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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 suspends experience to notify Asian customers of Basra ore allocations early

    Rocky
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    • Post n°1

    Iraq suspends experience to notify Asian customers of Basra ore allocations early Empty Iraq suspends experience to notify Asian customers of Basra ore allocations early

    Post by Rocky Thu 08 Mar 2018, 5:47 am

    [ltr]Iraq suspends experience to notify Asian customers of Basra ore allocations early[/ltr]
    [ltr]Economie[/ltr]
     Since 2018-03-08 at 13:46 (Baghdad time)
    [ltr][You must be registered and logged in to see this image.][/ltr]
    [ltr]Follow up of Mawazine News[/ltr]
    [ltr]A senior official of the Iraqi Oil Marketing Company (SOMO) said on Thursday that the company will resume normal loading schedule for Basra crude for Asian customers after a three-month trial in which customers were notified of supplies at an earlier than usual date.[/ltr]

    [ltr]Somo usually informs Asian customers of their supplies one month before loading.[/ltr]
    [ltr]In the experiment, the company informed customers of the supplies six weeks before the loading in an effort to enhance its competitiveness against other suppliers and retain its market share.[/ltr]
    [ltr]"The company has decided to resume its previous schedule in order to satisfy customers from Europe and the United States as well," Ali Nazar al-Shatri, assistant director general of the Iraqi company, was quoted by Business Insider as saying.[/ltr]
    [ltr]"Our goal is to satisfy Asian customers and find common ground for all," he said on the sidelines of a conference in Singapore.[/ltr]
    [ltr]Iraq, the second largest producer of the Organization of the Petroleum Exporting Countries (OPEC), exported 3.4 million bpd in February. Iraq sells its oil under long-term supply agreements.[/ltr]
    [ltr]"Sumo will stop the test this month and return to its usual schedule of notification, and then Asian customers will be informed of April's April 10 shipments," Shattari said.[/ltr]
    [ltr]Asian refiners usually want to see the loading schedules of the Middle East ore two months before the loading in order to have some operational flexibility because the shipment of oil between the two regions takes about 30 days. Refineries say that pre-notification of the Basra crude load schedules just one month ahead reduces the competitiveness of Basra crude to other materials.[/ltr]
    [ltr]Ihsan al-Haq, an oil consultant at London-based Resources Economist, said the experiment may have been aimed at draining Iraqi crude barrels before seasonal maintenance of refineries, especially as the spot price of crude on the market rises, which means that Sumo may benefit from higher prices. .[/ltr]
    [ltr]But if Somo later decides to lengthen the time between reporting Asian customers to schedules and loading crude permanently, it may signal that the company is seeking to boost its competitiveness against other producers in the Middle East and Russia.[/ltr]
    [ltr]"Sumo has also auctioned on the Dubai Mercantile Exchange, bids through the Platts price platform and set up a joint marketing venture with Russia's Litasco Oil Company to earn more revenue from its oil supplies," al-Shatri said.[/ltr]
    [ltr]Last year, the company also asked buyers to give their views on a proposal to change the benchmark price of its crude from the Platts platform to Oman's price on the Dubai Mercantile Exchange.[/ltr]
    [ltr]"While this project has been delayed for the moment, Somo has seriously declined its pricing mechanism," Shattari said.[/ltr]
    [ltr]is over[/ltr]
    [ltr]M[/ltr]


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