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


yota691
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"SOMO" sells 4 million barrels of Basrah through Dubai Energy

"SOMO" sells 4 million barrels of Basrah through Dubai Energy
Sold two million barrels of Basrah heavy premium amounted to 1.18 dollars per barrel
 
 June 21, 2017 13:45

Direct : organized DME auction 4 million barrels of Iraqi crude oil for the benefit of the Iraqi National Oil Marketing Company "SOMO". 

According to a statement received "direct" edition on Wednesday, was sold two million barrels of Basrah heavy, at a premium of $ 1.18 a barrel added to the official selling price for the month of August.

The statement said it was the first time that the Iraqi crude heavy selling across the platform. 

Also sold two million barrels of Basrah Light crude at a premium of $ 0.22 a barrel added to the official selling price for the month of August, which is the third time that the platform governing the sale of that kind of raw. 

The DME is the first international exchange in the Middle East region for decades, energy futures and commodities, a joint venture between Dubai Holding, and the Oman Investment Fund, and the Chicago Mercantile Exchange Group. 

The SOMO on April 11th said, that Iraq has kept the official price for the sale of Basra Light crude for Asia;shipments in May at least US $ 0.75, the average prices of Khami Oman and Dubai in the previous month.

And the declaration of another launch process for "Sumo" platforms through Dubai Energy, was on 23 May, where I decided put two million barrels delivered in July 2017 on 31 May of the same year. 

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  • yota691 changed the title to Sumo is selling Basra's heavy crude at $ 1.37 a barrel
Release date: 2017/7/26 14:19 • 40 times read
Sumo is selling Basra's heavy crude at $ 1.37 a barrel
The Iraqi oil marketing company (SOMO) sold 2 million barrels of Basra heavy crude at a premium of $ 1.37 a barrel above the official sale price for the September auction, the Dubai Mercantile Exchange said in an auction at the bourse on Wednesday.
Trade sources said that Unipec, the commercial arm of China's Sinopec, had bought the shipment. 
The premium exceeds $ 1.18 a barrel in the price of a shipment for shipment in August during the previous auction in June
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26-07-2017 01:29 PM
image.php?token=8c9f216d71cdb39085a0c5a884ebd567&size=
 


 

 

The Iraqi Petroleum Marketing Company (SOMO) sold 2 million barrels of Basra heavy crude at a premium of $ 1.37 a barrel above the official sale price for September, one of its auctions said on Wednesday. 

This exceeds the $ 1.18 premium for August payments during the previous auction in June.

 
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  • yota691 changed the title to Dubai Energy: [Sumo] sold 2 million barrels of Basra heavy crude at a premium of 1.37
1 minute ago, yota691 said:
26-07-2017 01:29 PM
image.php?token=8c9f216d71cdb39085a0c5a884ebd567&size=
 


 

 

The Iraqi Petroleum Marketing Company (SOMO) sold 2 million barrels of Basra heavy crude at a premium of $ 1.37 a barrel above the official sale price for September, one of its auctions said on Wednesday. 

This exceeds the $ 1.18 premium for August payments during the previous auction in June.

 

cbi.iq is showing error screen again

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7 minutes ago, Officiallytook said:

And my credit union is under another "scheduled maintenance" this has been the 5th+ time in the past two months...

I haven't seen this error page before.

 

Thinking outloud

If PTB told GOI "don't announce rate, do it quietly we don't want a big fuss bout it"...then it makes sence that GOI will terminate CBI.IQ leaving the new http://cbi.3eyon-host.net as the "host" and only cbi site to "see the rate" 1.2? 

 

Back to reality 

OR they could just change the rate on cbi.iq

Edited by WaitIsOver
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2 minutes ago, WaitIsOver said:

I haven't seen this error page before.

 

Thinking outloud

If PTB told GOI "don't announce rate, do it quietly we don't want a big fuss bout it"...then it makes sence that GOI will terminate CBI.IQ leaving the new http://cbi.3eyon-host.net as the "host" and only cbi site to "see the rate" 1.2? 

