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Shafaq News / The economist, Nabil Al-Marsoumi, warned, on Tuesday, of the decline in the financial revenues generated from the sale of Iraqi oil, due to the repercussions of the Russian crude price ceiling.
The Group of Seven put a ceiling on the price of Russian seaborne oil into effect on Monday at the summit of the European Union's ban on Russian crude imports by sea.
The G7 countries and Australia agreed last week to a maximum of $60 a barrel for Russian oil transported by sea.
Al-Marsoumi said in his blog on the social networking sites "Facebook", that Saudi Arabia reduced the official selling prices for Arab Light crude, which it sells to Asia for the month of January, to the lowest level in ten months, to the level of $ 2.20 above the average of Oman / Dubai crude instead of $ 3.25 in the previous month. This month, due to concerns about declining demand and the possibility of increased Russian competition, as setting a ceiling for the price of Russian Urals crude at $60 a barrel will lead to more Russian shipments that will flow to Asia and compete with Saudi and Iraqi oil.
He added that Russia is currently exporting about 2.800 million barrels per day to China and India, which are the main markets for Iraq and Saudi Arabia, to which they export about two million barrels per day.
Al-Marsoumi continued by saying that, this competition between Russian oil and both Iraqi and Saudi oil will lead to a greater drop in the prices of oil shipments destined for Asia, which will reflect negatively on Iraqi oil revenues, especially in light of the weak global demand for oil and possible fears of an imminent rise in US interest rates, which is Which led to the decline in the price of Brent crude now and its decline to the level of 83 dollars per barrel.
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