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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


Iraq Is New Oil King, Beats Saudis in Fastest Growing Market

jedi17
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Iraq Is New Oil King, Beats Saudis in Fastest Growing Market Empty Iraq Is New Oil King, Beats Saudis in Fastest Growing Market

Post by jedi17 Wed 14 Jun 2017, 8:45 pm

Iraq Is New Oil King, Beats Saudis in Fastest Growing Market
by Dhwani Pandya  and Debjit Chakraborty
June 14, 2017, 2:29 AM EDT June 14, 2017, 4:31 AM EDT
Iraq is top oil seller to India for third month: shipping data
Indian refinery upgrades, Iraq port overhaul boosts shipments
Iraq is gaining the edge over Saudi Arabia in the world’s fastest-growing oil consumer amid an intensifying race among producers to retain their most-prized markets.

Iraq was the top crude supplier to India for a third month in May, shipping 1 million barrels a day, according to shipping data compiled by Bloomberg. Iraqi supplies accounted for 23 percent of India’s purchases last month, up from an average 19 percent in the previous four months, while Saudi Arabia’s share fell by 1 percentage point to 17 percent, the data showed.


Oil producers are facing increasing competition in major markets like China and India as OPEC and its partners continue efforts to curb output to clear a global glut. India’s $2-trillion economy imports more than 80 percent of its crude requirement and the International Energy Agency expects it to be the fastest-growing consumer through 2040.

“Saudis used to be the king when it comes to crude supply, but now it’s becoming a prince,” said R. Ramachandran, the head of refineries at Bharat Petroleum Corp., India’s second-biggest state-run refiner. “Preference for Iraqi crude will continue as Indian refiners continue with refinery upgrades.”

Iraq, which had been the No. 2 seller to India for years, was able to overtake the Saudis as Indian refiners have implemented plant upgrades over the past couple of years, enabling them to process crude with a higher sulfur content.

The Middle East nation has also improved its port infrastructure to ensure a stable supply. Iraqi crude used to be less preferred due to delays and inconsistencies in shipments as the Gulf nation lacked the required port infrastructure, according to Ramachandran.

"Iraqi crude is getting attractive and it suits our refineries very well,” said Mukesh Kumar Surana, chairman of Hindustan Petroleum Corp. "Iraq has come out of the supply uncertainties and the pricing is very competitive.”

Indian Oil

The state refiner buys about 4 million tons of Iraqi grades annually on a term basis, which matches the volume it gets from Saudis. Indian Oil Corp., the nation’s biggest processor, will boost Iraqi imports to about 18 million tons in 2017 under term contracts from 15.6 million last year, said Finance Director Arun Kumar Sharma. Saudi purchases will remain steady at 5.6 million tons.

India’s total crude imports in May remained flat from April at 4.35 million barrels a day, according to the shipping data. Iraqi supplies fell 11 percent last month from 1.14 million barrels per day in April, the highest this year.

Iraq, the OPEC member which is among the most closely watched nations for compliance to the group’s curbs, exported 3.93 million barrels a day in May, the highest in 2017, according to vessel tracking and shipping agent data gathered by Bloomberg.
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Post by jedi17 Wed 14 Jun 2017, 8:48 pm

check my math:

1 million barrels per day at an average of $48 per barrel, minus the $12 to produce the barrel = 36 million dollars per day or 108 Million per month

That is just what they make per month to export to india.

money!!!
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Post by jedi17 Wed 14 Jun 2017, 8:50 pm

Iraq Sends Millions of Barrels of Oil to U.S. While Saudis Cut
by Julian Lee and Alex Longley
June 14, 2017, 9:15 AM EDT
Flows are surging amid signs Saudi Arabia is honoring curbs
Iraq now bigger supplier than Saudi to key Indian market

Ayers' Barratt Sees U.S. Oil Inventories Building
Ayers' Barratt Sees U.S. Oil Inventories Building
Iraq is driving up crude oil exports to the U.S., the world’s second-biggest import market, just as there are signs Saudi Arabia is honoring a pledge to restrict such deliveries, according to tanker-tracking data.

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The second-largest producer in the Organization of Petroleum Exporting Countries loaded 12 million barrels of crude for the U.S. in the first 13 days of this month, the tracking shows. That’s about 50 percent higher than the same period in either April or May. Comparable Saudi Arabian flows slumped by about half. Iraq isn’t fully complying with pledges to OPEC to curb production, the International Energy Agency said Tuesday.

“It’s like the IEA report said, some members have been less than wholly diligent,” Giovanni Staunovo, a Zurich-based commodity analyst at UBS Group AG, said of Iraq’s early June shipments. The fact that Iraq contested parts of the plan to cut output when the accord was implemented in November mean it’s “no surprise” to see flows rising now, he said.


While Iraq is among OPEC nations that pledged to restrict production to eliminate a global glut, there are signs that it may nonetheless be gaining a share of key import markets. The country’s crude flooded into the U.S. in late May and early June, just as Saudi Arabia’s flows diminished, weekly Energy Information Administration data show. Iraq also passed Saudi Arabia as the number one supplier to India, the fastest growing oil consumer.

Read how Iraq is gaining a foothold in India, the fastest growing market

The flow surge should show up in U.S. imports data sometime in late July. Tankers loading in the Persian Gulf take about 45 days to reach either the Gulf of Mexico or refining centers on the U.S. west coast. Equally, shipments could now decrease making the monthly tally lower than the near 1 million barrels a day average over June’s first 13 days.

The IEA said Wednesday that Iraq’s rate of compliance with OPEC, non-OPEC curbs is about 55 percent, while Saudi Arabia is among nations conforming in full.

As well as eight tankers that left Iraq’s Basra Oil Terminal and signaled U.S. destinations, there are seven more that either aren’t indicating where they’re going, or they’re bound for Egypt’s Suez Canal. Some of those could go still to the U.S.

The tracking data, which are for a relatively small time-span, show Saudi Arabian shipments in retreat. Three tankers were observed heading to the U.S. after departing the world’s biggest exporter in early June, hauling about 6 million barrels between them. That’s down from 14 million barrels in the same period in May.

Decreased Saudi Arabian shipments would be consistent with comments from the country’s Energy Minister, Khalid Al-Falih. He said at OPEC’s meeting in late May that there would be a “marked” decrease in the kingdom’s shipments to the U.S.

Saudi Arabia’s oil allocations to customers will be cut for July from their June levels, a person with knowledge of the matter said June 12, asking not to be identified because the information is confidential. About half of a 600,000 barrels-a-day nominations cut will fall on U.S. customers, the person said.

“That’s a bit of a new signal that the Saudis are willing to give up a bit of market share,” Michael Poulsen, analyst at A/S Global Risk Management, said of the relative changes in Saudi Arabia and Iraq’s shipments.
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Iraq Is New Oil King, Beats Saudis in Fastest Growing Market Empty Re: Iraq Is New Oil King, Beats Saudis in Fastest Growing Market

Post by jedi17 Wed 14 Jun 2017, 8:52 pm

so....thats about roughly $216 million per month just to two countries....or about 2.5 Trillion per year....just to two countries

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