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

[yota691]

Iraq reveals the share of global markets of oil

 

 Twilight News    
 one hour ago

Shafaq News / The Iraqi Ministry of Oil announced the determination of quantities planned for export to 2019 for global markets. 
The official spokesman of the ministry Assem Jihad that the ministry approved the allocation of quantities for the new contracts for companies buying Basra crude oil light and heavy and Kirkuk crude oil for the year 2019, adding that the foundations and mechanisms of marketing and economic and strategic vision adopted by the oil marketing company (SOMO) The allocation of the quantities available for export according to the importance of each market in terms of the volume of demand and the financial return achieved to sell a barrel. 
He explained that Deputy Prime Minister for Energy and Minister of Oil Thamer Abbas Ghadhban directed a balanced policy in dealing with the global oil market, to maintain the stability of markets and in order to ensure and achieve Iraq's economic interest.
He pointed out that the ministry has set the rates of the major international markets of Iraqi crude oil exports. The percentage of the total quantities of the total quantities planned for export next year is 2019 for the Asian market (67%), for the European market (20%) and for the US market (13%).

Keywords: 
 

[SocalDinar]

COMMODITIES

NOVEMBER 27, 2018 / 2:19 AM / UPDATED 3 HOURS AGO

Iraq allocates 2019 oil sales

 

Ahmed Rasheed

2 MIN READ

•  
• FILE PHOTO: Flames emerge from flare stacks at the oil fields in Kirkuk, Iraq October 18, 2017. REUTERS/Alaa Al-Marjani/File Photo

BAGHDAD (Reuters) - Iraq has allocated its oil sales for 2019, with 67 percent of exports going to Asian markets, 20 percent to the Europe and 13 percent to North and South America, the oil ministry said on Tuesday.

 

Iraq’s 2019 oil sales will include shipments from the southern oilfields and Kirkuk, the ministry said in a statement.

Oil Minister Thamer Ghadban urged the adoption of a “balanced policy” when dealing with the global oil market and said Iraq’s 2019 sales were aimed at maintaining stability.

“The economic and marketing basis and mechanisms, and strategic vision, adopted by (state oil marketer) SOMO in allocating the available quantities for exports are based upon the importance of each market with regards to demand and revenue generated from selling one barrel,” said Asim Jihad, a ministry spokesman.

The head of state-oil marketer SOMO said in March that Iraq would seek to corner a greater share of Asian markets through a new joint venture strategy. Around 60 percent of Iraq’s oil exports are already directed to Asia, he said at the time.

https://www.reuters.com/article/us-iraq-oil/iraq-allocates-2019-oil-sales-oil-ministry-idUSKCN1NW0Z3?rpc=401&

[ronscarpa]

 

Iraq to Increase Oil Share to Asia in 2019

29th November 2018 in Iraq Oil & Gas News

By John Lee.

Iraq has allocated 67 percent of its oil exports for 2019 to Asia, with 20 percent going to the Europe and 13 percent to the United States (or to according to Reuters, to North and South America).

In a statement, the Ministry of Oil said the allocation was made based on the importance of each market in terms of the volume of demand, and the price per barrel.

It added that Oil Minister Thamer al-Ghadhban directed a balanced policy in dealings with the global oil market, to maintain the stability of the markets and to achieve the best interest of Iraq’s economy.

Reuters reports that Asia received around 60 percent of Iraq’s oil exports in March 2018.

