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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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Iraq's exports to the largest consumer are gradually declining... Has Iraqi oil begun to lose its ma

rocky
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Iraq's exports to the largest consumer are gradually declining... Has Iraqi oil begun to lose its ma Empty Iraq's exports to the largest consumer are gradually declining... Has Iraqi oil begun to lose its ma

Post by rocky Sat 27 Nov 2021, 6:54 am


[size=30]Iraq's exports to the largest consumer are gradually declining... Has Iraqi oil begun to lose its market in China?


2021-11-27
[/size]
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Yes Iraq: Baghdad

It is unknown whether Iraq began to lose its share of the Chinese oil-consuming market, at a time when Chinese companies were usually at the forefront of buyers of Iraqi oil, Indian companies began to come to the fore, while data indicate a decline in Iraq's oil exports to China during the current year By 12% compared to the previous year 2020.
 
And the Iraqi Oil Marketing Company "SOMO" announced today, Saturday, that the Indian oil companies were the most numerous among other international companies in purchasing Iraqi oil, and by 8 out of 31 companies that purchased oil during the month of October, which means that 25% of the companies The purchaser of Iraqi oil was Indian.
On the other hand, Chinese companies came in second place with 6 companies out of 31, meaning that Chinese companies represented 19% of all companies purchasing Iraqi oil.
Then came the American companies with 4 companies, and then came the Italian, Greek and South Korean companies with two companies each,” while the rest were distributed among the Spanish, Jordanian, British, French, Turkish, Russian and (Dutch-British) companies, with one company each.
Chinese companies ranked first in the number of companies buying Iraqi oil, before India topped this indicator in recent months, especially in last September and October.
 
Earlier, the Chinese Customs Administration announced that Iraqi oil exports to China decreased during 10 months of the current year 2021 by 12%.
According to the administration's report, this decline came despite the rise in China's oil imports from the Middle East by 0.2% on an annual basis to 213.3 million metric tons in the first ten months of this year.
And it added that "its imports from Iraq during the first ten months of this year amounted to 45.62 million metric tons, or 323.92 million barrels, equivalent to 32.3 million barrels per month, with a decrease of 12% compared to the same period last year 2020, in which imports amounted to 51.84 million tons, or the equivalent of 368 million barrels, or 36.80 million barrels per month.”
She added that "its oil imports rose during the first ten years of this year from Saudi Arabia, which ranked first as the largest oil exporter to China, Oman, Kuwait and Malaysia, while its oil imports witnessed a decline from Russia, Iraq, Angola, Brazil, UAE and Norway."
This decline comes at a time when Iraq's oil lost the European market in favor of the Asian markets, according to a report by the "Oil Price" website, which indicated earlier that Iraq began to lose its share in European oil markets as a result of increasing dependence on Asian buyers, especially China and India.
The website stated that the average share of Asian countries in Iraqi exports has risen steadily over the past three years, reaching about 80 percent of Iraq's exports through its southern fields in 2020.
 
The website compared this percentage to what was exported during the previous period, which included 60% in 2017, 65% in 2018, and 71% in 2019.
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