Page 7 - Basrah Light News Today

Energy Having broken above US$56/bbl briefly on Friday, ICE Brent has come under some selling pressure this morning in Asia, with a stronger USD providing some resistance to the market. The market has done a lot over the last week thanks to the surprise announcement from Saud Arabia regarding additional supply cuts. Meanwhile commodities in ...

Three of OPEC’s biggest oil producers raised monthly pricing for shipments to Asia, their largest regional buyer, after markets tightened on Saudi Arabia’s plan to slash output.

The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a price list from the state oil marketer.

Real Oil Price Rally Fades as Asia’s Buying Spree Winds Down Bloomberg 12/22/2020 Sharon Cho and Sherry Su (Bloomberg) -- A rally in the physical oil market is losing steam as Asian refiners ease purchases after an earlier-than-usual buying spree. Popular Searches Many processors in the region have almost fulfilled their needs for spot cargoes that will be mostly loaded in January and February, according to traders. Asian demand had driven up the price of real barrels of oil...

Premium Content Middle East Oil Prices Rise As Asian Demand Recovers By Viktor Katona - Dec 13, 2020, 7:00 PM CST As the United States and Europe falter under the weight of ever-increasing coronavirus cases and a general lull in markets, the health of the Asian crude market has arguably pulled crude prices and differentials away from the adverse ramifications of second wave coronavirus. China, India, Japan, South Korea; all of them are increasing their crude intake, increasing refine...

Since the U.S. sanctions snapped back on Iran’s oil industry, relations between Iran and Iraq have grown more complex and controversial as a series of security and political events in the two countries have captured global attention. Yet while the political aspect of the Iran-Iraq relationship has been dominating coverage of the countries, their ongoing competition in the oil market has not—and once American sanctions are removed, Iran will be returning to a very different oil market. Sanct...

REFINERY NEWS ROUNDUP: Refineries in India ramp up runs Refineries in India have been ramping up runs after demand for products, excluding jet, reached pre-coronavirus levels. Average capacity utilization for all categories of refineries in India improved to 87% in October compared with 86% in the previous month, showed the latest survey of the oil ministry Nov. 25, reflecting gradual improvement in oil demand as Asia’s third-largest economy unlocks. However, the October run was lower than th...