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American sour oil causes a drop in the prices of Iraqi Basra crude
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Asian companies and refineries for oil refining, in South Korea and China, have contracted to buy a load of 5 million barrels of sour (high-sulfur) oil from the US oil platform, next September, to take advantage of the low prices in recent weeks .
According to Reuters, the sources attributed the interest of Asian countries in buying American sour oil to the continued control of production in the Middle East, in addition to the delay in the return of Iranian production to international markets .
And it indicated that a refinery in South Korea bought 3 million barrels of sour oil, while the Chinese company "Unipec" bought two million barrels .
Other traders added that Asian companies' demand to buy the American "Mars" platform crude caused a partial decrease in the prices of Middle Eastern supplies, such as the Iraqi Basra crude .
For his part, Scott Shelton, a specialist in energy affairs at "ICAP United", confirmed that US crude prices have become relatively cheap, compared to the rest of the world, noting that US exports have increased for this reason .
One of the major exporters in America expected the emergence of operations of other refineries in America, despite the effects of the Corona virus, and expectations that the mutated delta would reduce production demand, and China would release its strategic stockpile of crude oil reserves .
Iraq exports three types of raw materials, namely Basra Light, Medium and Heavy.
[You must be registered and logged in to see this link.]
Asian companies and refineries for oil refining, in South Korea and China, have contracted to buy a load of 5 million barrels of sour (high-sulfur) oil from the US oil platform, next September, to take advantage of the low prices in recent weeks .
According to Reuters, the sources attributed the interest of Asian countries in buying American sour oil to the continued control of production in the Middle East, in addition to the delay in the return of Iranian production to international markets .
And it indicated that a refinery in South Korea bought 3 million barrels of sour oil, while the Chinese company "Unipec" bought two million barrels .
Other traders added that Asian companies' demand to buy the American "Mars" platform crude caused a partial decrease in the prices of Middle Eastern supplies, such as the Iraqi Basra crude .
For his part, Scott Shelton, a specialist in energy affairs at "ICAP United", confirmed that US crude prices have become relatively cheap, compared to the rest of the world, noting that US exports have increased for this reason .
One of the major exporters in America expected the emergence of operations of other refineries in America, despite the effects of the Corona virus, and expectations that the mutated delta would reduce production demand, and China would release its strategic stockpile of crude oil reserves .
Iraq exports three types of raw materials, namely Basra Light, Medium and Heavy.
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