Home
[You must be registered and logged in to see this image.]
A record number of Iraq's oil exports to India, benefiting from OPEC's decision
2019/09/27 06:49:19
Iraq's oil exports to India rose to a record level last August as refineries replace high-priced African imports with cheaper Basra oil shipments, according to tanker arrival data obtained from industry sources and in shipping. .
The data shows that the world's third-largest crude oil importer brought in about 1.32 million barrels per day of Iraqi crude oil last month, an increase of about one-third compared with last July, an increase of 29% compared with August 2018.
India's imports fell Oil prices rose 18.3 percent to 764,500 bpd as prices of low-sulfur heavy crude from Angola, Cameroon and Chad rose, which are accepted by small and large refineries in China ahead of IMO rules in 2020.
The data shows that the world's third-largest crude oil importer brought in about 1.32 million barrels per day of Iraqi crude oil last month, an increase of about one-third compared with last July, an increase of 29% compared with August 2018.
India's imports fell Oil prices rose 18.3 percent to 764,500 bpd as prices of low-sulfur heavy crude from Angola, Cameroon and Chad rose, which are accepted by small and large refineries in China ahead of IMO rules in 2020.
The OPEC plan serves Iraq
and OPEC production cuts and U.S. sanctions on Iran and Venezuela have reduced the supply of high sulfur heavy crude and also allowed Iraq, OPEC's second-largest producer, to gain a market share in India.
"In the spot market, Saudi and Emirati oil are not available while Iraqi oil is readily available at attractive prices, which is why refiners are boosting their purchases of Iraqi oil," said Ihsan al-Haq, an analyst at Refinitiv.
He added that the Iraqi oil marketing company "Somo" sells oil through immediate tenders while boosting production.
SOMO sold Basra heavy crude for loading in July at a premium to the official selling price of crude through tenders. The data show that Iraq has retained its position as the largest oil supplier to India after Saudi Arabia.
and OPEC production cuts and U.S. sanctions on Iran and Venezuela have reduced the supply of high sulfur heavy crude and also allowed Iraq, OPEC's second-largest producer, to gain a market share in India.
"In the spot market, Saudi and Emirati oil are not available while Iraqi oil is readily available at attractive prices, which is why refiners are boosting their purchases of Iraqi oil," said Ihsan al-Haq, an analyst at Refinitiv.
He added that the Iraqi oil marketing company "Somo" sells oil through immediate tenders while boosting production.
SOMO sold Basra heavy crude for loading in July at a premium to the official selling price of crude through tenders. The data show that Iraq has retained its position as the largest oil supplier to India after Saudi Arabia.
Increased production
and Iraq pumped 4.8 million barrels per day, in the past few months, rather than a target level of 4.5 million barrels per day, while Saudi Arabia produces oil below its target under OPEC 's agreement.
The data show that India's total imports during August were 4.7 million barrels per day, unchanged from the same month a year earlier.
Indian refineries, like other global refineries, are preparing to increase the production of fuel oil, which has a very low sulfur content to supply ships from 2020.
As of early January, the IMO will ban ships from using fuels containing more 0.5% of sulfur, compared to 3.5% currently, to reduce air pollution.
"Some advanced Indian refineries, such as Reliance, can produce fuel oil that has a very low sulfur content from high sulfur oil, such as heavy Basra," said Ihsan Ul Haq.
In August, Reliance Industries doubled its imports of Iraqi oil to about 1.8 million tonnes, data showed.
Data show that due to higher imports from Iraq and Saudi Arabia, India's total imports from the Middle East increased to 16% in August compared to July.
According to the data, India's imports from Venezuela averaged 412,000 barrels per day (bpd) in August, up 48 percent from July.
and Iraq pumped 4.8 million barrels per day, in the past few months, rather than a target level of 4.5 million barrels per day, while Saudi Arabia produces oil below its target under OPEC 's agreement.
The data show that India's total imports during August were 4.7 million barrels per day, unchanged from the same month a year earlier.
Indian refineries, like other global refineries, are preparing to increase the production of fuel oil, which has a very low sulfur content to supply ships from 2020.
