in the Arab Gulf region are currently finding their way to oil refineries in the United States," Bloomberg says, noting that tanker tracking data showed that oil supplies that reached US refineries through the Strait of Hormuz in 2019 were less than 5% of the total 16.5 million barrels per day of crude and condensate.
Meanwhile, four Asian countries (China, India, Japan and South Korea) imported two-thirds of the crude transported through the Strait of Hormuz in the same year.
The US agency added that the United States is still importing crude oil produced by Iraq and Saudi Arabia, noting that any obstruction of oil supplies from the Middle East will raise its selling prices to consumers in the United States.
According to the agency, the US oil refineries still need the Middle East oil to process it and manufacture products that its customers demand.
Trump had made that statement from inside the White House after Iran launched a barrage of missiles at two military bases in Iraq that the US military is exploiting, amid fears of an escalation in attacks on major oil facilities in the region, which may affect the flow of oil through the Strait of Hormuz, a waterway Narrow linking the Gulf to the high seas.
"It is true that small quantities of crude produced in the Arab Gulf region are currently finding their way to oil refineries in the United States," Bloomberg says, noting that tanker tracking data showed that oil supplies that reached US refineries through the Strait of Hormuz in 2019 were less than 5% of the total 16.5 million barrels per day of crude and condensate.
Meanwhile, four Asian countries (China, India, Japan and South Korea) imported two-thirds of the crude transported through the Strait of Hormuz in the same year.
America is a big buyer
The United States is the fifth largest buyer of Middle East oil, and although its imports from that region declined with the increase in oil production rates locally due to the booms that occurred in extracting shale oil, the share of the Gulf states in the oil imported by the United States in 2019 reached a barrel Of every eight barrels produced by these countries, an average of 875 thousand barrels per day.
And with the outbreak of tension with Iran, the obvious fact is that there are few sources from which heavy and sour oil (which contains high concentrations of sulfur) is imported, and on which the refineries of the American Gulf Coast depend.
The United States is the fifth largest buyer of Middle East oil, and although its imports from that region declined with the increase in oil production rates locally due to the booms that occurred in extracting shale oil, the share of the Gulf states in the oil imported by the United States in 2019 reached a barrel Of every eight barrels produced by these countries, an average of 875 thousand barrels per day.
And with the outbreak of tension with Iran, the obvious fact is that there are few sources from which heavy and sour oil (which contains high concentrations of sulfur) is imported, and on which the refineries of the American Gulf Coast depend.
Bloomberg recalls that the United States imposed sanctions on Venezuela's oil exports in January 2019, while Mexico and Colombia face a drop in production due to a lack of new investment.
Meanwhile, Canada is now the largest oil supplier to the United States, while the Middle East is providing the majority of the remaining quantities.
Another reason
. The other reason for America’s dependence on oil flows from the Persian Gulf lies, according to the agency, its prices.
Bloomberg believes that the killing of the Iranian Quds Force commander, General Qassem Soleimani, in a raid by a US plane on the 3rd of this month. United.
If the mere possibility of blocking oil flows from the Arab Gulf may raise fuel prices in America, then you can imagine what a real disruption in supplies will cause, so what if it is cut off completely, according to the agency.
Bloomberg concludes its report that no American president wants to go into such an adventure in the presidential election year, and the current White House resident is no different from that of his predecessors. Ended 29 / pMeanwhile, Canada is now the largest oil supplier to the United States, while the Middle East is providing the majority of the remaining quantities.
Another reason
. The other reason for America’s dependence on oil flows from the Persian Gulf lies, according to the agency, its prices.
Bloomberg believes that the killing of the Iranian Quds Force commander, General Qassem Soleimani, in a raid by a US plane on the 3rd of this month. United.
If the mere possibility of blocking oil flows from the Arab Gulf may raise fuel prices in America, then you can imagine what a real disruption in supplies will cause, so what if it is cut off completely, according to the agency.