 

Back to reality 

Exactly my thoughts easy flip of "main" sites just swap the address links pages are already done... not to mention the eyon-host site is more mobile friendly then the original cbi.iq

Edited by Officiallytook
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Oil: We seek to increase production of refineries and reduce imports to provide hard currency to the state treasury
 

 Baghdad / Range 

 

Oil Minister Jabbar Ali al-Allaibi said in a statement that the ministry has developed large plans to develop production in Iraqi refineries and increase and improve production units to meet the local need of oil derivatives and reduce imports and provide hard currency to the federal treasury of the country. 

The ministry said that the ministry has large projects to establish several refineries in the south, center and north of the country, and has offered to invest during this year, to produce more than one million barrels of oil derivatives to reach self-sufficiency of oil products and export surplus, which will increase the financial revenues of the state . 

The statement also pointed out that the minister instructed the increase of production capacity of Najaf refinery to 50 thousand barrels per day, during the visit of the minister to the province of Najaf and meet with officials, while the spokesman of the ministry Asim Jihad during the statement, that the Minister of Oil also instructed the addition of new production units card 20 Thousand barrels to the current capacity of the refinery of Najaf, amounting to 30 thousand barrels, so that the capacity of the refinery to 50 thousand barrels. 

The Ministry of Oil has announced on Tuesday, 25-7-2017, the rate of exports and revenues achieved for the month of June, according to the final statistics issued by the Iraqi oil marketing company "Sumo", more than 98 million barrels of revenue more than 4 billion dollars.

 

http://almadapaper.net/ar/news.....33604/link

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

Iraq sets the official sale price of Basra crude

economy

 Since 2017-08-07 at 15:33 (Baghdad time)

4_2.jpg

 

Mawazine News - Follow up

Iraq has set the official sale price for September shipments of Basra light crude destined for Asia at $ 0.65 a barrel below the average price offered to Oman and Dubai, unchanged from the previous month, Iraq's oil marketing company SOMO said on Monday.

"The price of heavy Basra crude for Asia in the same month is set at $ 4.45 per barrel, compared to the average price offered for Oman and Dubai," Sumo said in a press release.

The official sale price of Basrah Light crude for shipments to North and South American markets in September was set at $ 0.35 above the Argos index for high sulfur crude, unchanged from the previous month, while the price of selling Kirkuk crude to the US was set at $ 1.10 per barrel above the same index .

For shipments to Europe, the price of Basrah Light crude was set at $ 0.30 to Brent, below $ 2.55 per barrel, while the price of September crude for Kirkuk crude was set at $ 2.75 less than the Brent price.

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  • yota691 changed the title to Iraq on the threshold of a historic change in the sale of oil
Date of release: 2017/8/21 12:20 • 36 times read
Iraq on the threshold of a historic change in the sale of oil
The Iraqi Oil Marketing Company (SOMO) has informed its customers that it intends 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, Of January 2018.
The proposed change represents a major shift from OPEC's second-largest producer, Iraq, to the norm for decades, along with other members of the Organization such as Saudi Arabia, Kuwait and Iran, based on the ratings of Standard & Poor's Global Plats for pricing their raw materials. This will apply to about two million barrels of crude per day or nearly two-thirds of Iraqi crude exports from the southern port of Basra. 
"The Iraqis are likely to have a benchmark," said a Singapore oil trader, referring to Saudi Arabia's role in setting prices in the region. 
Saudi Arabia, the world's largest exporter of crude, has set a pricing trend for Iranian, Kuwaiti and Iraqi oil, affecting more than 12 million barrels of crude destined for Asia per day. 
Commercial sources said Somo's speech would launch a consultation round between the company and its customers, adding details of the possible change were still unclear.
Since April, Iraq has been selling a shipment or two of Basra's crude per month through an auction platform on the Dubai Mercantile Exchange as a way to explore the price. 
The Dubai Mercantile Exchange (DME) launched the Oman Ore futures contract in 2007
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1883.jpg
 
 
 

Economy News _ Baghdad

The Iraqi Oil Marketing Company (SOMO) has informed its customers that it wants to change the benchmark price of Basra 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 January 2018.

