Home
Sumo sells heavy Basra crude at $ 1.37
economy Since 2017-07-26 at 20:28 (Baghdad time)
Follow Mawazine News
The Iraqi oil marketing company (SOMO) sold 2 million barrels of Basra heavy crude at a premium of $ 1.37 a barrel above the official sale price for the September auction at one of its auctions on Wednesday, the Dubai Mercantile Exchange said in a statement.
This exceeds the $ 1.18 premium for August payments during the previous auction in June.
Oil prices jumped to an eight-week high on Wednesday after the Energy Information Administration reported a sharp decline in US crude stocks, boosting expectations that long-oversupplied markets are heading for balance.
Data from the Department of Information indicated that commercial crude stocks in the United States fell 7.2 million barrels last week while it was expected to fall 2.6 million barrels. It was the fourth weekly decline in a row, giving support to the market.
This is compounded by hopes that the oil market may be experiencing a long-awaited rebalancing. Saudi Arabia said on Monday it would limit its crude exports to 6.6 million bpd in August, down about 1 million bpd from a year earlier.
Global Brent crude <LCOc1> rose to a near 67 cents, or 1.30 percent, to $ 50.87 a barrel by 1530 GMT. Prices were above touching levels in the previous session as Brent contracts jumped more than 3 percent.
US benchmark WTI futures rose 83 cents, or 1.6 percent, to $ 48.72 a barrel, ending 29 cents a barrel
[You must be registered and logged in to see this link.]
economy Since 2017-07-26 at 20:28 (Baghdad time)
Follow Mawazine News
The Iraqi oil marketing company (SOMO) sold 2 million barrels of Basra heavy crude at a premium of $ 1.37 a barrel above the official sale price for the September auction at one of its auctions on Wednesday, the Dubai Mercantile Exchange said in a statement.
This exceeds the $ 1.18 premium for August payments during the previous auction in June.
Oil prices jumped to an eight-week high on Wednesday after the Energy Information Administration reported a sharp decline in US crude stocks, boosting expectations that long-oversupplied markets are heading for balance.
Data from the Department of Information indicated that commercial crude stocks in the United States fell 7.2 million barrels last week while it was expected to fall 2.6 million barrels. It was the fourth weekly decline in a row, giving support to the market.
This is compounded by hopes that the oil market may be experiencing a long-awaited rebalancing. Saudi Arabia said on Monday it would limit its crude exports to 6.6 million bpd in August, down about 1 million bpd from a year earlier.
Global Brent crude <LCOc1> rose to a near 67 cents, or 1.30 percent, to $ 50.87 a barrel by 1530 GMT. Prices were above touching levels in the previous session as Brent contracts jumped more than 3 percent.
US benchmark WTI futures rose 83 cents, or 1.6 percent, to $ 48.72 a barrel, ending 29 cents a barrel
[You must be registered and logged in to see this link.]
» utube 7/6/24 MM&C Iraq Dinar-IQD-AI-Economic & Digital Impact Critical-JPMorgan-100% Completion Po
» MM&C 7/4/24 Tabaqchali: An Unfolding Structural Economic Transformation in Iraq
» utube 7/4/24 MM&C IQD Updates - Iraqi Dinar - Relations w / Baghdad & Kurdistan - Good - Financial
» Economist: Employee salaries are not affected by any liquidity crisis, but their disbursement is del
» Half of Iraq's population is covered by... Al-Sudani's advisor announces important statistics on gov
» Four billion dollars in a month.. The Central Bank reveals the volume of its hard currency sales
» Sudden outage in the most important electricity lines imported from Iran to the eastern regions of I
» Parliament indicates "single way" to eliminate 95 percent of corruption in state institutions - Urge
» Al-Sudani's advisor comments on the fluctuation of the dollar price: It does not suit the strength o
» Baghdad Council reveals the reason for generator owners’ failure to adhere to pricing: Collusion and
» Political analyst on the appointment of a “reformist president” for Iran: His goal is to please Kham
» Sudden blackout of Iranian power lines to Iraq
» Integrity Commission calls for removing encroachment on 26 properties belonging to a company affilia
» Iran, Iraq agree to open border markets between the two countries
» Food prices rise with the advent of Muharram... and popular anger against traders and the closure of
» Legislative session begins on Tuesday.. Date of first session revealed, 5 laws on agenda
» The government program on the parliament table and the entry of the Muharram insurance plan in the a
» Parliamentary Finance to NINA: Oil companies’ dues added to budget tables, government coordination t
» PM's adviser unveils AI budget
» Openness to 6 countries to create an "Iraqi experience" in modern irrigation and 10 sites nominated
» We build: Stopping dealing in the Chinese yuan is a limitation for the Iraqi economy
» State of Law: Restoring oil pipelines is more important than establishing Aqaba
» Economist explains the results of stopping dealing in the Chinese Yuan
» Turkish exploration in Iraq: a violation of sovereignty and regional complicity
» Will the development road turn into the Silk Road in the future?
