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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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Established in 2006 as a Community of Reality

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    Iraq's oil share is declining in the Asian markets... Is it starting to lose its attractiveness?

    Rocky
    Rocky
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    Iraq's oil share is declining in the Asian markets... Is it starting to lose its attractiveness? Empty Iraq's oil share is declining in the Asian markets... Is it starting to lose its attractiveness?

    Post by Rocky Sat 05 Feb 2022, 6:56 am

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    Iraq's oil share is declining in the Asian markets... Is it starting to lose its attractiveness?
    February 03, 2022

    Iraqi and international indicators and data show the decline in the dominance of Iraqi oil in some Asian markets, which represent the largest outlet for Iraqi oil, on top of which is the Chinese market, which Iraq began to lose in favor of Saudi Arabia and Russia, as well as the South Korean market, while Indian data, on the other hand, show the dominance of Iraqi oil on the market India, as well as the relative growth of Iraq's oil exports to America.
    Iraqi oil exports to China decline
    In the latest statistics announced by the Chinese Customs Administration, Iraqi oil exports to China fell by more than 10% during 2021, compared to the year before 2020.
    share
    13% of Iraq's daily oil exports come from the share of the United States of America
    Administration reports indicate that "Iraqi oil exports to China amounted to more than 54.07 million metric tons, equivalent to (383.897 million barrels), at a rate of 31.991 million barrels per month during 2021, with a decrease of 10.1 percent compared to 2020, which witnessed exports amounting to 60.11 million metric tons. or 426.781 million barrels, at a rate of 35.565 million barrels per month.
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    Saudi Arabia ranked first as the largest exporter of oil to China during 2021, with exports amounting to 621 million barrels, followed by Russia second, then Iraq third, Oman fourth, and Angola fifth.
    And last December, Iraq's oil exports to independent Chinese refineries [You must be registered and logged in to see this link.] by 49.6% to 3.826 million barrels, compared to November, which amounted to 7.597 million barrels, a significant decrease by nearly half.
    Iraq's oil exports to South Korea drop by more than 22%
    Recently, the South Korean Customs Administration revealed that Iraq ranked fourth as the largest oil exporter to South Korea during 2021, after its oil exports to it decreased by more than 22% compared to 2020.
    And the administration said in a statistic seen by "Ultra Iraq", that "Iraq came as the fourth largest oil exporter to South Korea during the past year 2021, with 59.993 million barrels, down by 22.3% from 2020, in which exports amounted to 77.196 million barrels."
    She added that "the quantity of Iraqi crude oil exported to South Korea during the month of December 2021 amounted to 5.859 million barrels, down by 14.9% from the month of November of 2021, which amounted to 6.881 million barrels."
    She pointed out that "Saudi Arabia ranked first as the largest oil exporter to South Korea during 2021 with a quantity of 290.248 million barrels, followed by the United States of America with a quantity of 118.668 million barrels, then Kuwait came third with a quantity of 110,195 million barrels, Iraq fourth, and then the UAE came fifth with a quantity of 56,809 million barrels."
    The growth of Iraqi oil exports to America
    On the other hand, US statistics showed that US imports of Iraqi oil during the past week rose by nearly 30% compared to the previous week.
    According to the data of the US Energy Information Administration, America imported crude oil from Iraq at a rate of 434,000 barrels per day during the past week, up from the previous week, which amounted to 317,000 barrels per day, as the 434,000 barrels of Iraqi oil represent 8% of the total America imported crude oil per day last week, which amounted to 5.523 million barrels per day, with Iraq ranked third after Canada and Mexico.
    In contrast, Iraq exports more than 3.270 million barrels per day daily, so 13% of Iraqi daily oil exports were from America's share.
    Iraq dominates the Indian market
    According to recent industrial data, OPEC's share of India's oil imports fell in 2021 to its lowest level in more than a decade despite the recovery of annual crude oil purchases, yet Iraq still dominates the Indian market.
    Members of the Organization of the Petroleum Exporting Countries (OPEC), mostly from the Middle East and Africa, saw their share of Indian oil imports shrink to 70% in 2021, from a peak of 87% in 2008, however, according to the data, Iraq remained India's largest supplier in 2021. Since bypassing Saudi Arabia in 2017, Iraqi supplies to India are expected to increase in 2022 as Hindustan Petroleum Corporation (HPCL) will raise 45% of crude oil to expand its refining capacity.
    Regarding these data, oil expert Nabil Al-Marsoumi comments in an interview with “Ultra Iraq”, that he “notes, according to Chinese data, that Saudi Arabia is the first oil source for China, and its exports rose by 3.1%,” noting that “Saudi Arabia acquires about 17% of Chinese oil imports. Next is Russia.
    He explained that "Iraq fell to the third place due to the decline in Iraq's market share towards China due to the competition that Iraqi oil suffers from from the Russian Urals oil and Saudi Arabian oil. Therefore, we note that Iraq's exports to China decreased by one million and 87 thousand barrels per day, after it was about one million barrels per day." and 200,000 barrels per day.
    With regard to the Indian market, Al-Masroumy indicates that "Iraq has become India's first source of crude oil, surpassing Saudi Arabia, and it is expected that Iraq's supplies in 2022 will witness a continuous increase as a result of the development of refining capacity in Indian refineries, which will raise the refining capacity of 45%, which will reflect positively in favor of Iraqi oil." With regard to the United States, "the increase in Iraq's exports, especially heavy oil, comes from being desirable for American refineries, as the United States exports light shale oil and needs heavy oil suitable for its refineries, especially sour oils, which have a high sulfur content." 
    With these changes and the decline in the share of Iraqi oil in some Asian markets, questions and concerns arise about whether Iraqi oil will gradually lose its attractiveness, especially in the Asian markets, which represent the largest outlet for Iraqi oil.
    These fears are not far away. Rather, they are clear in the [You must be registered and logged in to see this link.] of Iraqi Oil Minister Ihsan Abdul-Jabbar, who said in one of the conferences that “oil will not be the first commodity to compete after 2040, and its contributions to energy will be simple and few, and there will be many competing producers for Iraq, and that competitors They are the ones that are currently preferred by the oil consuming countries.”
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    Reducing dependence on oil globally and its demand will be gradual through consumers’ demand towards a limited number of exporters of certain quantities of oil, but Iraq is not among them.
    It is clear from Abdul-Jabbar’s statement that reducing dependence on oil globally and increasing demand for it will be gradual through consumers’ demand for a limited number of exporters of certain quantities of oil, but Iraq is not among them.
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