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Neno's Place Established in 2006 as a Community of Reality


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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Basra crude does not find buyers and records a weekly loss of 8%.. An expected price war may bring o

    Rocky
    Rocky
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    Basra crude does not find buyers and records a weekly loss of 8%.. An expected price war may bring o Empty Basra crude does not find buyers and records a weekly loss of 8%.. An expected price war may bring o

    Post by Rocky Sat 25 Jun 2022, 5:33 am


    [size=30]Basra crude does not find buyers and records a weekly loss of 8%.. An expected price war may bring oil down after its recovery


    2022-06-25
    [/size]
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    Yes Iraq: Special

    One of the worst weeks for Iraqi crudes ended with losses of 8% despite the rise in Brent crude prices, as Basra crude suffers from not finding “spot” buyers, amid the Asian market resorting to Russian oil, while expectations indicate that oil prices may collapse in general due to An expected price war.
    The international oil exchanges closed at the closing in the last session on Friday evening, with weekly losses for the Basra and American crudes, while they stabilized for Brent crude.
    Basra Heavy crude closed down by 0.34 cents to reach $100.54, and recorded large weekly losses of $8.76, equivalent to 8.01%. While Brent crude closed in the last session, up by $3.07 to reach $113.12, which are the same prices that Record it last week.
    US West Texas Intermediate crude closed with a rise of $3.35 to reach $107.62 a barrel, but it recorded weekly losses of $1.94, or 1.77%.
     
    Iraqi raw materials do not find buyers
    Earlier, a US report said that Iraq may be one of the biggest losers from the flow of cheap Russian barrels of oil to Asia, with the demand for Iraqi oil declining in all its degrees.
    Bloomberg quoted dealers as saying; There have been no immediate purchases of Basra Medium Crude or Basra Heavy Crude so far in the current Asian trading session, while no tender has been awarded to sell Heavy Oil.
     
     
    An expected price war
    Oil prices fell during the past week amid fears of a global economic recession after America raised interest rates, while experts expect prices to drop to less than $100 in the coming weeks and months with the possibility of a “price war.”
     
    Oil expert Nabil Al-Marsoumi believes that “dumping the Asian market, especially the Indian and Chinese market, with cheap Russian oil led to an increase in Russia’s share in the Asian market at the expense of the shares of Iraq and Saudi Arabia. The Indian market pushed Saudi Arabia from second to third place.
    He explained that "Iraq is among the biggest losers from the flow of cheap Russian oil to India and China, as there are difficulties surrounding immediate purchases of Basra Medium Crude and Basra Heavy Crude in the current Asian trading cycle, which may lead to a fierce price war that may push the price of oil." to two numbers instead of three, especially since Russian crude supplies are less affected by sanctions than most people previously thought.”
    He pointed out that “the supply side may witness a greater increase than expected in the near term, and in light of investors’ concern that raising US interest rates will disrupt the economic recovery and weaken demand for oil, and in the request of US President Biden for the CEOs of seven oil companies to meet to discuss increasing the demand for oil.” Production capacity and reducing gasoline prices, which amount to about five dollars per gallon, and the commitment of OPEC Plus, most likely, to the plan to accelerate the increase in oil production by 648,000 barrels per day next August, in the hope of alleviating the rise in oil prices and inflation.
    Al-Marsoumi believes that all these factors may soon lead to an accelerated drop in oil prices.
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