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


yota691
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Iraq has cut the official sale price of Basra light crude to Asia for April to $ 0.35 to a discount of $ 0.75 a barrel from the average prices offered to Oman and Dubai compared to the previous month, the Iraqi Oil Marketing Company (SOMO) said on Tuesday.
“The price of heavy Basra crude to Asia for the same month was priced at a discount of $ 4.50 a barrel from the Oman and Dubai branches,” a company statement said.
The official sale price of Basrah Light crude in shipments to North American and South American markets was set at $ 0.55 a barrel without the Argos index for high sulfur crude, up from the previous month. The price of selling Kirkuk crude to the US rose to $ 0.60 per barrel above the same index.
For shipments to Europe, the price of Basrah Light for April was set at $ 1.10 per barrel, less than $ 5.20 per barrel. The official sale price for Kirkuk crude in April was set to fall below $ 3.65 for Brent.

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  • yota691 changed the title to The price of heavy Basra oil fell to $ 62.06

The price of heavy Basra oil fell to $ 62.06

By
 rami
 -
March 28, 2018
5
0
 
 
3-1.png?fit=683%2C384
 

Basra’s heavy oil prices fell 0.70% on the back of a drop in oil prices on the global market as the United States increased production.
The price of Basra heavy oil, on Wednesday, at 2 pm Baghdad time, a drop of 44 cents to become the price of a barrel 62.06 dollars.

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Abadi defies OPEC decision, raises oil production

March 28 2018 02:25 PM
Haider Abadi
Prime Minister Haidar al-Abadi - File photo

 

Prime Minister Haidar al-Abadi announced Wednesday that Iraq production of oil will increase after the wells of the disputed areas in Kirkuk start production, violating the current policy of OPEC to reduce production.

During his speech at the inauguration of Energy Forum in Baghdad Wednesday, Abadi said: "Iraq has huge oil and gas reserves.. We are serious in making benefit of this energy."

"Despite our war against terrorism, the country's oil production hasn't decreased, and we are expecting more increase after gaining the disputed wells in Kirkuk," Abadi added, reminding the attendees of the importance to depend on several energy sources instead of oil.

Worthy to mention that OPEC's Secretary General Mohammad Sanusi Barkindo is currently visiting Baghdad, he met with parliament speaker Salim al-Jaburi, Oil Minister Jabbar Ali Hussein al-luiebi and President Fuad Masum.

 

http://www.thebaghdadpost.com/en/story/25381/Abadi-defies-OPEC-decision-raises-oil-production

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  • yota691 changed the title to Iraq set the official sale price of Basra light crude
 

Iraq has set the official sale price of Basra light crude to Asia for May at a discount of $ 0.75 a barrel from the average prices offered to Oman and Dubai, unchanged from the previous month, Iraq’s state oil marketing company SOMO said on Monday.
Somo said in a statement that heavy Basra crude to Asia for the same month was priced at a discount of $ 4.60 a barrel from the fifth of Oman and Dubai.
The official sale price of Basra light crude for shipments to North American and South American markets for May was little changed at $ 0.55 a barrel without the Argos high-sulfur index. The sale price of Kirkuk crude to the United States fell to a premium of $ 0.45 per barrel to the Argos index of high sulfur ore.
For shipments to Europe, the official selling price of Basrah Light crude for May rose by $ 0.45 to Brent crude, down $ 4.75 per barrel. It was decided to increase the official sale price of Kirkuk crude for May to $ 3.40 less than Brent.

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Iraq keeps the official sale price of Basra light crude unchanged

 

 Since 2018-04-09 at 13:29 (Baghdad time)

16.jpg

Follow up of Mawazine News

Iraq has set the official sale price of Basra light crude to Asia for May at a discount of $ 0.75 a barrel from the average prices offered to Oman and Dubai, unchanged from the previous month, Iraq's state oil marketing company SOMO said on Monday.

