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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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    After signs of weakness and decline, Iraqi oil storms the Chinese market and doubles 101% within a m

    Rocky
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    • Post n°1

    After signs of weakness and decline, Iraqi oil storms the Chinese market and doubles 101% within a m Empty After signs of weakness and decline, Iraqi oil storms the Chinese market and doubles 101% within a m

    Post by Rocky Wed 08 Dec 2021, 8:46 am


    [size=30]After signs of weakness and decline, Iraqi oil storms the Chinese market and doubles 101% within a month

    2021-12-08
    [/size]
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    Yes Iraq: Baghdad

    Throughout this year and from January until last November, Iraqi oil seemed to lose its control in the Chinese market, as Iraq's oil exports to China declined during the first ten months of this year, about 12% compared to last year, but the data for the month of last November It showed a jump in Iraq's oil exports to China to double compared to last October.
    Whereas, Standard & Poor's announced, in a report, that "Iraq's oil exports to independent Chinese refineries rose for the month of November by 101% to reach 1.070 million metric tons, or the equivalent (7.597 million barrels), compared to the month of October, which amounted to oil exports. In which to China 532 thousand metric tons, equivalent to (3.777 million barrels), and an increase also by 97.4% compared to the same month of last year 2020, in which oil exports to China amounted to 542 thousand tons (3.848 million barrels).
    And she added, "Iraqi oil exports to independent Chinese refineries during the period from January to last November of the current year 2021 amounted to 8.228 million metric tons, or the equivalent (58.418 million barrels), lower than the same period last year 2020, when Iraqi oil exports to Chinese refineries amounted to 8.228 million metric tons, or the equivalent (58.418 million barrels). Independent 15.397 million metric tons, or the equivalent (109.318 million barrels).
    The company noted that the total imports of the 37 independent Chinese refineries of crude oil rose 2.7% year-on-year to 14.369 million metric tons in November.
    The reason for the huge drop during the first ten months of this year is still unknown, and whether Iraq has begun to lose its share of the Chinese oil-consuming market. At a time when Chinese companies were usually the top buyers of Iraqi oil, Indian companies began to come to the fore.
    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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