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

[skeetdog]

Thanks Yota...There seems to be more to this DME than just the action of crude oil...This could start an entirely new ripple in the black-gold empire...

[ChuckFinley]

Things are really forward for everyone in a very positive way. 

[pokerplayer]

On 9/12/2017 at 5:49 AM, yota691 said:

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

 

 

What !! No safety glasses and wearing running shoes ?? Better call a meeting to discuss safety. Lets say do it over a 2 month period. That should catch all 12 employees at work.

 

  I say this while rolling my eyes lol

 

  pp

Edited October 31, 2017 by pokerplayer

[jmartin1145]

4 minutes ago, pokerplayer said:

 

What !! No safety glasses and wearing running shoes ?? Better call a meeting to discuss safety. Lets say do it over a 2 month period. That should catch all 12 employees at work.

 

  I say this while rolling my eyes lol

 

  pp

We don't need safety glasses where we are going, and those aren't running shoes. I had those shoes back in the disco days.

[SnowGlobe7]

[SnowGlobe7]

17 hours ago, jmartin1145 said:

We don't need safety glasses where we are going, and those aren't running shoes. I had those shoes back in the disco days.

[yota691]

Sumo Raises Official Selling Prices of Basra Light Crude to Asia

 

Economy News _ Baghdad Oil Marketing Company (SOMO) announced that it will raise the official sale price of Basra light crude to Asia next month. "The price of heavy Basra crude for Asia in the same month is set at a discount of $ 3.40 a barrel from the average prices offered to Oman and Dubai," Sumo said in a statement obtained by The Economist News on Monday. The official sale price of Basrah Light for North American and South American shipments was set at $ 0.20 above the Argos index for high sulfur crude, down from the previous month while the price of Kirkuk crude to the US fell to $ 0.85 per barrel above the same index. For shipments to Europe, the price of Basrah Light crude was set at $ 0.25 to Brent, below $ 2.80 per barrel, while the December price of Kirkuk crude was set at $ 2.75 less than Brent's price.     Views 564   Date Added 13/11/2017

[yota691]

Basra's heavy oil rises more than a dollar in the global market

 

Oil worker in southern Iraq

Economy News Baghdad: Basra oil has been heavy, new gains of more than a dollar in the global market. The price of Basra crude oil was $ 56.86 a barrel, up $ 1.01, or 1.81%.   Views 247   Date Added 11/20/2017

 

[yota691]

Basra oil fell 80 cents in Tuesday's trading

 

Oil worker in southern Iraq

Economy News Baghdad:

Basra oil prices fell Tuesday, about 80 cents due to the continuing decline in the global market.

Basra's heavy crude hit $ 56.45 a barrel, down 1.40 percent, or 80 cents .

Basra oil did not achieve further gains of $ 58.49 a barrel last month, and oil experts expect prices to range between $ 50-65 a barrel.

Iraq sells its oil at a price lower than the world market by about $ 4 due to contain some impurities, and the Ministry of Oil seeks to eliminate these impurities before selling them through contracts with international companies.

 

 

 

Views 5   Date Added 05/12/2017

[yota691]

Iraq will raise the price of Basra light crude for Asia in January

By

 rami

 -

December 13, 2017

43

0

 

 

 

Iraq has raised the official sale price of Basra light crude to Asia in January to $ 0.15 to $ 0.25 a barrel from the average prices offered to Oman and Dubai, compared to the previous month, Iraq’s oil marketing company Sumo said on Wednesday.
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 $ 3.40 a barrel for Oman and Dubai.
The official sale price of Basra light crude for shipments to North and South American markets in January was set at $ 0.15 a barrel below the Argos index for high sulfur crude, down from the previous month while the price of selling Kirkuk crude to the United States fell to a premium of $ 0.65 per barrel The same indicator.
For shipments to Europe, the price of Basra light crude for January was down $ 0.25 to Brent, below $ 3.05 per barrel, while the price of Kirkuk crude was set at $ 2.95 for Brent.

