Experts: Growing crude sales to China reflect positively on the economy
Economical 2023/03/29
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Shukran Al-Fatlawi
Economists counted the process of selling Iraqi oil to major Chinese companies according to the main criteria of the contract, with the health condition that has positive repercussions on the Iraqi economy, as it is, according to the recent statements of the International Monetary Fund, the engine of global growth.
Economist Dr. Nabil Al-Marsoumi told Al-Sabah that China and India are major buyers of Iraqi oil in Asia, pointing out that almost half of Iraq's exports go to them, as India imports about 930,000 barrels per day.
He added that China was, until recently, the second largest importer of Iraqi oil after India, realizing that the volume of those exports began to decline as a result of the Russian-Ukrainian war, from 900 thousand barrels per day to 800 thousand barrels per day due to competition with Russian oil.
And Al-Marsoumi indicated that the major Chinese companies are currently the largest buyer of Iraqi oil, followed by India in terms of the number of companies as well, explaining that Iraq is the third largest oil exporter to China after Russia and Saudi Arabia.
For his part, economic expert Manaf Al-Sayegh told Al-Sabah: China, after its exit from the Covid-19 pandemic, returned its factories strongly to meet global demand in the process of international investment and trade. Chinese growth this year amounted to more than five percent and is in a state of continuous increase. Shows the ability of China economically.
He added that China possesses many companies, factories and human capacity, as well as capabilities and ports, which is reflected positively in supporting the development of the countries cooperating with it, and thus enhancing the capacity of supply chains and the delivery of goods and services globally.
And the Iraqi Oil Marketing Company (SOMO) recently announced that the Chinese oil companies were the most numerous to buy Iraqi oil during the month of February.
And "SOMO" stated in a statistic published on its official website and seen by "Al-Sabah": that the share of Chinese companies was 7 companies out of 35 companies that bought oil during the month of February.
She added that Indian companies came second with 6 companies, American companies came third with four companies, then South Korean companies came fourth with three companies, and Italian, Japanese and Greek companies came with two companies each.
She pointed out that the rest was distributed among the (Dutch-British), Russian, Emirati, Egyptian, Jordanian, Kuwaiti, Spanish, Turkish and French companies, with one company each.
SOMO indicated that it relies in selling Iraqi oil on the main criteria for contracting with large, medium, independent and governmental international oil companies, noting that the most prominent international companies that bought Iraqi oil are the Indian Hindustan Company, the Korean Cocas, the Chinese Petrogyna, the American Exxon Mobil, the Dutch-British Shell and the Italian Eni.
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