Sumo said in a statement that the heavy Basra crude to Asia for the same month was priced at a discount of $ 4.60 a barrel from the fifth of Oman and Dubai.

The official sale price of Basra light crude for shipments to North American and South American markets for May was little changed at $ 0.55 a barrel without the Argos high-sulfur index. The sale price of Kirkuk crude to the United States fell to a premium of $ 0.45 per barrel to the Argos index of high sulfur ore.

For shipments to Europe, the official selling price of Basrah Light crude for May rose by $ 0.45 to Brent crude, down $ 4.75 per barrel. It was decided to increase the official sale price of Kirkuk crude for May to $ 3.40 less than Brent

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  • 2 weeks later...

Iraq’s Basra light crude is loading at a record high of more than a dollar a barrel above its official selling price thanks to strong demand in Asia, trade sources said on Tuesday.
The sources said that JXT Nippon of Japan Refining and the Indian Oil Corporation bought the shipments at a premium of about $ 1.10 a barrel above the official selling price.
Instant bonuses rose from previous levels between 40 and 50 cents after Iraqi oil marketing company Somo announced May allocations.  Some Asian refiners prefer Basrah Light and one source said Somo may have cut provisions for some buyers in May.

http://en.economiciraq.com/2018/04/17/basra-crude-rises-above-its-official-selling-price-thanks-to-asian-demand/

 

 

 

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  • yota691 changed the title to Taiwan buys two million barrels of Basra light oil
Release date: 2018/4/30 10:01 • 210 times read
Taiwan buys two million barrels of Basra light oil
[Oan- follow - up] 
on Monday , trade sources said that Taiwan refiner [Formosa] Petrochemical has bought two million barrels of Basrah Light crude loading in June through a tender.
They explained that the shipment was purchased at a premium equivalent to about 50 cents per barrel above the official sale price of the FOB.
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  • yota691 changed the title to Iraq raises Basra light price
Date of release: 2018/5/10 22:20 • 228 times read
Iraq raises Basra light price
Iraq has raised the official sale price of Basra light crude to Asia for June to $ 0.90 to $ 0.15 per barrel above the average prices offered to Oman and Dubai for the previous month, the oil marketing company (SOMO) said.
Sumo said in an e-mail statement that Basra's heavy crude to Asia for the same month was priced at a discount of 3.85 dollars a barrel for Oman and Dubai. 
The official sale price of Basrah Light crude for shipments to North American and South American markets for June was set at $ 0.50 a barrel without the Argos high sulfur index. 
The sale price of Kirkuk crude to the United States fell to a premium of $ 0.25 per barrel to the Argos index of high sulfur ore. 
For shipments to Europe, the official sale price of Basrah Light for June fell $ 0.95 to Brent crude, down from $ 5.70 a barrel. The official sale price for Kirkuk crude for June was unchanged at $ 3.40 from Brent
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  • yota691 changed the title to Saudi Arabia cut the official selling price of crude to Asia

Saudi Arabia cut the official selling price of crude to Asia

Saudi Arabia cuts official crude sale price to Asia


 Twilight News    
 2 hours ago

Saudi Arabian Aramco said on Thursday it had cut the price of its Arab light crude in shipments to Asian customers for August to $ 0.20 a barrel from July to $ 1.90 a barrel above the average bid for Oman and Dubai.

Aramco reduced the official sale price of its Arab Light crude to Northwest Europe by $ 0.45 in August shipments compared to the previous month to Brent, less $ 2.85 a barrel.

The price of light Arab crude for August in shipments to the United States at $ 0.80 above the Argos index of high-sulfur ore, less than a tenth of a barrel a barrel from the previous month.

Keywords: 

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  • yota691 changed the title to Iraq slashes Basra light crude for Asia in September

Iraq slashes Basra light crude for Asia in September

Iraq slashes Basra light crude for Asia in September
Basra's heavy crude in Asia is $ 3.15 less than Amman and Dubai
 
 
 09 August 2018 12:03 PM

 

Direct: Iraq cut the official sale price of Basra light crude to Asia for September by $ 0.5, on a monthly basis.

