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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 ...
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 ...
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 $25,000/oz for the first time. The precious metal has been on multiyear bull run, rising forty-fold s...
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 important market for us and our customers there are really relying on Iraqi crude oil heavily, so we ...
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 preserve the stability of exports and meet customer demands, Ali al-Shatari said in a Feb. 15 intervi...