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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

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    Iraq and Saudi Arabia lose their share of oil in the Asian market

    Rocky
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    Iraq and Saudi Arabia lose their share of oil in the Asian market Empty Iraq and Saudi Arabia lose their share of oil in the Asian market

    Post by Rocky Tue 27 Jun 2023 - 6:37

    Iraq and Saudi Arabia lose their share of oil in the Asian market

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    Iraq and Saudi Arabia are starting to lose oil market share in Asia, with Asian giants India and China opting for cheaper Russian crude, S&P Global Commodity Insights reports.
    According to S&P Global, preliminary data indicates that Indian refiners' imports of Russian crude in May reached an all-time high of about 2 million bpd, surpassing combined purchases by Iraq and Saudi Arabia and displacing supplies from the Middle East, Africa and some US supplies.
    These imports are expected to account for 40%-45%, or 2 million-2.5 million barrels per day, of India's basket of crude oil imports, S&P Global said, assuming that prices remain competitive compared to alternative sources.
    Meanwhile, China's imports of crude oil from Russia hit a new record of 2.30 million barrels per day (9.71 million metric tons) in May, more than Saudi imports of 1.73 million barrels per day.
    China's crude oil imports from Russia are also likely to grow for the foreseeable future as Russia increased supplies of the Espoo blend medium sweet crude to 39 Aframex-sized cargoes in May, with China accounting for 29 cargoes and India 10, according to Kpler and Platts cFlow ship and shipping data. Commodity tracking software.
    OPEC Secretary-General Haitham Al-Ghais said in this regard that the alliance has no concerns, indicating that "the market is open to all players. Russia is a prominent player and a major player in the global oil markets, Malaysia and Asia are the main importers of oil and the market is open to all, and there is growth in demand that accommodates all of us." ".


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