Page 12 - Basrah Light News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 cents/b from February. Iraq exported 891,000 b/d of the new Basrah Medium crude grade in January, compr...

REFINERY NEWS ROUNDUP: Gasoline output up in India; Petron’s Bataan plans temporary halt India’s gasoline output climbed to a 14-month high in December, ending 2020 at pre-pandemic levels, as robust domestic demand spurred refiners to increase production of the motor fuel. Gasoline production at the world’s third-largest energy consumer rose to 3.341 million mt in December, up marginally by 0.36% from the previous month, the latest data from the Petroleum Planning and Analysis Cell showed. December was the fourth straight month of increase in India’s gasoline production, the data show...

Iraq’s dominance over Indian crude market to be tested if Iran returns Iraq’s crude exports to India grew nearly double-digits last year, helping it retain the title of India’s top oil supplier in 2020, but it may struggle to attain similar growth in 2021 if the newly appointed US President Joe Biden resurrects the nuclear deal with Tehran, which could potentially see the return of Iranian crude, analysts told S&P Global Platts. With 2020 being the first year when Iranian crude inflows into India dropped to zero, that gave Iraq an opportunity to grab a market share of as high as 25%, wi...

Asia-Pacific plant closures could offset new supply streams Refinery closures in Asia-Pacific are likely to offset a wave of new supply streams into the region. The pandemic accelerated a wave of refinery closures, with several regional refiners forced to close or review operations due to poor refining margins. BP’s plans to shut Australia’s largest refinery in Kwinana and Pilipinas Shell Petroleum Corp’s plans to shutter its Tabangao-based refinery in the Philippines, with several other potential closures on the horizon. According to market sources, this will help offset a wave of new ...

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