The Iraqi oil marketing company "Sumo", in a statement on Thursday, that Iraq has reduced the official sale price of Basra light crude to Asia, to less than $ 0.15 per barrel than the average prices offered to Oman and Dubai.

Sumo said the price of Basra's heavy crude to Asia would be sold at a lower price than the Oman and Dubai crude, at $ 3.15 a barrel.

The official sale price of Basra light crude for shipments to the North and South American markets during September was set at $ 0.25 per barrel on the Argos High Sulfur Index.

The price of the official price of Kirkuk crude is also set by shipments to the United States, up $ 0.55 a barrel from the Argus index.

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  • yota691 changed the title to Basra heavy falls 0.19%
 
1341.jpg
An Iraqi oil field

  

 energy


Economy News Baghdad

The price of heavy Basra oil, on Tuesday, decreased by 0.19%, in conjunction with the global decline in oil prices for the second consecutive session.

According to figures received by "Economy News", the price of heavy Basra oil, at one o'clock in Baghdad time, a drop of 0.14 cents to become the price of a barrel of 71.69 dollars.


Views 15   Date Added 28/08/2018

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  • yota691 changed the title to The Iraqi Oil Marketing Company (SOMO) recalls that Iraq has set the official selling price of Basra light crude to Asia

The Iraqi Oil Marketing Company (SOMO) recalls that Iraq has set the official selling price of Basra light crude to Asia

Iraq raises Basra crude prices to Asia in November

11.10.2018 ~ 11.10.2018

The Iraqi Oil Marketing Company (SOMO) recalls that Iraq has set the official selling price of Basra light crude to Asia

Iraq has set the official sale price of Basra light crude to Asia for November at a premium of $ 0.60 a barrel above the average price offered to Oman and Dubai, up $ 0.75 from the previous month, Iraq's oil marketing company SOMO said.

Sumo said in an e-mail statement that the price of heavy Basra crude to Asia for the same month set at a discount of $ 2.90 per barrel than the average of Oman and Dubai.

Reuters

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Iraq wants to know how buyers use its oil

By SERENE CHEONG AND ALFRED CANG on 10/17/2018
comment.png
 
 

SINGAPORE (Bloomberg) -- Major OPEC producer Iraq would like to know how and where its oil will be used, as demand rises for Middle Eastern cargoes to replace shipments from fellow group member Iran.

Iraq’s state-run Oil Marketing Co., known as SOMO, is asking buyers of its Basrah crude to specify the final destination country for its cargoes, people with knowledge of matter said, asking not to be identified because the information is confidential. That aims to curb cargo resales, a practice under which companies reroute the oil to other firms who may offer a better price.

The demand for final destination details coincides with growing fears of a crunch in the Middle Eastern crude market, as impending U.S. sanctions on Iran squeeze the Persian Gulf state’s exports. With uncertainty rising over whether other regional producers will be able to fill a potential supply gap, prices are climbing as buyers rush to secure alternative shipments.

Global benchmark Brent crude breached $85/bbl earlier this month for the first time since 2014, and traded at $81.09/bbl in London on Wednesday.

While Saudi Arabia and Iran impose country-specific destination restrictions on their supply and don’t allow buyers to resell cargoes bought under long-term contracts, Iraq’s rules are a bit looser. SOMO mostly sells to technical service contract holders that have invested in the nation’s exploration and development projects, and other lifters who have refining assets. Its end-use stipulations are limited to geographic regions, rather than specific countries.

Buyers are encouraged to process the oil in their own refinery systems, rather than trade the bbl. Still, while Iraq charges buyers the official selling price that it sets monthly, the shipments are regularly resold in the spot market at a premium to benchmark prices. Now, as negotiations are set to begin for 2019 term supplies, SOMO is looking to potentially rein in the practice.

