Kuwait adjusts the pricing standard for its crude oil destined for Asia

[yota691]

Iraq is considering changing the pricing of Basra crude

Oil -Saturday, 26 August 2017  / 179 views /    9

SINGAPORE (Reuters) - Iraq's proposal to change the pricing of its crude oil in Asia faces opposition from refiners that fear more risk because of a longer period between pricing and delivery. SOMO surprised traders this week by seeking to explore their plans to change the benchmark price of Basra crude in Asia to be priced on the Dubai Mercantile Exchange starting in January 2018 instead of pricing based on S & P Global Plats ratings. The move would affect the price of about two million barrels per day of crude oil supplies to Asia, especially those destined for India, China and South Korea. "The change is important and will be closely watched, not only from Middle Eastern producers but from all stakeholders," said Oystein Bernstein, Managing Director of Strong Petroleum in Singapore. Under the new method, Basra crude will be priced using the monthly average price of Omani crude futures on the Dubai Mercantile Exchange two months before the oil is loaded. Other producers in the Middle East, such as Saudi Arabia, Kuwait and Iran, are pricing their raw materials based on the loading month. This means that Iraqi crude loading October will be priced on the basis of futures on the Dubai Mercantile Exchange in August. This will expose buyers to risk, as they will only be notified by mid-September whether their bids have been accepted to buy shipments, making it difficult for them to pre-hedge price changes. "We are not in favor of that. They have to fix their (supply) program first before they try to change the benchmark price. " The buyer requested anonymity because he was not authorized to speak to the media in this matter. Traders say that the timing of pricing for other producers makes it difficult to compare raw material valuations. Some buyers are concerned that about 80 percent of the crude used to price Oman futures contracts on the DME is going to China, reflecting the economic and fundamentals of only one Asian buyer. "The transition to Oman's contracts on the Dubai Mercantile Exchange is very ambitious," said Ady Imserovic of the Center for Energy Economics at the University of Surrey in Britain. I think it will cause a few difficulties because it will be very difficult technically. " Somo did not comment on its motives for change. The move to the Dubai Mercantile Exchange may bring higher prices for SOMO. The monthly average price of Oman's crude oil contracts on the Dubai Mercantile Exchange (DME) was around $ 3 higher than the average of Oman and Dubai on the Plats platform between March and July of this year. Some traders support this move. Knowing the prices of Iraqi crude two months before delivery gives traders who have shipments of Basra crude without specific destinations more time to determine the destination they will sell oil based on the price differences in the region.

[blueskyline]

http://almadapaper.net/ar/news/535180/تغيير-طريقة-تسعير-النفط-العراقي-الخام-تث..................

Number of readings: 86   -   Number (4007)

 

 