https://www.mawazin.net/Details.aspx?jimare=81675
Today at 7:30 am by Rocky
» utube 5/4/24 MM&C Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules -
Today at 7:29 am by Rocky
» “Services” asks the Central Bank about billions of foreign banks in Iraq
Today at 7:27 am by Rocky
» Central Bank: Iraqi banks still face challenges in complying with international laws and standards
Today at 7:24 am by Rocky
» Parliamentary bloc: The Central Bank offers hard currency to “mafias” on a golden platter.. The Suda
Today at 7:20 am by Rocky
» The Iraqi Central Auction witnesses a rise in foreign remittances to $267 million
Today at 7:19 am by Rocky
» Wednesday.. The session to elect the President of the Iraqi Parliament is heading towards “Al-Issawi
Today at 7:14 am by Rocky
» The Union of Arab Banks proposes 4 “important” points for Iraqi banks to meet compliance standards
Today at 7:12 am by Rocky
» In the document... the Central Bank decides to return the “Al-Mal” Bank to work... in this case
Today at 7:08 am by Rocky
» The Iraqi-American agreements and cooperation were the most prominent topics of Al-Araji and Romanow
Today at 7:06 am by Rocky
» Al-Hakim meets a joint delegation of resolve and sovereignty and renews the call to hold a session t
Today at 7:05 am by Rocky
» Nearly one billion dinars were recovered and 3 million liters of fuel intended for smuggling in Iraq
Today at 7:03 am by Rocky
» Al-Sudani and the European Union ambassador discuss issues of economic partnerships, civil aviation,
Today at 6:59 am by Rocky
» More than 950 million dinars... petroleum products announced their recovery
Today at 6:57 am by Rocky
» Forming a committee to follow up on stopping the sale of the dollar to travelers
Today at 6:54 am by Rocky
» The Minister of Justice visits Al-Muthanna Governorate to discuss mechanisms for developing judicial
Today at 6:52 am by Rocky
» Agriculture: Farmers who were affected by the recent rains will be compensated
Today at 6:51 am by Rocky
» Al-Rasheed issues a warning regarding applying for advances and loans
Today at 6:49 am by Rocky
» Al-Rafidain announces the implementation of the comprehensive banking system in its main branch
Today at 5:24 am by Rocky
» Al-Rasheed warns of offices and pages claiming to promote the Salaf
Today at 5:22 am by Rocky
» Adviser to the Prime Minister: There are no conflicts in the route of the Baghdad Metro
Today at 5:19 am by Rocky
» Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces
Today at 5:18 am by Rocky
» Agriculture explains the mechanism of implementing the calendar program and its economic gains
Today at 5:17 am by Rocky
» “The shocks have changed.” The Governor of the Central Bank explains the impact of the openness of I
Today at 5:16 am by Rocky
» The President of the Association of Private Banks sends an “important” invitation to the Central Ban
Today at 5:15 am by Rocky
» Al-Alaq: The Iraqi banking sector has witnessed significant qualitative developments in response to
Today at 5:12 am by Rocky
» On behalf of Al-Sudani, the Minister of Planning sponsors the signing ceremony of a memorandum of un
Today at 5:11 am by Rocky
» The Iraqi Travel Companies Association participates in the Arab Travel Market Exhibition
Today at 5:10 am by Rocky
» The start of the work of the Iraqi-Jordanian Economic Forum
Today at 5:07 am by Rocky
» Integrity Commission at the Arab Anti-Corruption Convention Conference
Today at 5:06 am by Rocky
» Election of the Speaker of Parliament between amendment and disruption
Today at 5:05 am by Rocky
» Plans to increase the real estate bank's capital
Today at 5:03 am by Rocky
» The Central Bank sells more than $276 million in the currency auction
Today at 5:02 am by Rocky
» Advisor to the Prime Minister: We are heading towards a complete transformation of the electronic pa
Today at 5:01 am by Rocky
» Savings and financial inclusion
Today at 5:00 am by Rocky
» Agriculture expects to market 6 million tons of wheat
Today at 4:58 am by Rocky
» Al-Sudani chairs the first meeting of the Supreme Committee for Restructuring the Government Apparat
Today at 4:57 am by Rocky
» Al-Sudani receives an official invitation to participate in the United Nations Climate Change Confer
Today at 4:55 am by Rocky
» "Baghdad Today" in the southern refineries: The Azmara unit will reduce imported gasoline and hard c
Today at 4:54 am by Rocky
» Al-Sudani stresses the importance of supporting the pillars of food security
Today at 4:51 am by Rocky
» Kurdistan is an important oasis for investment. Security and economic stability eliminates the housi
Today at 4:50 am by Rocky
» Politician: Comparing Al-Halbousi to Al-Maliki is not up for discussion
Today at 4:46 am by Rocky
» The Kurdistan Democratic Party demands international supervision of the region's elections
Today at 4:45 am by Rocky
» Al-Sudani heads to Italy next week on an official visit
Today at 4:44 am by Rocky
» Warnings of challenges delaying budget approval, most notably the deficit
Today at 4:43 am by Rocky
» The Ministry of Oil sets the launch date for the fifth and sixth licensing rounds
Today at 4:41 am by Rocky
» Rafidain Bank announces the implementation of the comprehensive banking system in its main branch
Today at 4:40 am by Rocky
» Central Bank Governor: The banking sector is witnessing major qualitative developments
Today at 4:39 am by Rocky
» Economic: Neighboring countries do not import from Iraq for fear of fraud
Yesterday at 10:43 am by Rocky
» The Central Bank of Iraq sells more than $276 million in currency auction
Yesterday at 9:16 am by Rocky
» Agreement on the presidency of Parliament: Did Al-Halbousi win?
Yesterday at 7:09 am by Rocky
» Because of his corruption... Al-Karawi calls for Al-Halbousi to be held accountable
Yesterday at 7:08 am by Rocky
» Al-Shammari: The American presence in Iraq has no legal cover
Yesterday at 7:06 am by Rocky
» A story titled: Al-Fartusi, the Iraqi ports, and the 160 Committee
Yesterday at 7:04 am by Rocky
» The Minister of Finance of the Kurdistan Region expects the date of Baghdad’s sending of salaries fo
Yesterday at 7:03 am by Rocky
» What is the importance of conducting a pilot population census in Iraq?
