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An oil expert clarifies the sudden decision of Iraq towards the Americas
- Time: 09/15/2021 19:01:56
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{Economist: Al Furat News} The oil expert, Hamza Al-Jawahiri, explained, on Wednesday, Iraq's sudden decision regarding reducing the price of crude oil to its customers in Latin America.
Al-Jawahiri explained to {Euphrates News} that "each oil country has its own policy regarding buying and selling," noting that "the discount in prices means that the oil sales to that party have decreased, which prompts them to take discount measures to return to the usual percentage."
And the oil expert indicated, "The procedure will be after adopting a fixed percentage of sales, as 25% will go to Europe, 25% to Africa, and with it Latin America, and 50% to Asia."
He added: "In the previous period, 60% of production was sold to Asia, which prompts the need to correct the equation for selling and to take reduction measures for the target country."
Iraq had announced a sharp cut in the price of its crude oil to its customers in the United States, where Basra Light crude will be sold at a discount of $1.15 a barrel in October to buyers in the Americas, compared to a regional scale, according to a price list from the state-owned Iraqi Oil Marketing Company. This compares with a slight discount (15 cents a barrel) for the same crude in September.
Hazem
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{Economist: Al Furat News} The oil expert, Hamza Al-Jawahiri, explained, on Wednesday, Iraq's sudden decision regarding reducing the price of crude oil to its customers in Latin America.
Al-Jawahiri explained to {Euphrates News} that "each oil country has its own policy regarding buying and selling," noting that "the discount in prices means that the oil sales to that party have decreased, which prompts them to take discount measures to return to the usual percentage."
And the oil expert indicated, "The procedure will be after adopting a fixed percentage of sales, as 25% will go to Europe, 25% to Africa, and with it Latin America, and 50% to Asia."
He added: "In the previous period, 60% of production was sold to Asia, which prompts the need to correct the equation for selling and to take reduction measures for the target country."
Iraq had announced a sharp cut in the price of its crude oil to its customers in the United States, where Basra Light crude will be sold at a discount of $1.15 a barrel in October to buyers in the Americas, compared to a regional scale, according to a price list from the state-owned Iraqi Oil Marketing Company. This compares with a slight discount (15 cents a barrel) for the same crude in September.
Hazem
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