Page 18 - Basrah Medium News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 and March, part of which may have already been factored in into Saudi production.  Further Saudi cut...

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...

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 when tough US sanctions enforcement pushed volumes as low as 500,000 b/d in some months, according to i...

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.