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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 is pushing for a “compulsory” marketing maneuver in the West that could cost it $9 million a da

    Rocky
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    Iraq is pushing for a “compulsory” marketing maneuver in the West that could cost it $9 million a da Empty Iraq is pushing for a “compulsory” marketing maneuver in the West that could cost it $9 million a da

    Post by Rocky Fri 17 Jun 2022, 7:29 am


    [size=30]Iraq is pushing for a “compulsory” marketing maneuver in the West that could cost it $9 million a day in oil exports

    2022-06-17
    [/size]
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    Yes Iraq: Baghdad

    It seems that Iraq began a maneuver "forced by Russia", by granting price cuts to Europe and America, after Russia acquired part of Iraq's market share in Asia, which imports nearly 70% of Iraq's oil exports.
    Russia began offering price discounts to India and China, after Europe and America blockaded Russian oil and prevented its import, which led Russia to offer large price discounts to encourage India, China and Asian markets in general to import its oil, which led to eating part of the market shares of oil exporters in The Middle East, especially Saudi Arabia and Iraq, which control a large part of the Asian market in China and India.
    The oil expert, Nabil Al-Marsoumi says, “One of the results of the Russian-Ukrainian war is that the world has become less integrated, and this has led to a change in the pattern of global trade and its geographical distribution, including oil trade, as the geographical direction of a large part of Russian oil exports has changed from west to east, and the policy of price discounts has succeeded. Which Russia granted for its oil exported to Asia to acquire an important part in the Asian market, especially in India, as Russia did not export to India only 66,000 barrels per day before the war, but it doubled several times during the war to reach 819,000 barrels per day, which led to Russia becoming India's second supplier after Iraq, after it displaced Saudi Arabia from second to third place.
    According to Al-Marsoumi, the Western sanctions imposed on Russia due to its invasion of Ukraine prompted many oil importers to stop trading with it, which pushed the prices of Russian crude in spot transactions to drop significantly compared to other raw materials, and this provided an opportunity for Indian refineries, which rarely used Russian oil due to Shipping costs rise, to snap up cheap raw deals.
     
    India, which imports about 1.3 million barrels per day of Iraqi oil, or approximately 40% of Iraq's oil exports, has become a candidate to ignore part of Iraqi oil and go towards Russian oil, which poses a real threat to more than a third of Iraqi exports, and therefore it seems that Iraq is trying To obtain new market shares in the European and American markets after the Western embargo on Russian oil, and to compensate for any amount that Iraq might lose in the Indian market.
     
    In this context, Al-Marsoumi revealed that the price of SOMO for Basra medium oil exported to Europe during the month of July came at a discount of $ 7.60 per barrel from Brent crude, and at a discount of $ 1.70 per barrel below the Ascii index for oil exported to America, while Saudi Arabia set the official selling price for Arab Light crude to Europe, an increase of $4.30 a barrel against Brent crude in July, and the United States, an increase of $5.65 against the Ascii index.
    Thus, Iraq will lose for each barrel exported to Europe and America more than 9 dollars from the real market price, in price discounts that it was forced to offer to compensate for what it will lose in the Indian market, and if Iraq exports nearly one million barrels to both Europe and America alike, this will cost it about 9 million dollars a day will be lost as price discounts, as Iraq is currently exporting more than 500,000 barrels to Europe and more than 300,000 barrels to America, bringing the total to more than 800,000 barrels per day, and with the introduction of discounts and an attempt to compensate for the shortage in the European market due to the Russian oil ban, Iraq's oil exports to the West may rise to more than one million barrels per day.
     
    Al-Marsoumi believes that “the great difference between the Iraqi and Saudi prices cannot be attributed solely to the difference in the chemical properties of the two oils, as the Arab Light oil has a density of 36-40 and a sulfur content of 1.78%, while the density of Basra crude averages 29 and a percentage of sulfur is 3%. Also, the change in the marketing policy of Iraqi oil.”
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