[yota691]

Sources: Iraq sells two million barrels of Basra crude at a premium of 40 cents a barrel

- 12/15/2017 3:02:00 AM25 Number of readings

 

 

 

 

Khandan-

The Iraqi oil marketing company Sumo sold Friday two million barrels of Basrah Light crude loaded on January 20 to UNIPEC at a premium of 40 cents per barrel above the official selling price, commercial sources said. 

The shipment brought a strong price premium because Sumo allowed the buyer to announce the shipment 14 days after the issue of the bill of lading rather than the usual procedure for the announcement three days before, a source said. 

The source explained that this gives flexibility to sell the shipment east or west based on which will bring a higher value. 

On the other hand, Sumo did not sell two million barrels of Basra heavy crude, which it also put on Platts auctions, according to sources.

[nannab]

Thanks Yota and good morning DV 

[yota691]

Iraq plans to bid for Basra heavy crude on Dubai Mercantile Exchange

 

 Since 2017-12-18 at 14:40 (Baghdad time)

Follow up of Mawazine News

 The Iraqi oil marketing company (SOMO) will bid on the bourse on Tuesday to sell a 2 million-barrel-long shipment of heavy Basra crude destined for Asia, the Dubai Mercantile Exchange said on Monday.

The shipment is scheduled to be shipped between February 15 and 16.

The bourse said the minimum bid was 1 cent per barrel above the official sale price of crude.

A commercial source said the company could sell another 2 million barrels of Basra light crude for loading in February in a separate bid on Wednesday.

[yota691]

Tomorrow, "Sumo" sells two million barrels of heavy Basra oil

Iraqi oil marketing company "Sumo"

 

 18 December 2017 01:52 PM

Direct : The Dubai Mercantile Exchange on Monday that the Iraqi Oil Marketing Company (SOMO) will offer a tender on the stock exchange on Tuesday to sell the shipment size of two million barrels of Basrah scheduled heavy loaded through on 15 and 16 February addressed to Asia.

The bourse said the minimum bid was 1 cent per barrel above the official sale price of crude.

 Sumo may sell another 2 million barrels of Basra light crude, a February load, in a separate bid on Wednesday, a commercial source said.

Sumo has raised the official sale price of Basrah Light crude to Asia in January at a rate of $ 0.25 a barrelfrom the average prices offered to Oman and Dubai .

Earlier this week, the company announced its intention to sell about 4 million barrels of Basra crude at an auction on the S & P Global Platts.

[yota691]

Sources: Iraq does not receive offers at the auction of Basra heavy crude

 

Oil worker in southern Iraq

Economy News Baghdad:   Iraq's oil marketing company Sumo did not receive bids on Tuesday at an auction on the Dubai Mercantile Exchange to sell two million barrels of Basra's heavy crude, commercial sources said.   One source pointed out that this indicates that the value of crude is still lower than the official selling price.   The Dubai Mercantile Exchange said on Monday that the Iraqi oil marketing company (Somo) will bid on the bourse on Tuesday to sell a shipment of 2 million barrels of heavy Basra crude destined for Asia.   The bourse said the minimum bid was 1 cent per barrel above the official sale price of crude.     Views 7   Date Added 12/19/2017

[yota691]

Iraq cuts Basra crude price in February shipments

 