The strategy is a u-turn from earlier this year, when Iraq was facing competition from the U.S. and Africa while the market was well supplied. At that time, SOMO allowed buyers to load its crude without saying where the cargo will finally end up. They only had to let the Middle East producer know about the destination two weeks after the shipment’s bill of lading.

https://www.worldoil.com/news/2018/10/17/iraq-wants-to-know-how-buyers-use-its-oil

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  • yota691 changed the title to Iraq presses to prevent resale of Basra oil

Iraq presses to prevent resale of Basra oil

Iraq presses to prevent resale of Basra oil
Sumo is currently seeking to eliminate resale and convert some shipments sold under long-term contracts
 20 October 2018 12:27 p

CAIRO (Reuters) - The Iraqi government is pressing customers to prevent the resale of Basra oil, a recent report said

The Iraqi oil marketing company "Sumo" is requesting data from its customers to know the fate of shipments of Basra ore, to monitor the buyers who have violated the purchase agreements with them, Iraqi oil sources told Reuters on Friday .

The sources added that Iraq shortens its long-term oil sales on the refining systems of buyers .

The Iraqi company "Sumo", does not apply the rule of short sales on refining systems in recent years, to facilitate the sale of large supplies of the Arab state, and the acquisition of market share of other competitors .

Sumo is currently seeking to eliminate resale and convert some shipments sold under long-term contracts into its own business to maximize profits from its oil sales, the sources said .

Basra's oil, which is sold by companies that own stakes in the development of oil fields in Iraq, has no restrictions on the destination and can be sold anywhere in the world .

Among the oilfield producers are BP, Lukoil, Petronas and PetroChina .

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  • yota691 changed the title to Sources: Iraq resumes sale of Basra crude on the Dubai Mercantile Exchange
 
10729.jpg

  

 energy


Economy News _ Baghdad

 Three oil industry sources said the Iraqi oil marketing company Sumo resumed the sale of Basra crude through the Dubai Mercantile Exchange on Monday.

Sumo sold 2 million barrels of Basra light crude for November to an unknown buyer of 20 cents a barrel above the official selling price, they said.

The buyer has the option of sending the shipment to Europe or Asia, the sources said.


Views 6   Date Added 22/10/2018

 
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  • yota691 changed the title to Iraq sells 2 million barrels of Basra light crude on the Dubai bourse
 
10741.jpg

  

 energy


Economy News _ Baghdad

The Iraqi oil marketing company "Sumo" sold two million barrels of Basrah Light crude through the Dubai Mercantile Exchange (DME) on Monday at a 20 cents per barrel premium over the sale of the official price for November.

In a statement on its official website, the Dubai Mercantile Exchange, the Dubai Mercantile Exchange said that "Iraq's Sumo raised the price of Basra light crude to Asia 60 cents per barrel."

Iraq sold the same amount in January at a premium of 42 cents a barrel from the official price for the month of March.


Views 280   Date Added 22/10/2018

 
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  • yota691 changed the title to SOMO sells two million barrels of Basra crude for loading through auctions on the Dubai bourse

SOMO sells two million barrels of Basra crude for loading through auctions on the Dubai bourse

12:54 - 24/10/2018

 
image
 
 

BAGHDAD - 
Iraq's oil marketing company SOMO sold another two million barrels of Basra crude for mid-November through auctions on the Dubai Mercantile Exchange on Wednesday, three sources in the sector said. 
Sumo sold 1 million barrels of Basra heavy crude for November 16-18 at a price above 11 cents a barrel above the official sale price of crude. 
It sold one million barrels of Basra light crude for download at the same time at a price of more than 18 cents a barrel above the official selling price, slightly less than the price of the auction on Monday. 
The buyers have the option of sending oil to Asia or Europe, the sources said. 
"It seems that Sumo has additional quantities of oil for sale," another market source said.
On Monday, Sumo sold 2 million barrels of Basrah Light crude to UNIPEC through the Dubai Mercantile Exchange at a price of more than 20 cents on the official selling price, to resume oil bids on the stock market after a halt of nine months.