Changing the pricing method of Iraqi crude oil raises the reserve of refiners

 Translation / Range 
 

Iraq's proposal to change the pricing of its crude oil in Asia faces refiners that fear more risks because of a longer period between pricing and delivery. 
Iraq's oil marketing company Sumo surprised traders this week by seeking to poll its plans to change the benchmark price of Basra crude in Asia to be determined on the Dubai Mercantile Exchange starting in January 2018 instead of pricing on the Standard & Global Plats. " 
The move could affect the price of about two million barrels per day of crude oil supplies to Asia, especially those destined for India, China and South Korea. The Managing Director of Strong Petroleum in Singapore, Oystein Bernstein, said that "the change is important and will be monitored Closely, not only from the producers of the Middle East but from all concerned. "
 Under the new method, Basra crude will be priced using the average monthly price of Omani crude oil futures on the Dubai Mercantile Exchange two months before the oil is loaded. Other producers in the Middle East, such as Saudi Arabia, Kuwait and Iran, are pricing their crude based on the month of loading. The first, based on futures in the Dubai Mercantile Exchange in August. 
This will expose buyers to risks, as they will only be notified by mid-September whether they have accepted their offers to buy shipments, making it difficult for them to pre-hedge price changes. 
"They have to reform their supply program first, before they try to change the benchmark," traders said. "The timing of pricing for other producers makes it difficult to compare ore valuations" .
While buyers are concerned that about 80 percent of the crude used to price Oman futures contracts on the Dubai Mercantile Exchange is going to China, reflecting the economic and fundamentals of only one Asian buyer. Ade Emsirovic of the Center for Energy Economics at the University of Surrey in Britain, "The transition to Oman's contracts on the DME is very ambitious," he said. "It will cause a few difficulties. It will be very difficult technically." Somo did not comment on its motives for change, and the move to the DME may bring higher prices for the company , As the average monthly price of Omani crude contracts on the Dubai Stock Exchange Ge, increase levels of about three dollars above the average calendars of Oman and Dubai crude on the Platts platform, between March and July was the last two.
On the other hand, some traders support this move, because knowing the price of Iraqi crude two months before the delivery gives traders who have shipments of Basra crude without specific destinations, more time to determine the destination where they will sell oil, based on the differences in prices in the region. 
It is not yet clear whether SOMO will proceed with the move, as the company is expected to solve the problems faced by customers, according to a source familiar with the Iraqi plan. Baghdad may change the measurement price, but while maintaining the current pricing period, This means that crude pricing will still be based on the same month of loading. 
In the oil market, oil prices rose on Thursday as the US oil sector prepared for a potential production disruption as Hurricane Harvey headed to the Gulf of Mexico oil hub.
The storm has been growing stronger since Wednesday, and may turn into the biggest hurricane to hit the US mainland in 12 years, heading toward the area between Houston and Corpus Christi on the Texas coast. 
US WTI crude futures rose 33 cents, or 0.7 percent, from the previous level to $ 47.76 a barrel. Global Brent crude futures rose 38 cents or 0.7 percent from the previous close to $ 52.42 a barrel, Prices have risen as production facilities in the affected area are closed in preparation for the hurricane, with expectations that closures could continue if the storm caused extensive damage. 
Far from the potential impact of the storm on the oil sector, the crude market is still abundant in world supply, despite efforts by the Organization of the Petroleum Exporting Countries (OPEC) to cut production to boost prices.
The rise in crude supplies is partly due to US production, which jumped 13 percent since mid-2016 to 9.53 million barrels per day (bpd), close to its record 9.61 million bpd in June 2015.
 

 

 

 

 

 

 

[yota691]

Iraq sells Basra light crude at 17 cents a barrel

 

 Since 2017-08-28 at 13:15 (Baghdad time)

 Baghdad Mawazine News

Iraq sold two million barrels of Basra light crude for October at a premium of 17 cents a barrel over the official selling price through a tender on the Dubai Mercantile Exchange, trade sources said .

The Iraqi oil marketing company (SOMO) did not put up a tender for September and sold the last tender for Basrah Light crude for August at a price premium of 22 cents a barrel to Shell .

[yota691]

Sumo: Continuous internal discussions to change the benchmark price of Basrah ore in Asia

 

 Since 2017-08-29 at 13:30 (Baghdad time)

Baghdad Mawazine News

The Iraqi Oil Marketing Company (SOMO) announced on Tuesday that it is still conducting internal discussions on the proposal to change the benchmark price for Basra crude in Asia.

"The company is still conducting internal discussions on the proposal to change the benchmark price for Basra crude in Asia," Falah al-Ameri, general manager of the company, said in a statement.

Last week, Sumo surprised traders by asking for their views on a plan to change the benchmark price of Basra crude in Asia to the price of Omani crude futures on the Dubai Mercantile Exchange as of January 2018 rather than based on Standard & Poor's Global Plats' global pricing estimates.

Sumo asked customers to give their opinion by Aug. 31, but Falah al-Ameri, general manager of Sumo, said in his August 28 letter to Reuters that the discussions were still going on within the company, adding that the final result would be disclosed in due course.

The move will affect the pricing of about 2 million barrels of crude per day of crude supplies to Asia, especially those destined for India, China and South Korea.

Some refiners fear they will be offered a longer period of time between pricing and delivery for more risks, but others say the new pricing system allows traders with unscheduled Basra crude shipments more time to sell their oil, based on regional price differences.