Economy News _ Baghdad    BAGHDAD - Iraq has cut its official sales prices for Basra's crude to the world in February amid shrinking refining profits, falling prices on the spot market and keeping pace with other producers in the Middle East slashing official selling prices for their competing materials. According to Reuters.   The Iraqi oil marketing company (SOMO) said on Thursday that Iraq has reduced the official sale price of Basra light crude in February shipments to Asia, 30 cents from the previous month to become a discount of five cents a barrel than the average prices of Oman and Dubai.   Commercial data showed that this was the biggest discount in the price of Basra light crude compared with the average Arab crude produced by Saudi Arabia since November 2016.   Sumo said in a e-mail statement that Basra heavy crude destined for Asia was scheduled to be priced in the same month at a discount of $ 3.75 a barrel from the Oman and Dubai bourses.   Iraq is OPEC's second largest oil producer and sells most of its crude oil to Asian buyers.   Somo is likely to have cut official selling prices as market demand has fallen on Basra's light and heavy bunkers.   Last month, Sumo offered February crude and light crude shipments through bids on the Dubai Mercantile Exchange (DME) but did not receive any offers, indicating that the market is valuing crude at prices below their official selling prices.   A February crude oil trader in Singapore said the value of light crude for February delivery would likely remain at a price cut as a drop in fuel oil margins put pressure on medium and heavy crude prices.   Saudi Arabia, OPEC's largest producer and exporter of oil, cut February prices for its equivalent of Basra's light and heavy crude. It was decided to reduce the prices of the sale of medium and heavy Arab crude to Asia by 20 cents per barrel each.   Iraq is pumping more crude into the market as exports from the south increase to 3.535 million bpd in December to offset lower exports from the north.   The official sale price of Basrah Light crude in shipments to North and South America was 50 cents per barrel below the Argos high-sulfur crude, down from the previous month. The price of Kirkuk crude for the US fell to 55 cents a barrel above the same index.   For shipments to Europe, the price of Basra light crude for February was cut by 10 cents to Brent, below $ 3.15 a barrel, while the official sale price for Kirkuk crude was set at $ 2.80 less than Brent.   Views 239   Date Added 01/11/2018

[yota691]

Iraq cuts official sales prices of Basrah ore worldwide

11/01/2018

 

Iraq has cut its official sales prices for Basra's crude to the world in February, as refining profit shrinks and prices fall on the spot market, keeping pace with other producers in the Middle East selling official prices for their competing materials.

 

Iraq has cut the official sale price of Basra light crude in February shipments to Asia by 30 cents from the previous month to a five-cent-per-barrel discount from the average prices of Oman and Dubai, Iraq's oil marketing company said on Thursday.

 

Commercial data showed that this was the biggest discount in the price of Basra light crude compared with the average Arab crude produced by Saudi Arabia since November 2016.

 

Sumo said in a e-mail statement that Basra heavy crude destined for Asia was scheduled to be priced in the same month at a discount of $ 3.75 a barrel from the Oman and Dubai bourses.

 

Iraq is OPEC's second largest oil producer and sells most of its crude oil to Asian buyers.

 

Somo is likely to have cut official selling prices as market demand has fallen on Basra's light and heavy bunkers.

 

Last month, Sumo offered February crude and light crude shipments through bids on the Dubai Mercantile Exchange (DME) but did not receive any offers, indicating that the market is valuing crude at prices below their official selling prices.

 

A February crude oil trader in Singapore said the value of light crude for February delivery would likely remain at a price cut as a drop in fuel oil margins put pressure on medium and heavy crude prices.

 

Saudi Arabia, OPEC's largest producer and exporter of oil, cut February prices for its equivalent of Basra's light and heavy crude. It was decided to reduce the prices of the sale of medium and heavy Arab crude to Asia by 20 cents per barrel each.

 

Oil moved away from a three-year high on Thursday on signs that a 13 percent rise in crude since early December may have come to an end, but prices have received some support from a sudden drop in production and US crude inventories.

 

By 0529 GMT, the WTI futures contract was at $ 63.50 a barrel, down seven cents from the previous settlement, but still near its highest since December 2014 of $ 63.67 a barrel.

 

Brent crude for global trade was $ 69.10 a barrel, down 10 cents from the previous settlement price, but still close to the previous peak of $ 69.37 a barrel, the highest since May 2015.

 

Rising pressure on prices is evident in the current oil market, with Iran and Iraq cutting OPEC's second and third-largest oil producers this week in supply prices to maintain competitiveness.