As of early January, the IMO will ban ships from using fuels containing more 0.5% of sulfur, compared to 3.5% currently, to reduce air pollution.
"Some advanced Indian refineries, such as Reliance, can produce fuel oil that has a very low sulfur content from high sulfur oil, such as heavy Basra," said Ihsan Ul Haq.
In August, Reliance Industries doubled its imports of Iraqi oil to about 1.8 million tonnes, data showed.
Data show that due to higher imports from Iraq and Saudi Arabia, India's total imports from the Middle East increased to 16% in August compared to July.
According to the data, India's imports from Venezuela averaged 412,000 barrels per day (bpd) in August, up 48 percent from July.
[You must be registered and logged in to see this link.]
» Iraq: Continuous liquidations targeting “electronic abusers”...the last but not the least of whom is
» UNICEF: 50% of Iraqi schools lack drinking water
» Discussions between the Ministry of Transport and the World Bank regarding a mechanism for auditing
» Al-Sudani's office denies that an "advisor" to the Prime Minister is linked to Saddam's intelligence
» Retirement: Forming a higher committee to develop instructions for implementing the unified law and
» “Amaq Sulaymaniyah” flirts with Baghdad: We do not implement international agendas.. What about the
» Map of corruption in Iraq.. Why does “waste” trump embezzlement and which projects are “preferred”?
» A list of the latest update of dollar exchange rates in all Iraqi governorates
» An American newspaper describes the recent measures of the Iraqi Central Bank as “severe” and reveal
» Iraq and the World Bank are discussing a mechanism for auditing the development road project designs
» A deputy inquires about the reasons for not completing the assignment of the Central Bank Governor
» Al-Alaq announces that internal commercial transactions will be limited to the Iraqi dinar in 2024
» Al-Sudani: Implementing the unified treasury account and electronic payment are among the most impor
» Al-Zubaidi: The region is bargaining with the government by implementing the political agreement
» A parliamentary movement targets the management of the Central Bank against the backdrop of its fail
» Forming a higher committee to develop instructions for implementing the unified retirement law and p
» Al-Sudani identifies the parties insisting on the rise in the price of the dollar
» Iraq hands over to Egypt a list of names of a number of those wanted by the judiciary
» Expectations of Bitcoin rising to 250,000 after the halving: How does it move prices?
» Retirement: Forming a higher committee to develop instructions for implementing the unified law and
» Al-Sudani talks about electronic payment and the unified treasure account
» The Iranian ambassador in Baghdad regarding British sanctions on Tehran: Human rights standards are
» Barzani: There are those who want to hold the region accountable for demanding its rights, and “loya
» The end of the story.. Iraq is a prisoner of the dollar, and there are no solutions on the horizon t
» The first of its kind.. Iraq begins implementing a financial inclusion survey for transportation and
» Forming a higher committee to develop instructions for implementing the unified retirement law and p
» Ministry of Environment: Initiating an investment map with the United Nations Development Programme
» The President of the Republic receives a delegation from the Federation of Trade Unions of Workers i
» The Federation Council bill returns to the House of Representatives table
» The first of its kind.. Iraq begins implementing a financial inclusion survey for transportation and
» Al-Rasheed Bank deposits 250 billion dinars in the bank account of the Kurdistan region
» The Central Bank announces that it will dispense with foreign transfers next year
» Al-Barti on the judiciary’s decision to dissolve Kurdistan’s provincial councils: Respected
» Environment: Baghdad has turned into a rubble box with no vegetation, and the health of its resident
» Parliamentary Legal: The government’s proposal for a general amnesty has one vague article and will
» Al-Sudani: Measures to prevent officials from employing state resources to support their candidates
» Al-Alaq announces that internal commercial transactions will be limited to the Iraqi dinar in 2024
» Al-Sudani: Implementing the unified treasury account and electronic payment are among the most impor
» Iraq: The dinar instead of the dollar in internal transactions
» Parliament intends to submit the Ministry of Education law for the second reading
» Prime Minister: Food prices were not affected by dollar prices
» Parliamentary Planning holds the regional government responsible for the crisis in the salaries of i
