Page 5 - Basrah Medium News Today

The West’s boycott of Russian barrels will be the oil market’s ultimate test. While it has an impressive record of adapting to unthinkable shifts in trade patterns, from self-imposed embargoes on US exports to sanctions on Iranian and Venezuelan crude, the stakes, and costs, have never been higher. The market is already doing what it ...

Oil prices are expected to remain under pressure in the week ended June 24 following heavy losses in the previous week ended June 17. Confidence in oil demand is holding up despite soaring inflation as fears of an impending recession kicked in. Front-month August ICE Brent crude futures stood at $112.35/b at 0215 GMT June ...

Iraq’s state oil marketer SOMO has approached French traders about the possibility of supplying Europe with crude, its director general said May 31, as the EU seeks to implement a ban on Russian seaborne imports. SOMO still aims to maintain its key supply contracts with Indian and Chinese state customers, who have signed long-term contracts, ...

European refiners looking to replace Russian crude have turned to countries and grades that have seen limited flows to the continent in recent years, as well as buying more oil from sources used regularly prior to the invasion of Ukraine. Refiners have started buying crude cargoes from as far afield as Abu Dhabi and Angola ...

EU leaders agreed a compromise deal to ban Russian oil imports by sea late May 30 in a move set to phase out almost 90% of Russian oil imports into the trade bloc by year-end and trigger a major upheaval in global oil trade. Following weeks of negotiations over the EU’s latest Russian sanctions plans, ...

Geopolitical risks fueled by Iran and US tensions reasserted itself after the former seized two Greek tankers, unsettling an already volatile oil market that has seen oil prices rise to two-month highs. On May 27, Iran detained two Greek-flagged and owned oil tankers – Delta Poseidon and Prudent Warrior in the Persian Gulf, some days ...

Middle Eastern oil producers lowered their official selling prices as lockdowns in China continued to suppress demand and backwardation eased across all pricing benchmarks

With Russian oil heading eastwards, the West is looking at all possible avenues to boost oil supply. To this extent, Iraq can, perhaps, play a major role. In its latest weekly report, shipbroker Gibson said that “whilst many members of the OPEC+ group are struggling to achieve its allotted output quota, one country that has ...

Iraq is redirecting crude flows from its primary customer base in Asia to refineries in Europe — and may soon be able to offer more volumes with the upgrading of a loading port, officials with state marketer SOMO said May 12, as Western countries have sought to wean themselves off of Russian oil. “There is ...

EU plans announced May 4 to halt Russian oil imports by year-end is expected to reshape global energy flows and add to price pressure as buyers race to secure new supplies. Brent crude futures rose by more than 4% in European trading after the announcement and stood at $109.48/b by 11:45 GMT. The move, announced ...