1 hour ago
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The General Manager of the Oil Marketing Company (SOMO), Alaa Al-Yasiri, expected the impact of Russia's decision to reduce its production by 500,000 barrels during the month of March on global market prices.
Al-Yasiri said in a press interview seen by “Takadam” that “international oils are usually priced based on reference oils in the main markets, and oils that are exported from the Middle East region, including Iraq.”
He added, "These oils are usually followed in the pricing method according to an official price formula that changes monthly depending on economic and geopolitical variables related to oil flows and the balance of supply and demand."
Al-Yasiri continued, "The Oil Marketing Company confirms that it adopts international methods and professional calculations that make pricing our oil attractive to buyers to achieve the highest imports and export all possible quantities."
He pointed out, "As for the reduction in Russian production, it will certainly be an influential factor in determining oil prices for the coming period."
It is noteworthy that Russia intends to reduce crude exports from western ports by 25% in March 2023, compared to the volume of exports this February, in an attempt to support Urals crude prices, which have fallen in recent weeks, which will reduce supply with the rise in Chinese demand for oil.
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