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2022-03-06 05:53
Iraq allocates "Basra Light" crude for domestic consumption and is satisfied with exporting "medium and heavy"
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2022-03-06 05:53
Shafaq News/ A British company announced that Iraq has removed Basra Light crude from its options for export to crude oil customers during this year, with this grade allocated for local consumption.
Argos Media said that before 2022, SOMO asked buyers to nominate Basra Medium and Heavy crudes and Kirkuk blend for their assignments for 2022, and did not mention Basra Light.
Basra crude grades constitute the bulk of Iraq's crude oil exports, according to the "Argos Media" platform.
The agency stated, according to an Iraqi source, that the supplies of Basra Light crude will be allocated for domestic consumption in 2022, while priority will be given to Basra Medium and Heavy crude for export.
Running more Basrah Light crude at Iraqi refineries will free up additional Basrah Medium and Heavy crude for export, although it is unclear whether all of Basra Light's supply will be used domestically.
Since then, Basra Light Crude has lost its popularity among Asian refineries due to their need for medium oil, and it has also lost popularity in European markets, as some traders considered it due to its relatively unattractive official price.
from his side; The official spokesman for the ministry, Assem Jihad, confirmed in an interview with Shafak News Agency that "prices change according to international markets in terms of quality."
He added, "The Ministry of Oil is pricing Iraqi crude oil exported after reviewing developments and changes in the oil market and adopting an appropriate pricing according to the quality of the source crude oil."
In November of the year 2020, Iraq unveiled a new crude called Basra Medium crude, to be a new, third grade, with Basra Light and Heavy crude, to begin offering and exporting it to global markets.
As mentioned by oil reports; The medium crude began to dominate Iraqi oil exports to Asian countries, outperforming the Basra Light and Heavy crudes.
In January 2022, India purchased medium and heavy crudes from the Middle East with annual agreements and official selling prices, while reliant on the spot market for most of its requirements from light, sulfur-free crude, mainly from West Africa.
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Argos Media said that before 2022, SOMO asked buyers to nominate Basra Medium and Heavy crudes and Kirkuk blend for their assignments for 2022, and did not mention Basra Light.
Basra crude grades constitute the bulk of Iraq's crude oil exports, according to the "Argos Media" platform.
The agency stated, according to an Iraqi source, that the supplies of Basra Light crude will be allocated for domestic consumption in 2022, while priority will be given to Basra Medium and Heavy crude for export.
Running more Basrah Light crude at Iraqi refineries will free up additional Basrah Medium and Heavy crude for export, although it is unclear whether all of Basra Light's supply will be used domestically.
Since then, Basra Light Crude has lost its popularity among Asian refineries due to their need for medium oil, and it has also lost popularity in European markets, as some traders considered it due to its relatively unattractive official price.
from his side; The official spokesman for the ministry, Assem Jihad, confirmed in an interview with Shafak News Agency that "prices change according to international markets in terms of quality."
He added, "The Ministry of Oil is pricing Iraqi crude oil exported after reviewing developments and changes in the oil market and adopting an appropriate pricing according to the quality of the source crude oil."
In November of the year 2020, Iraq unveiled a new crude called Basra Medium crude, to be a new, third grade, with Basra Light and Heavy crude, to begin offering and exporting it to global markets.
As mentioned by oil reports; The medium crude began to dominate Iraqi oil exports to Asian countries, outperforming the Basra Light and Heavy crudes.
In January 2022, India purchased medium and heavy crudes from the Middle East with annual agreements and official selling prices, while reliant on the spot market for most of its requirements from light, sulfur-free crude, mainly from West Africa.
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