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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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    Significant changes in the global oil market and the Ministry of Oil “hiding” information from publi

    Rocky
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    • Post n°1

    Significant changes in the global oil market and the Ministry of Oil “hiding” information from publi Empty Significant changes in the global oil market and the Ministry of Oil “hiding” information from publi

    Post by Rocky Sat 14 May 2022, 10:51 am


    [size=30]Significant changes in the global oil market and the Ministry of Oil “hiding” information from public opinion.. 70% of Iraqi oil exports are at risk

    2022-05-14
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    Yes Iraq: Baghdad

    The Ministry of Oil is hiding from public opinion and the political and specialized circles in general, major changes taking place on the global oil markets, as information indicates major changes in the market shares of oil around the world, which will lead to Iraq losing about 70% of its oil exports to Asia, with a European desire to withdraw these Quantities, but the Ministry of Oil does not reveal to the public, parliament and public opinion, whether there are plans for how to market these quantities of oil to Europe, which is a new market for which Iraq is not accustomed to marketing large quantities, as two-thirds of its exports were going to Asian markets.
    And the S&P Global Commodity Insights platform quoted officials in the Iraqi Oil Marketing Company (SOMO), that Iraq is redirecting crude flows from its primary customer base in Asia to refineries in Europe, where officials indicate that “there is greater European interest for us now that after That China and India buy more Russian oil.”
    "We are now seeing adjustments in our traditional crude flows. Refineries in northwest Europe are looking more at our crudes," the official added, stressing the similarities in quality between Iraqi crude and Russian Urals crude.
    Europe is particularly dependent on Russian oil and was importing about 2.7 million barrels per day of crude oil and another 1.5 million barrels of products, mostly diesel, before the invasion of Ukraine.
    On May 4, the European Union said it intended to phase out Russian oil imports by the end of the year. But due to self-sanctions, some European refiners and independent traders have already reduced seaborne flows of Russian Urals crude, heavy fuel oil, gas oil and naphtha to the region.
    The average Iraqi crude oil exports to Europe amounted to 528 thousand barrels per day so far in 2022, compared to 439,000 barrels per day and 431,000 barrels per day in 2021 and 2020, respectively, which means that 16% of Iraq’s oil exports went to Europe this year.
    Iraq exports 3.3 million barrels per day, of which 2.3 million barrels per day go to China and India, but with the largest Asian buyers starting to go towards buying Russian oil, 70% of Iraq's oil exports are at risk.
    It is unknown whether the loading of these quantities of Iraqi oil will go smoothly to Europe instead of Asia, especially since the Kirkuk pipeline to the Turkish port of Ceyhan, closest to Europe, has a capacity of only 100,000 barrels, or 4% of the total quantities that must be exported to Europe, which means that the loading will be through ports and sea ports, but this time the ships will head west, after they used to go east towards the Asian market with these loads.
    So far, the Ministry of Oil has not announced any plans on how to market these quantities to Europe, and whether European demand for Iraqi oil is equal to what the Asian markets will leave without buying Iraqi oil.
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