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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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    Strange decisions threaten Iraqi oil... Raising crude prices to Asia despite the entry of Iranian oi

    Rocky
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    • Post n°1

    Strange decisions threaten Iraqi oil... Raising crude prices to Asia despite the entry of Iranian oi Empty Strange decisions threaten Iraqi oil... Raising crude prices to Asia despite the entry of Iranian oi

    Post by Rocky Fri 11 Feb 2022, 6:33 am


    [size=30]Strange decisions threaten Iraqi oil... Raising crude prices to Asia despite the entry of Iranian oil into competition and the loss of the Chinese market!

    2022-02-11
    [/size]
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    Yes Iraq: Baghdad

    Challenges and tight competitions over Iraqi oil continue to emerge, while decisions are taken by the Iraqi side that can be considered “incomprehensible,” as data show a significant decline in Iraqi oil exports to China during 2021 by about 12%, Iranian oil began crowding out Iraqi oil and rose Exported to China to the highest level in 3 years.
    Iraq raises crude prices despite China's reluctance to buy its oil!
    In the face of these challenges and the difficulty of competition, Iraq has raised the prices of its crude exported to Asia, a decision that may raise eyebrows. At a time when competition is increasing, experts point out that prices should be reduced to Asia, not raised.
    Reuters said that Iraq raised the official selling price of Basra medium crude to Asia in March to $1.30 a barrel above the average price of Oman/Dubai crude, an increase of 80 cents from the previous month.
    Iraq also set the selling price of Basra Heavy crude to Asia in the same month at $1.80, below the average price of Oman/Dubai crude, equivalent to an increase of 95 cents.
    According to the Chinese Customs Administration, Iraqi oil exports to China decreased during 10 months of 2021 by 12%, while Iraq's exports to independent Chinese refineries decreased by about 45%, reaching 62.245 million barrels, lower than the year 2020, which Iraqi oil exports to independent Chinese refineries amounted to. At that time, 111,448 million barrels.
    Iraq raises prices despite the escalation of Iranian competition!
    Iraq's rise in the prices of its raw materials on the Asian market comes, despite the decline in the Asian market's import of Iraqi oil relatively gradually, compared to its rise to America, as Iraq's exports to China and South Korea decreased during 2021 compared to 2020, in addition to the increase in Iranian competition.
    Estimates of companies tracking the movement of oil shipments showed that Iranian oil exports rose to more than one million barrels per day for the first time in nearly three years, following the increase in shipments to China.
    Iran's oil exports have shrunk since former US President Donald Trump withdrew in 2018 from the 2015 nuclear deal and reimposed sanctions aimed at curbing oil exports and related revenues that go to Iranian government coffers.
    And by Iraq raising its crude prices to Asia, this means that it will “clear the atmosphere to Iranian oil” and the competition will be in its favour, which will lead to a decline in Iraq’s oil exports to China in favor of Iranian oil.
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