[Wiljor]

IRAQ SAYS STILL DISCUSSING PLAN TO CHANGE BASRA CRUDE OIL PRICE BENCHMARK

Iraq, August 30, 2017 Iraq’s Oil Marketing Company (SOMO) is still engaged in internal discussions on a proposal to change its Basra crude price benchmark in Asia, its director-general said in an e-mailed statement. SOMO, Iraq’s state oil marketer, surprised traders last week by seeking feedback on plans to switch its Basra crude benchmark in Asia to pricing based off the Dubai Mercantile Exchange from January 2018, dropping quotes based on assessments by oil pricing agency S&P Global Platts. The firm has requested customer feedback on the potential change by August 31, and Director-General Falah J Alamri said talks were still under way within SOMO. “However, we will reveal the final outcomes in due course,” the official wrote in an e-mailed document dated August 28. The move would affect the price of about 2 million barrels per day (bpd) of crude oil supplies to Asia, mainly shipped to India, China and South Korea. Some refiners said they fear that longer lead times between pricing and deliveries will expose them to more risk, although others say the new pricing scheme allows traders holding Basra cargoes without fixed destinations more time to decide where to sell their oil, based on regional price differences.   http://iraqdailyjournal.com/story-z15835449

[yota691]

LATS is planning to evaluate Basra's light and heavy crude prices

Economy News _ Baghdad Standard & Poor's Global Plats said in a note to subscribers on Thursday it was proposing to begin assessing the price of Iraqi Basrah Light and Basrah heavy cargo shipments on FOB delivery in Basra from November 1. These new valuations will be added to their current prices for Basrah light crude on delivery at the US coast on the Gulf of Mexico, Platts, a unit of Standard & Poor's Global, said. Assessments for shipments of 1 million barrels per barrel will be for both. "The new Platts valuations will reflect rolling crude without a specific destination," the company said in the note. Platts will publish a price difference for both crude for its official selling price for the month of loading plus a direct price. Platts said the crude price assessment plan came after talks with industry participants amid growing demand for crude from Asian refiners. The crude exports are estimated at 2 million bpd, she said. Platts called on its clients to present their views by Oct. 6.

Views 3   Date Added 31/08/2017

[yota691]

Kuwaiti newspaper describes the re-pricing of Iraqi oil as "reckless step" and expects a "crisis"

 

Editor Mustafa Saad - Sunday 10 September

 

 

 

 

Alsumaria News / Baghdad attacked the newspaper " Al Rai" Kuwait on Sunday, the decision of Iraq judge to re - pricing of crude oil in Asia , describing it as a move "reckless and ill - considered," as expected "crisis" between Iraq and its customers in the Asian market occurs.  The newspaper said in a report issued today, quoting sources, that "the Iraqi decision to re-pricing oil according to a new equation, is a surprising step to the market, and reckless and ill-considered," noting that "may result in losses of market share."   She added that " the decision to go into the question of the new pricing, and despite the difference in pricing used in the market equation ( Oman / Dubai ) for the benefit of the new pricing for Iraq on the Dubai bourse only equation , but the difference remains very simple, but part of the market share has become of the past "He said.  "The other important thing is that this step required more study and consultation with customers, which was not actually done by Baghdad, and has been expressed by a number of customers Asian market," saying that "changing the method of pricing in such a hasty way And non-prudent may create a crisis between Iraq and its customers. "

[ChuckFinley]

It will be interesting to see how this plays out with their oil meeting in Oct. 

[10 YEARS LATER]

4 hours ago, ChuckFinley said:

It will be interesting to see how this plays out with their oil meeting in Oct. 

 

Wait a minute . . . A CRISIS in the Middle East ??? WTF ??? Things like this don't happen there ! ! ! ! These Blunt Skulls aren't HAPPY unless there's a NEW CRISIS every single day.

 

They live for this. DRAMA QUEENS - lets's be real everyone. We've been at this for a long, long time folks. Manufactured or otherwise, the people wouldn't know what to do if they were not embroiled in CRISIS !  

 

CF - You are Correct ! How this will play out in October is VERY much of interest ! ! ! ! 

[yota691]

"Sumo" defer the decision to change the price of Basra crude

The company needs more time to discuss its customers' decision

 

 12 September 2017 11:03 p

The Iraqi Oil Marketing Company (SOMO) has told its customers it needs more time to study a plan to change the benchmark price for Basra crude from January, Reuters reported.

Sumo noted in her letter that she needed a sufficient time for in-depth discussions with customers on the best ways and mechanisms that should be more effective for a good representation of the benchmark price for the Asian market based on real transactions.

In its letter, it explained that for this purpose, the first of January 2018 will not be considered as a date to change the current measurement price in force, according to "Reuters."

On August 21, Sumo informed its customers of its intention to change the benchmark price of Basrah crude in Asia to the price of Omani crude oil futures on the Dubai Mercantile Exchange from the average price of Dubai and Oman crude on the Platts platform starting next January.

