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Iran forces Iraq's oil to retreat in Asia
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Economy News _ Baghdad
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Added 06/23/2023 - 12:01 PM
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Economy News _ Baghdad
Today, Friday, Chinese customs data showed a decline in the percentage of Iraqi oil's acquisition of China's total imports of crude oil for the month of May 2023, to reach only 9%, after it was 11% in the previous months.
This is due to the high share of Malaysia and its acquisition of third place after Russia and Saudi Arabia, as the country that exports the most oil to China, according to Manar Al-Obeidi, head of the "Iraq Future" Foundation concerned with economic affairs.
Al-Obaidi pointed out that the reason for the rise of Malaysia is to find a mechanism to legitimize the sale of Iranian and Venezuelan oil, as the two countries use Malaysia to legitimize the sale of their oil to various countries, which led to a decline in Iraq's export rates to the second world economy after the United States.
And he believed that this matter generates an inquiry, "What if the volume of Chinese demand for Iraqi oil declines, driven by preferential prices offered by Russia, Iran and Venezuela? Will Iraq be able to keep up with these prices, or will it be forced to decline further?"
Al-Obeidi asked about the strategic marketing plans of SOMO, which is considered the biggest engine of the Iraqi economy through the process of selling crude oil, and whether there are any strategies to open new markets in Africa, Asia or Europe, or to remain dependent on the work mechanisms of the rest of the countries in order to have the ability to Selling our oil to different countries.
Views 11
Added 06/23/2023 - 12:01 PM
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