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"The biggest loser" .. Russian oil hits the Iraqi economy "killed"
Shafaq News/ An American report stated that Iraq may be one of the biggest losers from the flow of cheap Russian barrels of oil to Asia, with the decline in demand for Iraqi oil in all its degrees.
Bloomberg quoted dealers as saying; There have been no immediate purchases of Basrah Medium Crude or Basra Heavy Crude so far in the current Asian trading session, while no tender has been awarded for the sale of Heavy Oil.
India and China are major buyers of Iraqi oil, but they boosted purchases of discounted Russian oil after the invasion of Ukraine.
Basra's medium and heavy crudes are the two main types that Iraq exports to international markets, so any reduction in volumes or prices would be a blow to the second largest producer in OPEC.
Dealers said that sellers of heavy oil discussed offering shipments at a discount to the official selling prices to attract buyers.
China increased its imports of Russian oil significantly in May, according to official figures, Monday, which helped Moscow compensate for Western markets that were deprived of it due to the sanctions imposed on it against the backdrop of its war in Ukraine, according to AFP.
This amount exceeds oil imports from Saudi Arabia (7.82 million tons), traditionally China's first oil supplier.
Western countries imposed unprecedented sanctions on Moscow in response to its invasion of Ukraine, and especially reduced its imports of Russian oil and gas.
In May, China's imports of Russian oil rose 55 percent year on year, according to released figures. Monday, by Chinese customs. Last month, the Asian giant bought from Russia about 8.42 million tons of oil, according to Chinese customs.
This amount is much higher than the Russian shipments received by China a year ago (5.44 million tons).
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Bloomberg quoted dealers as saying; There have been no immediate purchases of Basrah Medium Crude or Basra Heavy Crude so far in the current Asian trading session, while no tender has been awarded for the sale of Heavy Oil.
India and China are major buyers of Iraqi oil, but they boosted purchases of discounted Russian oil after the invasion of Ukraine.
Basra's medium and heavy crudes are the two main types that Iraq exports to international markets, so any reduction in volumes or prices would be a blow to the second largest producer in OPEC.
Dealers said that sellers of heavy oil discussed offering shipments at a discount to the official selling prices to attract buyers.
China increased its imports of Russian oil significantly in May, according to official figures, Monday, which helped Moscow compensate for Western markets that were deprived of it due to the sanctions imposed on it against the backdrop of its war in Ukraine, according to AFP.
This amount exceeds oil imports from Saudi Arabia (7.82 million tons), traditionally China's first oil supplier.
Western countries imposed unprecedented sanctions on Moscow in response to its invasion of Ukraine, and especially reduced its imports of Russian oil and gas.
In May, China's imports of Russian oil rose 55 percent year on year, according to released figures. Monday, by Chinese customs. Last month, the Asian giant bought from Russia about 8.42 million tons of oil, according to Chinese customs.
This amount is much higher than the Russian shipments received by China a year ago (5.44 million tons).
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