 

Oil markets are generally supported by a cut in output led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which began in January last year and is set to continue until the end of 2018.

 

Prices gained more support Wednesday night from the United States, where crude stocks fell about 5 million barrels in the week ending January 5 to 419.5 million barrels.

 

Slightly below the five-year average of just over 420 million barrels.

 

The US Energy Information Administration said US oil production fell 290,000 barrels per day to 9.5 million bpd, dampening expectations that production would exceed 10 million bpd. (End)

[yota691]

Iraq sells heavy Basra crude at a price premium of 31 cents per barrel

No gear (somo) shipments for loading in January and February in previous auctions

 

 24 January 2018 02:08 PM

DUBAI (Reuters) - Iraq sold two million barrels of Basra heavy crude (March load) at a price premium of 31 cents a barrel, above the official selling price, a spokesman for the Dubai Mercantile Exchange said on Wednesday.

A spokesman for the stock exchange to the offers of 17 participants out of the 20 participated in the auction, pointing out that the shipment to be loaded between March 26 and 28 next, and has no specific destination, according to (Reuters).

He noted the improvement in the demand for Basra heavy crude, and that the Iraqi Oil Marketing Company (SOMO) did not arrange shipments for loading in January and February in previous auctions because of the absence of offers.

[yota691]

Two million barrels of Basra heavy crude were sold on the Dubai Mercantile Exchange

By

 rami

 -

January 25, 2018

17

0

 

 

 

A spokesman for the Dubai Mercantile Exchange said on Wednesday that Iraq’s oil marketing company SOMO sold 2 million barrels of heavy Basra crude loaded in March at a price premium of 31 cents above the official selling price.
He said the shipment was to be loaded between March 26 and 28 and had no specific destination.
Seventeen of the 20 participants in the auction had bid.
The sale shows that the demand for Basra’s heavy crude is improving as Sumo did not send shipments for loading in January and February at previous auctions due to the lack of offers.

[yota691]

Iraq cuts Basra crude prices to Asia and Europe

By

 rami

 -

February 8, 2018

17

0

 

 

 

Iraq cut the official sale price of Basra light crude to Asia in March, by 35 cents from the previous month to average prices offered to Oman and Dubai less than $ 0.40 per barrel.
According to a price report published by Reuters, Basra heavy crude was priced to Asia in the same month to average prices of Oman and Dubai crude, down from $ 4.20 a barrel, down 45 cents.
Prices for the sale of crude to Asia in March were the lowest in six months, with Iraq, OPEC’s second largest producer, cutting prices for Basra crude for Europe in March.
For Europe, the official sale price of Basrah Light crude in March fell by $ 0.95 to Brent’s price of $ 4.10 per barrel and the official selling price of Basra’s heavy crude to Brent’s price fell below $ 7.50 a barrel.
The official sale price of Basra light crude for shipments to North and South American markets in March was set at $ 0.60 a barrel below the Argos high sulfur index, down from the previous month.
The sale price of Kirkuk crude to the United States fell earlier, a dime to become a premium of $ 0.45 a barrel above the index of Argos.

[yota691]

"SOMO" develops its platform for the sale of Iraqi crude auctions

The company is considering an offer to bid rough at an auction across the Argus platform

 

 28 February 2018 03:48 PM

Mubasher : Iraqi oil marketing company (SOMO) has announced the development of its own platform for the sale of its crude auction, to sell limited quantities.

"We are looking for more money for each barrel and to win new market shares," Ali Nazar, the company's vice president, said during a meeting with the Iraqi petroleum sector at the Berlin conference on Tuesday.

Nizar announced that the company was considering an offer to auction crude on an Argos platform.

Last month, Sumo began offering shipments via the Platts pricing platform and began selling Basra crude through an auction on the Dubai Mercantile Exchange last April, the agency said.

