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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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    Iraq's oil weakens in India and enters Bulgaria, but: what it loses is equivalent to 6 times the new

    Rocky
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    Iraq's oil weakens in India and enters Bulgaria, but: what it loses is equivalent to 6 times the new Empty Iraq's oil weakens in India and enters Bulgaria, but: what it loses is equivalent to 6 times the new

    Post by Rocky Fri 19 Jan 2024, 4:01 am

    [size=35][size=35]Iraq's oil weakens in India and enters Bulgaria, but: what it loses is equivalent to 6 times the new market[/size]
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    Economy

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    01-19-2024 | 01:53
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    Alsumaria News - Economy

    No sooner had Iraq woke up from the euphoria of the reports coming from Bulgaria, which indicated an imminent Bulgarian dispensation of Russian oil and replacing it with oil from 3 countries, including Iraq, when an Indian warning came that might spoil the joy of obtaining a new market for Iraqi oil.


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    Two days ago, Reuters revealed that Bulgaria is moving forward towards ending its dependence on Russian oil, and replacing it with crude imported from Iraq, Kazakhstan and Tunisia, and this matter began to be implemented this month of January.

    On the other hand, Oil Minister Hardeep Singh Puri, during his presence at the Davos conference and during an interview with Reuters, hinted at India's shift towards Russia after major suppliers such as Saudi Arabia and Iraq began "imposing a price premium" on crude oil supplies to Asian markets.



    He pointed out that costly shipments from traditional suppliers in the Middle East forced India to diversify its sources of crude.

    But by reviewing the numbers, it appears that Iraq is a “loser” in this equation, as what Iraq loses from India may be equivalent to 6 times what it exports to Bulgaria.

    For example, India used to import between 1 and 1.3 million barrels per day from Iraq, but its imports of crude from OPEC countries recently decreased by 25%, meaning that Iraq has lost about 300 thousand barrels per day.

    But in contrast, Bulgaria's imports of Russian oil, which it may abandon, amount to only 100,000 barrels per day, compared to Iraq exporting to India more than one million barrels per day in the past.

    This means that if Iraq even manages to obtain the largest share of Russia’s share in the Bulgarian market, it will export 50,000 barrels per day while Tunisia and Kazakhstan share it. While Iraq gained 50,000 barrels per day in the Bulgarian market, it will have lost 300,000 barrels per day in the India market. What he gained in Bulgaria, he lost 6 times in India.
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