Sumo offers selected Asian buyers immediate crude shipments for download in April

by **Rocky** Wed 01 Apr 2020, 1:38 am

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Post n°1

Sumo offers selected Asian buyers immediate crude shipments for download in April

by Rocky Wed 01 Apr 2020, 1:38 am

[size=36]Sumo offers selected Asian buyers immediate crude shipments for download in April[/size]

Economy | 02:28 - 31/03/2020

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Baghdad - Mawazine News
Three sources said that the Iraqi Oil Marketing Company (SOMO) offered some selected Asian buyers to crude shipments for download in April, in a rare offer for immediate shipments, in light of the producers being affected by an international oil glut.
Dealers said that some buyers are seeking to cancel some of their purchases of Middle East crude due to falling demand for fuel and general isolation measures in light of the Corona virus pandemic. Ended 29 / A 43

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by **Rocky** Wed 01 Apr 2020, 1:46 am

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Iraq plans to increase its oil production in April despite the saturation of the market

by Rocky Wed 01 Apr 2020, 1:46 am

Iraq plans to increase its oil production in April despite the saturation of the market

Time: 01/20 2020 09:19:28
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{International: Al Furat News} An informed source said that Iraq, which is the second largest oil producer in the "OPEC", plans to increase production in the month of April, in the oil markets already saturated by the significant decline in demand due to the outbreak of the Corona virus.
And the American "Bloomberg" website quoted the source, who requested anonymity, as saying in press statements on Tuesday that although many countries have taken measures to combat the emerging Corona virus, in addition to the fierce competition between Saudi Arabia and Russia, Iraq plans to increase production by about 200 Thousand barrels per day to reach 4.8 million barrels as an average production.
He added, "The information provided is not public, as Baghdad will ship 3.6 million barrels per day in the month of
April using the maximum export capacity of pipelines, compared to the average exports during the month of March, which amounted to 3.4 million barrels per day."
He explained that "Iraq believes that there are no restrictions on its oil shipments for the month of April, but it may face problems if the epidemic continues and if the customer tanks are full."
For its part, the Oil Ministry did not immediately respond to requests for comment on this information.
The source pointed out that "the relative shares of Iraqi sales to Asia, Europe and the United States were not relatively affected by the spread of the Corona virus, and Asia remains the largest regional market for Iraq, while China is the largest buyer of Iraqi oil, as it imports between 800 thousand to 900 thousand barrels per day as Exports for the month of March showed. "
And that "some of the refineries in China began to increase production after life returned to normal slowly and slowly in some cities there."
And if Iraq increases its oil production, it will join, according to analysts, to Saudi Arabia, Russia and other countries, in adding more oil to the market already flooded as a result of the price war between Riyadh and Moscow.
It is noteworthy that the Organization of Petroleum Exporting Countries "OPEC" failed earlier this month to persuade Russia to join the measures to reduce production, which led to the collapse of crude prices globally.
The Minister of Oil, Thamer Al-Ghadban, affirmed today, Wednesday, that the production and export of ethnic oils to world markets continues smoothly.
Al-Ghadban said, in a press statement that "the extraction operations of crude from production fields in the general regions of the country are continuing and did not stop despite the outbreak of the Corona virus," stressing that "the production operations will not be affected by this," pointing to "the continuation of exports of Iraqi oil operations smoothly to the markets According to prevailing prices. "
Ammar Al-Masoudi finished

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Sumo offers selected Asian buyers immediate crude shipments for download in April

Sumo offers selected Asian buyers immediate crude shipments for download in April

[size=36]Sumo offers selected Asian buyers immediate crude shipments for download in April[/size]

Iraq plans to increase its oil production in April despite the saturation of the market

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