Page 3 - Basrah Light News Today

1. Oil product cracks see support from demand, run cuts and low stocks What’s happening? Tighter fundamentals are supporting gasoline and diesel cracks in major hubs. Gasoline inventories are low in the Atlantic Basin, while distillate stocks are below average in all major hubs as heating season approaches in the northern hemisphere. Current backwardation in ...

South Korean and Japanese refiners are increasingly attracted to Iraqi crude oil as official selling prices for Basrah crudes fell to steep discounts against other Persian Gulf grades, prompting the Northeast Asian end-users to pick up additional Iraqi barrels to cater to their rising refinery run rates and winter fuel requirements. Iraq’s State Oil Marketing ...

Middle Eastern producers have maintained rigorous discipline in adhering to OPEC+ output cuts, but in the meantime, the battle for market share in Asian markets heats up

Energy WTI managed to settle above $80/bbl for the first time since 2014. Continued concerns over tightness in energy markets, and the expectation of stronger oil demand due to gas to oil switching continues to support the oil market. Stronger demand over the coming months comes at a time when the market is already set ...

Iraq’s State Oil Marketing Organization has asked customers to provide their 2022 term crude requirements for three crudes, excluding Basrah Light, according to Iraqi sources and traders, as the marketer focuses on its more popular Basrah grades. Customers were asked to submit their requirements for Basrah Medium, Basrah Heavy and Kirkuk by Oct. 30. “Basrah ...

Front-month Brent/Dubai Exchange of Futures for Swaps for benchmark Dubai crude futures narrowed further mid-morning Oct. 7 while India kicked off its crude purchases indicating stronger buying appetite ahead of the festive season. The December Brent/Dubai EFS was pegged at $4.02/b, down 25 cents/b from the Asian close on Oct. 6, S&P Global Platts data ...

The unstoppable rally in natural gas prices continued this week, with European natural gas prices in particular soaring

Middle East oil producers were looking to ramp up supply this autumn, but poor demand in Asia as a result of another wave of COVID is throwing a spanner in the works

Iraq’s total oil exports in May, including those from the semi-autonomous Kurdistan region, fell 1.4% from the previous month, according to oil ministry figures and Turkish Ceyhan export terminal reports seen by S&P Global Platts. OPEC’s second largest producer saw total exports fall to 3.291 million b/d in May, from 3.337 million b/d in April. ...

Iran should boost oil output to 6.5 mil b/d under new govt: Zanganeh Iran could “easily” boost its oil production capacity to 6.5 million b/d, Iran’s Oil Minister Bijan Zanganeh said May 31, as US, Iranian and European negotiators are set to convene this week for more talks over reinstating the nuclear deal. “We can easily reach 6.5 million barrels per day,” Zanganeh said at a ceremony to award studies on the country’s giant Azadegan oil field, the oil ministry’s Shana news servic...