Reuters quoted the sources as saying that the announcement by the Iraqi oil marketing company "Sumo" 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 as of January 2018 , Will launch a round of consultations between the company and its customers.

Details of the possible change in crude prices are still unclear, while Sumo could not be reached for comment.

Prices will rise by about 2 million barrels of crude per day or nearly two-thirds of Iraqi crude exports from the southern port of Basra, where an oil trader in Singapore pointed out that "Iraq probably wants to have a gauge ore," referring to the role of Saudi Arabia in determining Prices in the area.

According to analysts, the proposed change represents a major shift from OPEC's second-largest producer, Iraq, to the norm he and other members of the Organization such as Saudi Arabia, Kuwait and Iran have used for decades on the basis of the ratings of Standard & Poor's Global Plats In the pricing of their raw materials.

Since April, Iraq has started selling one or two Basra crude per month through an auction platform on the Dubai Mercantile Exchange as a way to explore the price.

Saudi Arabia, the world's largest exporter of crude, sets the price trend for Iranian, Kuwaiti and Iraqi feedstock, affecting more than 12 million barrels of crude destined for Asia per day.

 
Views 6   Date Added 21/08/2017
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In Breakaway Move From Saudis, Iraq May Change Oil Pricing

By Tsvetana Paraskova - Aug 21, 2017, 12:00 PM CDT crude processing

In a bid to increase oil revenues and possibly setting the stage for its own benchmark crude grade, Iraq has told customers it may change the way it prices Basra crude for the Asian market, Reuters reported on Monday, quoting a letter by Iraq’s state oil marketing company SOMO it had seen.

According to SOMO’s letter, the company is asking customers for input regarding a plan to change the Basra crude pricing for Asia to Dubai Mercantile Exchange (DME) Oman futures beginning next year, dropping the average of Oman and Dubai quotes by S&P Global Platts.

“In an effort to realize the intrinsic value of our crude exports to Asia as to be in alignment with the recent market perception, we are contemplating a change of the current pricing formula for the Asian market,” Reuters quoted SOMO’s letter as saying. The letter is dated August 20 and asks for feedback from customers by August 31.

 

If implemented, the change would concern the pricing of around 2 million bpd of Iraq’s exports to Asia, nearly two-thirds of the daily Iraqi exports from the southern port of Basra.



Backed by mining billionaire Frank Giustra, this gold exploration company, with the help of a robot army may Just Made The Biggest Gold Discovery Of The Century. Get the story before it’s front page news.

While it is planning a possible pricing change for Asia, Iraq is not expected to alter the pricing to Europe and the U.S. in which it uses the Dated Brent and the Argus Sour Crude Index (ASCI), respectively.

The Iraqi plan is also seen as a breakaway move from the leading Middle Eastern exporter, Saudi Arabia, whose official selling prices (OSP)—using S&P price assessments for decades--are usually followed by the other main producers in the region.

Middle Eastern crude benchmarks currently don’t include Iraqi crude grades, and this could be one of the reasons for Iraq studying a change.

“The Iraqis probably want to get in on the game of being a benchmark grade,” a Singapore-based oil trader told Reuters.

http://oilprice.com/Energy/Oil-Prices/In-Breakaway-Move-From-Saudis-Iraq-May-Change-Oil-Pricing.html

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Man! This is big 

12 minutes ago, SocalDinar said:

Middle Eastern crude benchmarks currently don’t include Iraqi crude grades, and this could be one of the reasons for Iraq studying a change.

The Iraqis probably want to get in on the game of being a benchmark grade,” a Singapore-based oil trader told Reuters.

 

The Saudis and the UAE can definitely get them in

Edited by ComPLX
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13 minutes ago, skeetdog said:

Thanks SD.... Having a "Benchmark-grade" crude will only further Iraq's growing assets...What was the insert about finding the biggest gold discovery of the century...was this insinuating the gold discovery was found in Iraq....

http://business.financialpost.com/personal-finance/high-net-worth/frank-giustra-takes-a-break-from-the-blade-runner-sequel-and-an-italian-olive-estate-to-return-to-his-first-love-a-gold-mine/wcm/0b9b99c6-b523-4304-ac60-28af4e3a34d1

 

I think this may be it, Skeetdog - and there could have been an editing glitch in the original article. 