Yesterday at 7:01 am by Rocky
» The start of the meetings of the sixth session of the joint Iraqi-Iranian committee in Tehran
Yesterday at 6:58 am by Rocky
» The budget schedules did not reach the Council of Ministers
Yesterday at 6:54 am by Rocky
» The Minister of Planning directs the installation and operation of gold screening units at Iraqi air
Yesterday at 6:52 am by Rocky
» Government advisor: Collections will shift almost completely to electronic payment in the middle of
Yesterday at 6:51 am by Rocky
» A politician accuses the American embassy of attracting parties inside Iraq to confuse the situation
Yesterday at 5:07 am by Rocky
» Deputy: The anti-prostitution law blocks the way for destructive ideas
Yesterday at 5:06 am by Rocky
» State of Law: A political agreement to resolve the position of Speaker of Parliament...these are its
Yesterday at 5:05 am by Rocky
» Kurdistan Parliament elections.. The insistence of the two parties intensifies and an international
Yesterday at 5:04 am by Rocky
» Jordan considers Iraq one of its "most important" main partners in the investment field
Yesterday at 5:02 am by Rocky
» Advisor to the Prime Minister: Iraq is a fertile environment for projects, and there is an expansion
Yesterday at 5:01 am by Rocky
» Parliament is close to approving the renewable energy project law
Yesterday at 5:00 am by Rocky
» The delay surrounds five Iraqi ministries.. What is the relationship with the budget?
Yesterday at 4:58 am by Rocky
» Basra Council threatens: We will not accept unreliable companies to work in Qurna service projects
Yesterday at 4:57 am by Rocky
» Iraq intends to convert collections to electronic payment in mid-2024
Yesterday at 4:54 am by Rocky
» Parliamentary Committee: 5 ministries whose completion rates are “low”
Yesterday at 4:53 am by Rocky
» Completion of the five-year national development plan 2024-2028
Yesterday at 4:51 am by Rocky
» Investment opportunities in the ancient city of Ur
Yesterday at 4:50 am by Rocky
» Today.. Baghdad hosts leading scientists and researchers in the field of artificial intelligence
Yesterday at 4:49 am by Rocky
» Conditions and horrors
Yesterday at 4:47 am by Rocky
» Democratic conditions threaten Kurdistan elections and embarrass the Commission
Yesterday at 4:46 am by Rocky
» “Consensus” disrupts laws in parliamentary culture
Yesterday at 4:44 am by Rocky
» Iraq celebrates “World Press Freedom Day”
Yesterday at 4:43 am by Rocky
» Including Iraq... five countries possess more than 1,000 tons of gold
Yesterday at 4:41 am by Rocky
» Davos is between two stations, is Iraq the third?
Yesterday at 4:40 am by Rocky
» Specialists: The food basket was a buffer to mitigate the blow of high prices
Yesterday at 4:39 am by Rocky
» Al-Rafidain Bank announces the implementation of the comprehensive banking system in its Hindi branc
Yesterday at 4:34 am by Rocky
» Learn about the proposed law replacing punishment with financial sums
Yesterday at 4:33 am by Rocky
» With the beginning of summer... poor services and a spiral of crises afflict the citizens of Kurdist
Yesterday at 4:30 am by Rocky
» A new scandal involving one of the “ten promising companies in Basra”... the Iraqi Plain strikes con
Yesterday at 4:29 am by Rocky
» With a package of files... Barzani to Tehran and Talabani to Washington next week
Yesterday at 4:28 am by Rocky
» An expert reveals the size of the "gas gap" in Iraq: Achieving sufficiency within 3 years is very di
Yesterday at 4:25 am by Rocky
» To reach an agreement on 10 memorandums...the start of the meetings of the sixth session of the Iraq
Yesterday at 4:24 am by Rocky
» The dollar is declining slightly against the Iraqi dinar in local markets
Yesterday at 4:22 am by Rocky
» Deputy: 4 factors hinder Iraqi development.. one of them is a 90% reduction - urgent
Yesterday at 4:21 am by Rocky
» Revealing the reason for its delay.. Elekti sets the date for sending the salaries of Kurdistan Regi
Yesterday at 4:19 am by Rocky
» The Iraqi development road project, ambitions and expected challenges
Yesterday at 4:18 am by Rocky
» Laws were enacted but did not find their way into implementation
Yesterday at 4:16 am by Rocky
» Iraq: Political withdrawals hamper the work of Parliament
Yesterday at 4:14 am by Rocky
» The continued fluctuation of the dollar exchange rates worries traders and citizens
Yesterday at 4:13 am by Rocky
» Vice: Nour Zuhair and his companions manage Iraqi ports
Yesterday at 4:10 am by Rocky
» The President of the Kurdistan Region visits Tehran today and meets with senior Iranian officials
Yesterday at 4:08 am by Rocky
» Al-Maliki confirms Iraq's openness to all countries of the world
Yesterday at 4:07 am by Rocky
» The World Bank is preparing to issue a human capital report in Iraq
Yesterday at 4:06 am by Rocky