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SOMO sells two new shipments of Basrah crude

SOMO sells two new shipments of Basrah crude
DME logo
 24 October 2018 12:49 PM

 

Mubasher: A statement issued by the Dubai Mercantile Exchange that the Iraqi National Oil Company "Sumo" has sold two other shipments of crude oil Basra through auctions.

The company sold shipments on Wednesday through the Dubai Mercantile Exchange.

The volume of the first shipment was 1 million barrels, according to a statement of the Dubai Mercantile Exchange on its official website, to be loaded from November 16 to 18, a premium of 11 cents a barrel from the price of November.

The second shipment was also the size of one million barrels of Basra light oil, for the same period at a premium of 18 cents a barrel from the price of November.

Sumo has sold 4 million barrels of crude oil this week through DME auctions.

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Thank You Yota . Question . Has the State run oil companies always sold their oil through SOMO . Or are these the first time that SOMO sold oil free of the State.  At the time of announcement and then cancellation of 9 State run oil companies joining SOMO . Many agreements might have been made  . Are these deals with or without the State is my question?

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8955.jpg
Headquarters of the oil marketing company "Sumo"
  

 energy


Economy News Baghdad:

According to a document that the Iraqi oil marketing company Sumo announced on Thursday an auction for the sale of small quantities of heavy crude from the Qayara oil field in the north of the country for export on trucks .

Sumo invited companies to bid by the fourth of November .

The quantities are 30 thousand barrels per day, with a density of 16.8 on the scale of the American Petroleum Institute and sulfur 7.52 percent, according to the document. Contract duration is 210 days, from 20 November to 19 June 2019 .

Source: Reuters


Views 20   Date Added 10/25/2018

 
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Oil announces total oil exports and revenues during last September

 

image

 

01:38 - 25/10/2018

BAGHDAD - 
The Ministry of Oil announced on Thursday the total oil exports and revenues achieved for the month of September, according to the final statistics issued by the Iraqi oil marketing company (Sumo), which amounted to more than 106 million barrels. 
"The total number of exported crude oil for the month of September from oil fields in central and southern Iraq reached (106) million, (795) and (22) barrels," said ministry spokesman Asim Jihad in a statement. , With revenues amounted to (7) billion and (919) million and (848) thousand dollars, while not recorded statistics exports from the fields of Kirkuk. " 
Jihad explained that "the average price per barrel was (74,159) dollars." 
The spokesman pointed out that "the exported quantities were loaded by (38) international companies of different nationalities, from the ports of Basra and Khor al-Amaya and the monolithic buoys on the Gulf."

https://www.mawazin.net/Details.aspx?jimare=16903

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  • yota691 changed the title to Sumo: Iraq sets the price of selling Basra crude for the month of December

Sumo: Iraq sets the price of selling Basra crude for the month of December

11:26 - 13/11/2018

 
image
 
 


BAGHDAD - 
Iraq has set the official sale price of Basrah Light crude to Asia for December at a premium of $ 0.60 a barrel above the average price offered for Oman and Dubai, unchanged from the previous month, Iraq's oil marketing company SOMO said on Tuesday. 
"The price of heavy Basra crude to Asia for the same month is set at $ 2.40 per barrel below the average of Oman / Dubai," Sumo said in a statement received by Mawazine News. 
The official sale price of Basra light crude for shipments to North and South American markets in December was set at $ 0.35 per barrel above the Argos index for crude oil, higher than the previous month. The official price of Kirkuk crude for shipments to the United States is set at $ 0.65 a barrel above the Argus index, unchanged from the previous month.

In shipments to Europe, the official sale price of Basrah light crude for December increased by $ 0.20 to Brent crude price of $ 3.55 per barrel, while the official sale price of Kirkuk crude for the same month fell to $ 4 without Brent.

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  • yota691 changed the title to Kuwait adjusts the pricing standard for its crude oil destined for Asia

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