» Among them are the Baath leaders in Jordan.. Politician: 3 reasons that push us to reject the Aqaba
» Currency war rages on, Iraq's economy the biggest loser
» Suleiman: Türkiye violates Iraq's sovereignty because of its failure to solve its internal problems
» Al-Fatlawi: Sunnis linked the position of the Parliament Speaker to the crisis of forming the Diyala
» Al-Ghanimi: Political aspects stand behind not withdrawing US forces
» Economist: Electricity crisis can be overcome by providing renewable energy
» MP criticizes government for not addressing dollar exchange rate
» Al-Salihi calls for an extraordinary parliamentary session to discuss the Turkish incursion
» MP threatens to open 6 files in the Ministry of Transport .. suspicions of corruption
» Parliamentary Planning Committee reveals latest details of government program evaluation
» Parliamentary demand to abolish the Ministry of Immigration after closing the camps for the displace
» Dhi Qar coordinates with the government to resolve the issue of the Popular Mobilization Forces’ lan
» Iraq's oil exports to America decline during the week
» Iraq is the largest importer of Jordanian goods for the third year
» Kurdistan Youth Participate in Iraqi Government Projects
» Clarification from the Housing Fund regarding life insurance for borrowers
» $1.4 billion.. The value of cryptocurrencies stolen in the first half of 2024
» Parliamentary Committee on Agricultural Land Ownership Law: Under Study and Preparation
» Health: Adding more than 4,000 beds within the government program projects
» Social Care Leave Includes.. Labor Announces New Plans This Year
» Includes a new strategy.. Karbala Municipality announces its service plan for the month of Muharram
» The dollar stabilizes in local markets in Baghdad
» Kurdistan's losses approach $13 billion due to halt in oil exports
» Government warns of “serious threat” to Iraqis
» Over half a century, Turkey has implemented contracting projects in Iraq worth $34 billion
» Parliamentary Transport: European embargo on Iraq still in place
» Economist: Aqaba pipeline will cost Iraq $28 billion
» During his reception of the President of the Kurdistan Democratic Party and his accompanying delegat
» Iraq announces the completion of the first phase of the network connection completely
» Bloc condemns armed attack on the home of its member of parliament
» Baghdad Council reveals the reason for generator owners’ failure to adhere to pricing: Collusion and
» Financial corruption detected in a project worth 2 billion dinars in Kirkuk
» Ministry of Labor announces new plans for the current year
» Trade spokesman denies ban on import of basic foodstuffs
» MP survives assassination attempt in Baghdad
» Sadr's Minister Expels Leader of the Movement: Corrupt and Traitor
» Iraqi oil exports to America decline
» Parliamentary response to the existence of a “constitutional text” that restricts the oversight powe
» Iraq will buy gas that will “never enter its stations”.. Two benefits and three suspicious paradoxes
» Parliamentary Economy Committee reveals factors of "failure of Iraqi industry": Granting what is abo
» Parliamentary Oil Committee reveals details of the Oil and Gas Law and the reason for not legislatin
» Oil and Gas Law.. The Unsolvable Knot
» Abdul Latif attacks Jordan and rejects the Basra-Aqaba pipeline project
» Revealing an agreement for 3 scenarios to decide the position of the Speaker of Parliament
» Parliamentarian reveals reasons for suspending the oil and gas law
» Integrity Commission calls for removing encroachment on 26 properties belonging to the General Compa
» Despite its economic importance, cotton cultivation is suffering in Iraq: Will it disappear?
» Government confirmation: "Ur Gate" contributed to reducing the phenomenon of corruption
» Allocating one trillion dinars for it.. Al-Sudani issues a directive regarding Diwaniya service proj
» Disclosure of the latest developments in the Baghdad Metro project
» Parliamentary Integrity points out observations on the work of some ministers: Pressures brought abo
» Central Bank of Iraq sales exceed one billion dollars in a week
» Electronically.. Trade launches supply operations in Muthanna
» Record number of dollar sales by the Central Bank in a week
» Al-Sudani's advisor: Iraq is in the process of paying off long-term development loans to the World B
» Parliamentary Oil Committee calls for speeding up the legislation of the Oil and Gas Law
» Significant decline in oil derivatives exports to Jordan
» MP calls for expulsion of Turkish forces from Iraq
» Al-Salami reveals collecting parliamentary signatures to amend Article 57
» Unveiling a strategic line that supplies electricity to 6 cities in western Nineveh
» Al-Shammari arrives in Karbala to review the mechanism for implementing the Muharram plan
» MP sets timing for deciding on House of Representatives presidency
» Al-Zayer on the deterioration of electricity: failed companies and corrupt contractors
» Iraq ranks 61st globally and 7th in the Arab world among the safest countries in the world
» Will the exchange rate reach 1600 dinars?
» Iraq's lungs are suffering.. Gaseous pollutants increase the incidence of cancer in Basra
» Government plan to raise gasoline production to 35 million liters per day
» Parliamentary Committee announces the establishment of the first water management council.. What wil
» US messages to Iraqi leaders: Dollar cash flow may stop
» Al-Mandlawi: Iraq is keen to involve Polish companies in investment opportunities
» The Iraqi Private Sector and Improving the Investment Environment in the National Development Plan 2
» Dollar exchange rates in local markets.. Learn about them
» How much is Iraq's loan from the IMF?