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 I found it by clicking on the site listed above it will be on the right.

14 minutes ago, skeetdog said:

Thanks SD.... Having a "Benchmark-grade" crude will only further Iraq's growing assets...What was the insert about finding the biggest gold discovery of the century...was this insinuating the gold discovery was found in Iraq....

. The gold is in guatemala .

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Tuesday 22 August

 

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Alsumaria News / Baghdad 
revealed two sources familiar with the matter, said that the Iraqi Oil Marketing Company (SOMO) informed its customers that it intends to change the measurement price of crude Basra in Asia to the futures price of Omani crude in the Stock Exchange Dubai Energy Average Khami prices of Dubai and Oman on the Platts platform as of January 2018. 

According to Reuters , " the proposed change his major shift by Iraq 's second - largest producer in OPEC, to come out on what he used it for decades he and other organization members such as Saudi Arabia, Kuwait and Iran to build upon the ratings agency Standard & Poor 's global Platts global prices Pricing their raw materials ".

 
"The change will also affect the pricing of more than 12 million barrels per day of Middle Eastern ore destined for Asia, in defiance of the role of Saudi Arabia, the world's largest oil exporter." 

"In an attempt to reach the actual value of our crude exports to Asia and to be consistent with market perceptions, we intend to make a change in the current pricing equation for the Asian market," Sumo said in a letter to customers on Aug. 20. 

Sumo asked its customers to give their opinion on the plan by Aug. 31. 

"There will be no statement on the matter at the moment," the DME said.

Iraq is reforming its oil sector, including the launch of crude sales through auctions on the Dubai Mercantile Exchange to reach higher prices and set up joint ventures to trade and transport crude to understand the dynamics of the market, seen as a plan to gain influence and increase revenues as the country seeks to rebuild its economy. 

"The DME has shown better practices and better transparency than Platts and they also have an auction system," Reuters quoted a source familiar with the matter as saying. 

The move also appears to be in line with Somo's goal of leading a change in crude pricing rather than following Saudi Arabia, OPEC's biggest producer, whose official selling price sets the trend for other major producers in the Middle East. 

Iraq's raw materials are not used in any price indices in the Middle East, and the Platts valuation of the Dubai crude price is based on the deliveries of raw materials from Dubai, Oman, ZAKOM, Abu Dhabi and Qatar's Shaheen oil.

"The Iraqis are more likely to have a gauge ore," said a Singapore oil trader. 

According to her letter to customers, Somo proposed pricing crude shipments this month using Oman crude prices for two months earlier on the Dubai Mercantile Exchange. 

"Such a mechanism aims to show the real value of Iraqi crude based on the month of trading in the Asian market," the company said in the letter. 

This will affect the pricing of about two million barrels of crude per day or nearly two-thirds of Iraqi crude exports from the southern port of Basra, the export port of most of Iraq's oil. 

"The Iraqis have recently been able to achieve a good price premium through the DME auction, so there is some value added," said a source in the oil sector of a Middle Eastern oil producer.



Oman Oil Futures, launched by the Dubai Mercantile Exchange in 2007, is the only high-liquidity crude futures contract for Middle East raw materials in Asia. 

Sumo is not expected to change the pricing of its oil destined for Europe and the United States, one source said. Sumo is exporting its exports to Europe based on Brent crude while the Argos high crude index uses sulfur to price its oil sales to the United States.
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2017/08/24 (00:01 PM)   -   Number of readings: 399   -   Number (4004)
 
 
Iraq seeks to change the price of measurement of ore Basra



 Translation / Hamid Ahmed  
 

In a surprise move of its kind and made for the first time by a major OPEC member, Iraq resolved, through an announcement circulated by the Iraqi company for oil trade, "Sumo", to change the method of selling its oil to the world market, from internationally adopted standards, to other Asian, There may be a coup in the methods of OPEC and its allies in dealing with the market crisis. 


