Page 6 - Basrah Light News Today

Commodity Tracker: 6 charts to watch this week Continuing the theme of strong commodity prices in early 2021, this week’s Tracker considers spikes and rallies across several products: rhodium, styrene and ethanol. Meanwhile, China shows enthusiasm for a new crude grade from Iraq; Japanese utilities stock up on LNG and Europe runs down its gas in storage. 1. Supply-constrained rhodium to potentially see more upside after all-time high What’s happening? Rhodium base prices have surged above $...

China’s state-run refineries, modern integrated plants embrace new Iraqi Basrah Medium crude China is poised to receive about 21 million barrels of the new Iraqi crude grade Basrah Medium by mid March, with most of these shipments expected to be processed by the country’s integrated refining complexes and newly built plants, according to latest shipping data and refining industry sources with close knowledge of the matter. In January, Iraq’s State Oil Marketing Organization introduced the...

Iraq not cutting oil exports to India in Feb amid Asia focus: SOMO Iraq, the top oil supplier to India, is not cutting volumes to the South Asian country in February amid a focus to maintain its market share in Asia, which consumes at least 70% of its crude exports, the deputy director general of Iraq’s State Oil Marketing Organization told S&P Global Platts. “We haven’t cut [in January and February],” Ali al-Shatari said in a recent interview. “Actually, the Indian market is a very i...

Iraq’s SOMO says demand for new Basrah Medium grade at least double current supply Iraq’s State Oil Marketing Organization is seeing “huge” demand for its new Basrah Medium crude grade — at least double the current available supply of 1.1 million b/d — but OPEC+ curbs may limit exports, the marketer’s deputy director general told S&P Global Platts. SOMO introduced the Basrah Medium grade in January after splitting its Basrah Light, the country’s biggest crude stream, in two to p...

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Iraq’s SOMO raises March OSPs, with biggest hikes for Europe-bound crude Iraq’s State Oil Marketing Organization issued its March official selling prices, with a hike in differentials for all Europe-bound grades, while those for the US and Asia saw slight increases, according to a company notice dated Feb. 10. For Asian buyers, SOMO set the March OSP for the new Basrah Medium crude at a discount of 15 cents/b to the monthly average of Platts Oman and Dubai assessments, an increase of 10 cen...

REFINERY NEWS ROUNDUP: Gasoline output up in India; Petron’s Bataan plans temporary halt India’s gasoline output climbed to a 14-month high in December, ending 2020 at pre-pandemic levels, as robust domestic demand spurred refiners to increase production of the motor fuel. Gasoline production at the world’s third-largest energy consumer rose to 3.341 million mt in December, up marginally by 0.36% from the previous month, the latest data from the Petroleum Planning and Analysis Cell showed...

Iraq’s dominance over Indian crude market to be tested if Iran returns Iraq’s crude exports to India grew nearly double-digits last year, helping it retain the title of India’s top oil supplier in 2020, but it may struggle to attain similar growth in 2021 if the newly appointed US President Joe Biden resurrects the nuclear deal with Tehran, which could potentially see the return of Iranian crude, analysts told S&P Global Platts. With 2020 being the first year when Iranian crude inflows in...

Asia-Pacific plant closures could offset new supply streams Refinery closures in Asia-Pacific are likely to offset a wave of new supply streams into the region. The pandemic accelerated a wave of refinery closures, with several regional refiners forced to close or review operations due to poor refining margins. BP’s plans to shut Australia’s largest refinery in Kwinana and Pilipinas Shell Petroleum Corp’s plans to shutter its Tabangao-based refinery in the Philippines, with several other ...

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