Iraq sold one or two Basra crude per month through an auction platform on the Dubai Mercantile Exchange as a way to explore the price since last April, the agency said, recalling the latter's launch of Oman crude futures in 2007 .

It is worth mentioning that the Iraqi oil minister, "Jabbar al-Allaibi," issued a decision to exempt "Falah al-Ameri" from his post as Director General of the Iraqi Oil Marketing Company , and the assignment of "Alaa Yasiri" to run the company acting for 3 months until the selection of a new director.

[yota691]

Iraq sells additional shipments of Basra crude to the Dubai Mercantile Exchange

 

 Since 2017-09-13 at 15:56 (Baghdad time)

Follow up of Mawazine News

The Iraqi oil marketing company "Sumo" will sell two million barrels of Basra heavy crude for loading in November, through a tender on the Dubai Mercantile Exchange on the 19th of this month.

 Reuters quoted oil exporters as saying that the state oil company SOMO will issue 2 million barrels of Basrah Light crude for loading in November through the Dubai Duty Free on Sept. 20, in addition to the first shipment of Basra heavy crude.

One of the exporters said the two shipments will be loaded between November 23 and 28.

The oil marketing company "Sumo", sold last month, about two million barrels of Basra heavy crude at a premium of $ 1.63 per barrel, and two million barrels of other Basra light crude at a premium of 17 cents a barrel, through a tender on the Dubai Mercantile Exchange, For download in October for the official sale price of Alkhameen

[blueskyline]

Thank You Yota . So . Any ideas on what is happening here ? This oil is going from the trade on the S&P to Dubai Mercantile. Can it be purchased in China Oil futures sold in Yuan , back by gold now ? 

[yota691]

Sources: Iraq sells Basra crude loading November at a lower price premium

 

Wednesday 20 September

 

 

Alsumaria News / Baghdad announced commercial sources Wednesday that Iraq sells crude Basra November load at a premium price less.  According to Reuters , citing sources that "Oil Marketing Company ( SOMO ) said that Iraq sells two million barrels of Basra Light crude November load at a premium price less than the previous month." "The shipment for November 23-28 was sold at a premium of 13 cents a barrel above the official selling price, compared to 17 cents in October," they said.

[blueskyline]

http://economy-news.net/content.php?id=9298...

  Iraqi investors conclude 14 deals on the Abu Dhabi Stock Exchange

 

Economy News Abu Dhabi:   Iraqi investors have concluded 14 transactions on the Abu Dhabi Stock Exchange with a value exceeding one million UAE dirhams.   "Iraqi investors bought 1 million shares on the Abu Dhabi Stock Exchange with a value of 794.1 thousand dirhams through 13 deals," the UAE-based Al-Iktissad News said.   He added that "Iraqi investors also sold 550 thousand shares through four deals worth 312 thousand dirhams," noting that "Iraqi nationality is the eighth in the classification of foreign trade today on the Abu Dhabi Stock Exchange."       Views 471   Date Added 10/08/2017

[blueskyline]

My apologies . Horrid copy paste job ...

[ChuckFinley]

Not as bad as you think. Thanks Blueskyline.

[Wiljor]

1 hour ago, blueskyline said:

My apologies . Horrid copy paste job ...

 

No apologies needed brother, we got your back 

[nannab]

You are doing a great job on our behalf Blueskyline.   Thanks !!

[DinarThug]

CNN. Broadcasting From The Center Of It All In Downtown Baghdad Where Two Camels Just Got Stuck Together Mating On The Street !

 

 

 

 

http://bit.ly/2z4ap3I

Is it possible for Iraq to become the center of oil marketing in the world ?

 13th October, 2017

Iraq continues to suffer from the worsening of the financial crises and problems which have negatively affected the plans and procedures of the Iraqi government, which are facing many of the increasing security, political and economic challenges due to the continued differences and political conflicts and the war against the organization of the terrorist advocate, And it depends mainly on oil, which accounts for more than 97% of the budget revenues, these crises forced the Iraqi government to take new measures and plans, in order to reduce the deficit in the general budget of the state and meet the requirements of public spending.

As for the latest developments in the oil file in Iraq, the Iraqi Oil Ministry said Iraq had exempted Falah al-Omari from the post of director general of the oil marketing company (SOMO), but he will retain the position of governor of Iraq to OPEC. A spokesman for the ministry said Omar would also remain an adviser to the oil ministry while Alaa al-Yasiri would become Acting Director of Sumo. A senior oil ministry official said the decision to remove Omri was part of a wider plan to appoint new directors to key positions in the ministry.

