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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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    Dangerous moves threaten the fate of 40% of Iraqi oil exports.. About 4 billion dollars a month may

    Rocky
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    Dangerous moves threaten the fate of 40% of Iraqi oil exports.. About 4 billion dollars a month may  Empty Dangerous moves threaten the fate of 40% of Iraqi oil exports.. About 4 billion dollars a month may

    Post by Rocky Thu 07 Apr 2022, 6:00 am


    [size=30]Dangerous moves threaten the fate of 40% of Iraqi oil exports.. About 4 billion dollars a month may go from Iraq


    2022-04-07
    [/size]
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    Yes Iraq: Baghdad

    Several geopolitical and other marketing factors surround the danger around Iraqi oil and its exports, represented by the possibility that the largest consumer of Iraqi oil will turn its back on Baghdad, in search of a new supplier of oil at preferential prices.
    With the sanctions and Western restrictions on Russia, Moscow began offering its oil at preferential prices to Asia, where the largest market for Iraqi oil is represented by India and China, which consume nearly 60% of Iraq's oil exports.
     
    And some Indian refineries blew up a dangerous surprise, saying that they intended to buy less Saudi oil than usual in May, after the kingdom raised the official selling price to record levels in Asia. In return, Indian refineries deliberately increased their purchases of cheap Russian crude.
     
    Ehsanul Haq, an analyst at Refinitiv, one of the largest providers of financial market data, said higher purchases of Russian crude meant India was likely to buy less from suppliers in the Middle East, including spot purchases of grades such as Iraq's Basra oil.
    India resorted to Russian barrels available at a significant discount from the benchmark Brent index, citing "national interests", as Indian refineries bought at least 16 million barrels of cheaper Russian oil for loading in May on a delivery basis, similar to purchases for the year all of 2021.
    The 16 million barrels represent more than 41% of the quantities that India imports from Iraqi oil. Thus, Iraq's oil exports, which represent approximately 1.3 million barrels per day, to India, the largest consumer of Iraqi oil, are threatened with decline and India will abandon or reduce it in favor of buying cheaper Russian oil.
    Iraqi oil exports to India represent 1.3 million barrels per day, nearly 40% of Iraqi oil exports amounting to 3.3 million barrels per day, and according to the price of 100 dollars per barrel, 4 billion dollars of Iraq's monthly revenues are under threat of decline and go to Russia instead of Iraq by buying India For cheap Russian oil, which offers great price discounts.
     
     
    Indian refineries “complain” about the rise in the price of Iraqi oil
    This danger is reinforced by the fact that Indian refineries began to complain about the rise in Iraqi oil prices and the addition of price increases by SOMO, as Indian refineries hope that the demand of American users for Iraqi Basra crude will decrease after the United States starts issuing the Strategic Petroleum Reserve.
     
    A trade source at India's state-run Bharat Petroleum said, "Iraq's supplies from Basra to Asia were tight and price differentials were rising as the United States sought to get more Iraqi barrels to make up for the cuts in Russian crude."
    "We hope that the US Strategic Petroleum Reserve releases will help ease US buyers' demand for Iraqi crude and give Asian buyers some breathing," the trade sources said.
    And US President Joe Biden decided to release one million barrels per day from the strategic oil reserves of the United States for a period of 180 days in order to limit the rise in oil prices that rose after Russia's invasion of Ukraine.
     
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