Page 7 - Basrah Medium News Today

Iraq’s State Oil Marketing Organization may sell some spot cargoes of Basrah Light this year if the deepwater Khor al-Amaya terminal is re-opened and domestic refiners’ needs have been met, the marketer’s deputy director general told S&P Global Platts on Jan. 20. SOMO excluded Basrah Light, previously its main stream until the creation of Basrah ...

Asian refiners were disappointed once again by Middle Eastern official selling prices, with a lower-than-expected reduction likely to drive the refiners to the spot market

Iraq’s oil exports, including volumes from the semi-autonomous Kurdistan region, rose 0.5% in December, despite an increase in its OPEC+ quota, according to oil ministry data and local shipping agents’ reports from Turkey’s Ceyhan terminal seen by S&P Global Platts. Total oil exports in OPEC’s second-biggest producer rose to 3.677 million b/d in December, from ...

South Korea’s imports of US crude oil are estimated to have to surpassed 120 million barrels in 2021, and the country is expected to maintain its top Asian US crude buyer status in 2022 as local refiners greatly favor North American feedstocks due to uncertainties over OPEC supply and attractive procurement costs. The country’s major ...

Despite fears surrounding the COVID-19 variant Omicron, Saudi Arabia has decided to capitalize on strong crude demand in Asia by raising its OSPs once again

South Korea’s crude oil imports in November rose 14.2% from a year earlier, as local refiners raised crude throughput to meet improved consumer fuel demand, but spot crude cargo purchases for Q1 2022 could slip if Seoul reimposes COVID-19 restrictions for a prolonged period of time, refining industry and trading participants said Dec. 21. The ...

The newly introduced Basrah Medium effectively overtook the once very popular Basrah Light and became the number one product sold in 2021

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 ...