Iraqi Oil Minister Jabbar al-Luaibi issued a decree appointing Ihsan Abdul-Jabbar as the new head of the state-run Southern Oil Company. "The minister has a new plan to run the oil ministry," the official said. New plans need new managers and new blood. Al-Luaibi will make further decisions soon as part of the change process to restructure the ministry.

On the other hand, Standard & Poor's confirmed its credit rating for Iraq at B- / B with a stable outlook but expected that the reduction in oil production would affect economic growth in 2017. The credit rating agency gave a stable outlook to expectations of continued budget control efforts in the next few years . Standard & Poor's said the rating received support from Iraqi oil production concentrated in areas under the firm control of the federal government.

Iraq's proposal to change the pricing of its crude oil in Asia also faces opposition from refiners, which fear more risk because of a longer period between pricing and delivery. The Iraqi Oil Marketing Company (SOMO) surprised traders by seeking views on plans to change the benchmark price of Basra crude in Asia to be priced on the Dubai Mercantile Exchange as of January 2018 instead of pricing based on Standard & Poor's Global Plats ratings.

The move would affect the price of about two million barrels per day of crude oil supplies to Asia, especially those destined for India, China and South Korea. "The change is important and will be closely watched, not only from Middle Eastern producers but from all stakeholders," said Oystein Bernstein, Managing Director of Strong Petroleum in Singapore. Under the new method, Basra crude will be priced using the monthly average price of Omani crude futures on the Dubai Mercantile Exchange two months before the oil is loaded. Other producers in the Middle East, such as Saudi Arabia, Kuwait and Iran, are pricing their raw materials based on the month of loading.

This means that Iraqi crude load October will be priced on the basis of futures on the Dubai Mercantile Exchange in August. This will expose buyers to risk, as they will only be notified by mid-September whether their bids have been accepted for purchases, making it difficult for them to pre-hedge price changes. "We are not in favor of that. "They have to fix their (supply) program first before they try to change the benchmark price." The buyer requested anonymity because he was not authorized to speak to the media in this matter.

Traders say that the timing of pricing for other producers makes it difficult to compare ore valuations. Some buyers are concerned that about 80 percent of the crude used to price Oman futures contracts on the Dubai Mercantile Exchange is going to China, reflecting the economic and fundamentals of only one Asian buyer. "The transition to Oman's contracts on the Dubai Mercantile Exchange is very ambitious," said Ady Emserovic of the Center for Energy Economics at the University of Surrey in Britain. I think it will cause a few difficulties because it will be very difficult technically. "

Somo did not comment on her motives for change. The move to the DME could bring higher prices to Sumo. The monthly average price of Oman's crude oil contracts on the Dubai Mercantile Exchange (DME) was around 20 cents higher than the average of Oman and Dubai on the Plats platform between March and July of this year.

Some traders support this move. Knowing the prices of Iraqi crude two months before the delivery gives traders who have shipments of Basra crude without specific destinations have more time to determine the destination they will sell oil based on the price differences in the region. It is not yet clear whether Sumo will go ahead with the move, as the company is expected to solve the problems customers have encountered, according to a source familiar with the Iraqi plan. According to Reuters.

Iraq may change the measurement price but still maintain the current pricing period at present, which means that crude will continue to be priced on the same month of loading. Platts, which dominates the global pricing of oil in the current market, declined to comment on how to respond to the possible withdrawal of OPEC's second largest producer.

On the other hand, Iraq began to market bonds worth $ 1 billion in the first international debt issue to sell alone since 2006 in an attempt to overcome decades of unrest. Iraq, with its vast oil reserves, is seeking to attract emerging market investors with attractive profits, which will be necessary to ease concerns over the war record. Iraq issued $ 1 billion in bonds in January but the offer was fully guaranteed by the US government. Iraq alone this time.

A document issued by one of the banks managing the process showed that the five-and-a-half-year-long indicative pricing of bonds is at the early 7 percent. This level is "attractive" from the perspective of some fund managers, where it yields a good return compared to other emerging markets experiencing conflicts such as Ukraine. The deal is expected to attract a large demand from US and European investors looking for emerging markets that generate revenue they can not get elsewhere.

