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[size=38]An Expert Warns Of A "Danger" Facing Iraq's Oil Exports Due To The Russia-Ukraine War
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LAST UPDATE 03/16/2022 | 7:06 PM
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Information / Baghdad..
A professor of economics at Basra University, Nabil Al-Marsoumi, warned, on Wednesday, of Iraq losing part of its oil share in the Indian market in favor of Russia, as a result of economic and political changes in the world.
Al-Marsoumi said, in a Facebook post, which was seen by / the information / that "India is currently studying the Russian offer to buy Ural crude by paying in Russian rubles and Indian rupees at low prices after the US embargo and European restrictions on Russian oil exports."
He added, "India represents a large market for diesel, and that is why Indian refineries do not want light oils; Rather, it tends to have heavy and medium oils; Because when refining it gives higher amounts of diesel.”
He added, "India imports large quantities of Basra medium crude, as Iraq is the first source for India with about 1.3 million barrels per day. “.
And he warned that "Iraq may lose part of its share in the Indian market in light of the discounts that Russia grants to buyers of Ural crude and the payment method that relies on local currencies away from the US dollar, which will negatively affect the amount of exports that depend on only two countries, India and China, in marketing towards two-thirds of Iraqi oil exports. finished/25h
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