» Al-Aqili: Barzani did not get the green light to bring his forces into Kirkuk
» An economic expert confirms the possibility of increasing oil exports through southern ports
» Political assurances that the government will continue its reforms in executive positions despite th
» Politician: The movement to bring down Al-Halbousi will take place after the local elections
» A Jordanian representative told Al-Maalouma: Economic cooperation with Iraq has been translated into
» Parliamentary anticipation of the arrival of the final report to evaluate the ministers
» Finance Committee: All allocations for examiners in the Ministry of Defense are secured in the budge
» The end of the era of the Tigris and Euphrates: the first agricultural plan with groundwater in Iraq
» Labor is preparing an electronic system to accommodate the increasing number of employees
» Agriculture unveils a project to address high meat prices worth 5 billion dinars
» The central bank sells more than $194 million in the currency window
» Kurdistan provides loans of up to 150 million dinars to companies and businessmen who want to expand
» The Sudanese advisor reveals control over the theft of the century and its criminal implications
» The head of the Integrity Commission signs a cooperation agreement with the Egyptian Administrative
» Al-Araji assures the United Nations that Iraq is continuing to combat terrorism and dry up its sourc
» The Speaker of the Kuwaiti National Assembly comments on the Federal Court's decision regarding Khor
» The state of law denies the intention to amend some paragraphs of the budget
» Parliament is preparing to interrogate the governor of Salah al-Din because of his corruption
» Al-Sudani talks about electronic payment and the unified treasure account
» Al-Sudani chairs a meeting to follow up on the implementation of the unified treasury account
» https://alsabaah.iq/84632-.html
» A delegation from the regional finance department in Baghdad
» The general amnesty law faces political obstacles
» The capital lost its greenness and turned into a “building box.”
» Obliging companies implementing projects to remove bottlenecks to continue their work
» The World Bank supports the water file with $3 million
» An upcoming role
» Northern Oil overcomes Türkiye's procrastination and exports Qayyarah crude via the south
» Partnership with the private sector
» Experts: Iraq faces an opportunity to diversify oil export trends
» A Jordanian official reveals the reasons for the delay in starting the electrical connection with Ir
» Al-Barti on the judiciary’s decision to dissolve Kurdistan’s provincial councils: We cannot say anyt
» Barzani: There are those who want to hold the region accountable for demanding its rights, and “loya
» Al-Sudani supervises the second simulation of the upcoming provincial council elections
» Kurdistan.. The Ministry of Finance begins disbursing employees’ salaries for the month of July
» Cabinet Secretariat: More than 800,000 applications were submitted on the army volunteer platform
» Iran announces the volume of its trade exchange with Kurdistan and invites the region’s companies to
» Masrour Barzani...a government of words and deeds
» Baghdad and Washington are negotiating about linking the Iraqi market and currency to the dollar
» Iraq has huge cash reserves from oil revenues exceeding 113 billion dollars, at a time when it suffe
» The salary crisis raises rates of domestic violence in Kurdistan by 13 percent
» New projects between Iraq, Egypt and Jordan, including electrical interconnection
» Iran responds to the UAE and Kuwait regarding the disputed islands
» Dollar exchange rates during Monday's transactions in Iraqi markets
» Regarding Khor Abdullah...the Kuwaiti National Assembly determines its position on the Iraqi court’s
» 9/23/23 Militia Man & Crew IRAQ - NATURAL PLACE IN INTERNATIONAL COMMUNITY
» Will foreign investment restore reconstruction in Iraq and reflect on economic development?
» The International Monetary Fund urges African countries to use cryptocurrencies
» The date for completion of the preliminary designs of the second section of the Development Road Pro
» Guidance (correspondent banking, sanctions)
» The President of the Republic announces the completion of the preparation of draft 3 draft laws. Get
» The Federal Court rules to end the work of Kurdistan’s provincial councils
» Al-Sudani to the delegation of Arab lawyers: The government interacts with unions and professional f
» The President of the Republic: Completing the preparation of draft laws for the Supreme Water Counci
» Al-Sudani: Trade unions and professional federations support state institutions and are keen to inte
» The dollar declines against the Iraqi dinar in Baghdad markets