Fund managers said pension funds, fund managers and sovereign wealth funds were likely to grab a good share of the issue. Iraq needs external funding to fill a widening budget deficit as falling oil prices since 2014 and the slow pace of fiscal reforms the country badly needs to inflate the deficit to 25 trillion dinars ($ 21.44 billion) in 2017, according to the bond issue. There are also 23.3 trillion dinars expected to be collected through domestic and external borrowing according to Iraq's supplementary budget for 2017.

Commercial banks, bond investors and international lenders, including institutions like the IMF, the World Bank and the Organization for Economic Co-operation and Development, are expected to contribute about 11.5 trillion dinars. The support that Iraq receives from development projects funding institutions is a supposed guarantee for investors. When compared to countries with similar ratings at emerging market levels such as Ukraine and Ghana, Iraq has the advantage of a lack of concern about its ability to repay and substantial donor pledges for reconstruction. According to Reuters.

Iraq has a lower credit risk than other similar countries but the upcoming parliamentary elections in the spring of 2018 and the subsequent political instability pose risks that will be taken into account at final pricing, fund managers said. Iraq's bonds may also benefit from excessive liquidity, which comes from risk-hungry investors emerging from high-risk assets. Representatives from Iraq made a promotional tour during which they met with fixed-income investors in the United States earlier and also held interviews in London, Boston and New York. Citigroup, Deutsche Bank and JPMorgan manage the process. Iraq has a B-rating with a stable outlook from Standard & Poor's and Fitch Ratings.

[Flamtap]

All interesting developments. Thanks Thug! 

[SnowGlobe7]

follow the money...an BP has lots of it

[ChuckFinley]

All excellent news items, we just need to get past the Referendum issue.

[yota691]

Iraq plans to sell 4 million barrels of oil on the Dubai Mercantile Exchange

 

Iraq plans to sell 4 million barrels of oil on the Dubai Mercantile Exchange

 

30-10-2017 05:39 PM

 

The Euphrates -

 

Oil trading company SOMO plans to auction the DME for the sale of four million barrels of Basrah Light crude, sources in the oil sector said on Monday. 

 

The sources added that "the Iraqi oil marketing company is preparing to put 4 million barrels of Basra light crude at the auction of the Dubai Stock Exchange on November 26 and 27," indicating that the destination of shipments will be Europe only and the lowest offer set at one year above the official sale price of crude " , According to the agency "Reuters". 

 

Russian crude is expected to be 17 percent lower than in the previous month, but it may still be difficult to obtain high-level bids as Basrah Light crude in Asia has been sold at discounts. According to sources in the sector.

[yota691]

Iraq offers four million barrels of oil for sale on the Dubai Mercantile Exchange

 

 From 2017-10-30 at 17:50 (Baghdad time)

Follow up of Mawazine News

Oil trading company SOMO plans to auction the DME for the sale of four million barrels of Basrah Light crude, oil industry sources said on Monday.

The sources said that "the Iraqi oil marketing company is preparing to put 4 million barrels of Basra light crude at the auction of the Dubai Stock Exchange on November 26 and 27," indicating that the destination of shipments will be Europe only and the lowest offer set at one cent above the official sale price of crude " , According to the agency "Reuters".

Russian crude is expected to drop by 17 percent from November, but it may still be difficult to get high-level bids as Basrah Light crude in Asia has been sold at substantial discounts. According to sources in the sector

M

[yota691]

Iraq plans to sell 4 million barrels of oil on the Dubai Mercantile Exchange

The two shipments will be held from November 26 to 27

 

 30 October 2017 05:33 PM

The  Iraqi oil marketing company "Sumo" plans to sell 4 million barrels of Basra light crude at an auction on the Dubai Mercantile Exchange, according to Reuters .

Sources in the oil trade sector told the agency on Monday that the shipments were destined for Europe only, adding that the lowest bid was set at one cent above the official sale price of crude.

According to the sources, according to the agency, the loading of the shipments will be from November 26 to 27 next .

According to Reuters, these shipments are of importance to Europe, especially after a drop of 17% in Russian Oral ore loads from the ports of the "Baltic" in November, compared to the previous month loads.

Sumo launched 4 million barrels of heavy and light crude oil in November at the Dubai Mercantile Exchange in mid-September , a month after selling the same quantities at $ 1.63 a barrel for light crude and 17 cents for heavy crude.