Page 9 - Basrah Medium News Today

Source: author, based on Thomson Reuters data. Today Europe’s share is half of what it was 3-4 years ago in absolute terms. Asia’s share, however, has risen in both absolute and relative terms. We have already touched upon the relative numbers, but the absolute volumes are just as indicative - Asia’s rise in importance for Iraq happened against the background of average annual exports dropping from 3.43mbpd in 2018 to 2.94mbpd in 2020. Iraqi exports to Asia (including Kirkuk) have average...

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’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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Feb 11 2021 New analysis released by commodities intelligence platform Kpler. Kpler data shows OPEC+ seaborne oil exports slumped by 1.8 mbd to 25.5 mbd in January. The decline is relatively unsurprising: although OPEC+ had agreed to boost production by an additional 500 kbd in January, we had actually seen a 1 mbd increase in seaborne exports in December 2020 already. The decrease in exports also comes as Saudi Arabia has pledged a voluntary 1 mbd cut in February a...

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...

Iran activates game plan for oil comeback in 2021 in test for Biden administration Emboldened by the change in US presidency, Iran is pushing more oil onto the market, even as sanctions remain in place, as it looks ahead to a full return to the global oil market as demand recovers from the pandemic. Preliminary estimates suggest that Iran many have shipped somewhere between 800,000 b/d to 1 million b/d of crude and condensate last month, largely to China. That is a sharp rise from last year whe...

Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.

Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.