Two sources familiar with the matter said that the Iraqi Oil Marketing Company (SOMO) informed its customers that it intends to change the benchmark price of Basra 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 as of January 2018. 
Proposed change A major shift from Iraq, OPEC's second largest producer, to get out of the habit of decades, he and other members of the Organization, such as Saudi Arabia, Kuwait and Iran, based on ratings of Standard & Poor's Global Plats global prices in the pricing of raw materials.
The change will also affect the pricing of more than 12 million barrels per day of Middle Eastern ore destined for Asia in defiance of the role of Saudi Arabia, the world's largest oil exporter. 
"In an attempt to reach the actual value of our crude exports to Asia and to be consistent with market perceptions, we intend to make a change in the current pricing equation for the Asian market," Sumo said in a letter to its customers on Aug. 20, seen by Reuters. 
Sumo asked customers to give their opinion on the plan by Aug. 31. 
The DME said it would not issue any statement on the matter at the moment, while Somo did not respond to Reuters's request for a comment.
Iraq is reforming its oil sector, including the launch of crude sales through auctions on the Dubai Mercantile Exchange to reach higher prices and set up joint ventures to trade and transport crude to understand the dynamics of the market, seen as a plan to gain influence and increase revenues as the country seeks to rebuild its economy. 
"The DME has shown good practices and better transparency than Platts and they also have an auction system," a source familiar with the matter said. 
The move also appears to be in line with Somo's goal of leading a change in crude pricing rather than following Saudi Arabia, OPEC's biggest producer, whose official selling price sets the trend for other major producers in the Middle East. 
Iraqi raw materials are not used in any pricing indicators in the Middle East. The price of Dubai crude is based on the crude deliveries of Dubai, Oman, ZAKOM, Abu Dhabi and Qatar's Shaheen.
"The Iraqis are more likely to have a gauge ore," said a Singapore oil trader. 
According to her letter to customers, Somo proposed pricing crude shipments this month using Oman crude prices for two months earlier on the Dubai Mercantile Exchange. 
"Such a mechanism aims to show the real value of Iraqi crude based on the month of trading in the Asian market," the company said in the letter. 
This will affect the pricing of about two million barrels of crude per day or nearly two-thirds of Iraqi crude exports from the southern port of Basra, the export port of most of Iraq's oil. 
"The Iraqis have recently been able to achieve a good price premium through the DME auction, so there is some value added," said a source in the oil sector of a Middle Eastern oil producer.

Oman Oil Futures, launched by the Dubai Mercantile Exchange in 2007, is the only high-liquidity crude futures contract for Middle East raw materials in Asia. 
Sumo is not expected to change the pricing of its oil destined for Europe and the United States, one source said. Sumo is exporting its exports to Europe based on Brent crude while the Argos high crude index uses sulfur to price its oil sales to the United States. 
It should be noted that the Iraqi grades to evaluate the oil market and prices, depending on the system of DMI Oman, is not currently followed by any country in the Middle East, which will make Iraq a pioneer in determining prices and frameworks, in relation to the regional, and may be transferred to a global level Akbar, if it succeeds in its application and adoption.
The Ministry of Oil said in its latest statement on Wednesday that the rate of exports and revenues achieved for the month of July, according to the final statistics issued by the Iraqi oil marketing company "Sumo". 
"The final statistics issued by Sumo showed that the total quantities of crude oil exported last July from the oil fields in central and southern Iraq amounted to 100 million barrels, while not recorded," ministry spokesman Asim Jihad said in a statement. The export of quantities of crude oil to Kirkuk fields through the port of Ceyhan, Turkey. 
Jihad added that "the export revenues for these quantities of oil amounted to 4 billion and 400 million dollars, while the average price per barrel $ 44," noting that "the exported quantities were loaded by 33 international companies of different nationalities, from the ports of Basra and Khor al-Amiya and monolithic buoys On the Gulf. "

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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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