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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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Iraq "sacrificed" $20 million a day to persuade India to buy its oil after fierce Russian competitio

rocky
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Iraq "sacrificed" $20 million a day to persuade India to buy its oil after fierce Russian competitio Empty Iraq "sacrificed" $20 million a day to persuade India to buy its oil after fierce Russian competitio

Post by rocky Tue 09 Aug 2022, 5:29 am


[size=30]Iraq "sacrificed" $20 million a day to persuade India to buy its oil after fierce Russian competition


2022-08-09
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Yes Iraq: Baghdad

With the escalation of strong competition from Russian oil in the Indian market, which led to the displacement of Saudi oil, as Russian oil was able to reserve the second place in the list of countries that supply the largest oil to India, but Iraq, despite the fact that its exports to India declined by about 10%, it remained Maintaining its position as India's largest supplier of crude oil.
And the Indian press considered that Iraq “played smartly” in the race to sell oil to the Indian markets with the outbreak of the Russian war on Ukraine. European and American.
 
And an Indian newspaper explained, “India harnessed its excessive dependence on imported oil, to its advantage, even when oil prices rose globally due to the Ukrainian war, as Saudi Arabia lost to Russia in responding to the market for selling oil to India,” and according to a study prepared by the American “Bloomberg” agency, Russia It overtook Saudi Arabia to become the second largest exporter of oil to India during the month of June.
 
The report explained that these changes occurred when Russia resorted to selling its oil at a discount, noting that Iraq, for its part, "played smartly by reducing the price of its oil sold to India."
 
And he indicated that when Russia invaded Ukraine last February, India's purchases of Russian oil were very limited, while Iraq and Saudi Arabia controlled the Indian oil purchases market, while a series of sanctions were imposed on Russia because of the war.
The report stated that during the month of last March, Russian oil was flowing largely into Indian reservoirs, but Russian oil was sold at a higher cost estimated at about 13 dollars a barrel, compared to the supplies provided by Saudi Arabia from barrels of oil to the Indian market.
He added that oil prices rose in the meantime, specifically during the months of April and May, and the price of a barrel of Russian oil allocated to India became cheaper than Saudi oil during the month of April, while Iraq was still selling the most expensive oil to India, and for this reason The Russian stock in Indian tanks continued to increase due to the reduced price.
He explained that while Saudi Arabia did not renegotiate the pricing of oil for India, Iraq lowered its prices slightly during the months of May and June, which enabled Iraq to remain the largest exporter of oil to India, while Saudi Arabia lost its position to Russia. .
The Indian report pointed out that Russian barrels of oil became cheaper than Saudi barrels from April to June, and the difference gap grew to nearly $19 a barrel in May before recording a decline to $13 in June. It was about $9 a barrel more expensive than Russian crude in May, but it became cheaper later.
Accordingly, Iraq was selling its oil about $15 cheaper than the price of Saudi oil and world oil, and while Iraq exports 1.3 million barrels per day to India, this means that Iraq sacrificed nearly $20 million per day by selling oil at a cheaper price to India to maintain tough competition. With Russian oil, and persuade India to buy his oil.
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