[yota691]

"SOMO" develops its own platform to sell crude oil at auctions

 

 From 2018-02-28 at 16:02 (Baghdad time)

Follow - Mawazine News

The head of the Iraqi oil marketing company (SOMO), Ali Nizar, announced on Wednesday the development of the special Somo platform for the sale of crude oil at auctions, while revealed that the company is considering an offer to put crude in an auction through the agency Argos.

"The State Oil Marketing Company is developing its own platform to sell its crude by auction," Nizar told reporters at a conference in Berlin, according to Reuters news agency.

"The logic of the auction is to sell limited quantities, as soon as there is a chance from the reality of our study of the market to make more money for each barrel and to win new market shares, we will move forward with that," he added.

"Sumo is considering an offer to auction crude through an Argos agency," he said.

Sumo began selling Basra crude through an auction on the Dubai Mercantile Exchange in April.

Shipments began to come through Platts pricing agency last month

[yota691]

Iraqi oil rises in world oil market

By

 rami

 -

March 6, 2018

28

0

 

 

 

Iraqi oil prices have risen on the world market as a result of OPEC’s commitment to the OPEC agreement fully.
The price of Basra light crude oil, 66.88 dollars per barrel, up 2.51%, while the price of Basra oil heavy 65.54 dollars per barrel, 1.69%.

[yota691]

Iraq suspends experience to notify Asian customers of Basra ore allocations early

Posted by Reuters

Date: 12:29 PM, March 8

 

A senior official of the Iraqi Oil Marketing Company (SOMO) said on Thursday that the company would resume normal loading schedule for Basra crude for Asian customers after a three-month trial in which customers were notified of supplies at an earlier than usual date.

Somo usually informs Asian customers of their supplies one month before loading. In the experiment, the company informed customers of the supplies six weeks before the loading in an effort to enhance its competitiveness against other suppliers and retain its market share.

"The company has decided to resume its previous schedule in order to satisfy customers from Europe and the United States as well," Ali Nazar al-Shatri, a deputy general manager of the Iraqi company, told Reuters.

"Our goal is to satisfy Asian customers and find common ground for all," he said on the sidelines of a conference in Singapore.

Iraq, the second largest producer of the Organization of the Petroleum Exporting Countries (OPEC), exported 3.4 million bpd in February, and Iraq is selling its oil under long-term supply agreements.

Sumo will stop the test this month and return to its normal schedule of notification, and Asian customers will be informed of April's April 10 shipments, Al-Shatri said.

Asian refiners usually want to see the loading schedules of the Middle East ore two months before the loading in order to have some operational flexibility because the shipment of oil between the two regions takes about 30 days.

Refineries say that pre-notification of the Basra crude load schedules just one month ahead reduces the competitiveness of Basra crude to other materials.

Ihsan al-Haq, an oil consultant at London-based Resources Economist, said the experiment may have been aimed at draining Iraqi crude barrels before seasonal maintenance of refineries, especially as the spot price of crude on the market rises, which means that Sumo may benefit from higher prices. .

But if Somo later decides to lengthen the time between reporting Asian customers to schedules and loading crude permanently, it may signal that the company is seeking to boost its competitiveness against other producers in the Middle East and Russia.

Sumo also auctioned the DME, bids across the Platts price platform and set up a joint venture with Russia's Litasco for oil trading to earn more revenue from its oil supplies, Al-Shatri said.

Last year, the company also asked buyers to give their views on a proposal to change the benchmark price of its crude from the Platts platform to Oman's price on the Dubai Mercantile Exchange.

Al-Shatri said that while this project has been delayed for now, Somo has seriously declined its pricing mechanism.

[yota691]

Sources: Kuwait cuts crude for Asia in April by $ 0.35 for March

 

Arab and international Economynews - Baghdad Kuwait has set the official price for selling its crude to Asia in April at $ 1.15 a barrel, below the average price of Dubai and Oman crude, down $ 0.35 from the previous month, two sources said on Monday. The two sources said the price cut was in line with market expectations and followed Saudi Arabia's impact. Views 5   Date Added 03/12/2018