(Sources: Ministry of Oil, Reuters)

 

http://www.iraq-businessnews.com/2018/11/29/iraq-to-increase-oil-share-to-asia-in-2019/

[yota691]

Iraq sets price for Basra light crude for Asia in February

 

energy Economy News - Baghdad The Iraqi oil marketing company "Sumo" announced on Sunday that Iraq kept the official sale price of Basra light crude to Asia in February at the level of parity with the average prices of Oman / Dubai offered, unchanged from the previous month. Sumo said in a statement it was decided to price Basra's heavy crude for Asia in the same month below the prices of Oman / Dubai by three dollars a barrel. The official sale price for Basrah Light crude in February for the Americas was at the Argus high sulfur index plus $ 1.05 per barrel, up from the previous month, while the price of Kirkuk crude for the US rose to $ 0.05 a barrel above the index. For Europe, the official sale price of Basrah Light crude in February fell by $ 0.25 to a discount of $ 3.20 per barrel from Brent, while the official selling price of Kirkuk crude rose to a discount of $ 2.50 per barrel. Views 27   Date Added 01/13/2019

[yota691]

Sources: Iraq sells Basra crude loaded February high bonuses

 

energy Economy News _ Baghdad  BAGHDAD (Reuters) - Iraq's oil marketing company SOMO sold Basra crude in February for high price increases in bids, commercial sources said on Thursday. The state oil marketing company sold 2 million barrels of Basrah Light crude to UNIPEC and one million barrels of Basra heavy crude to ExxonMobil probably. Typically, companies do not comment on such trade issues. The sources said the two shipments were sold with bonuses of more than a dollar a barrel above the official sales prices of the two. Views 32   Date Added 17/01/2019

[yota691]

Qatar sells Shahin crude in March for the highest in three months

 

Arab and international Economy News _ Baghdad Qatar Petroleum sold three shipments of Shahin crude for loading in March, the highest in three months, trade sources said on Friday. The company sold shipments with an average premium of 55 cents a barrel over Dubai crude, up from an average of 40 cents a month earlier, the sources said. Qatar Petroleum then set the fixed price at 60 cents a barrel, the sources said. Petro Diamond, Unibek and JVC Nippon bought the shipments, the sources added. Prior to the tender, Shahin crude was sold at 50 to 60 cents per barrel on the spot market, the sources said. Views 6   Date Added 18/01/2019

[yota691]

The average price of Dubai crude rises in January

 

Arab and international Economy News _ Baghdad A trader said on Friday that the average price of Dubai crude on the Platts platform for pricing rose in January to 59.080 dollars a barrel. Following are the average prices of Dubai and Oman crude oil and the average for both of them at $ 1 per barrel. Middle East crude producers use these prices to set official selling prices for their ore every month. Saudi Aramco has revised its pricing reference to set official selling prices for its crude to Asia from October, with the benchmark price being the average price offered for Dubai crude on the Platts platform and Omani crude futures on the Dubai Mercantile Exchange. The average reference price for official Saudi crude oil prices for Asia was set at $ 59.204 a barrel in January, which was based in part on the average price of $ 59.36 per barrel of Omani crude on the Dubai Mercantile Exchange in March. Views 9   Date Added 01/02/2019

[yota691]

Sources: Basrah crude for the month of March provided an unusual price

 

Working in the field of Majnoon oil. "Reuters"

energy Economy News Baghdad BAGHDAD (Reuters) - Iraq's state-run Iraqi Oil Marketing Company (SOMO) has bid to sell two million barrels of Basra's light and heavy crude in March, the two bids said on an unusually high price. The buyers would have to offer discounts for the official sale price of Basra crude for Asia, for shipments that could go anywhere in the world, the sources said. Such shipments, known as free-of-destination, have traditionally been priced in excess of the official sale price of Basra crude in the area of delivery. The buyers will have to work on converting standard raw materials to those sold in other regions and bear the risk, the sources said. The tender will also allow Sumo to develop an assessment of other regions that would be able to pay a price higher than the official selling price for Asia, which is usually the highest, according to one source. The bids will be closed on February 12. Views 21   Date Added 08/02/2019

[yota691]

Iraq raises price of Basra light crude for Asia in March

 

energy Economy News _ Baghdad Iraq has raised the official selling price of Basra light crude to Asia in March by $ 0.30 compared to the previous month to reach $ 0.30 a barrel above the average prices offered to Oman and Dubai, the Iraqi oil marketing company "Sumo" said on Wednesday. Sumo said in a statement read by "Economy News" that the price of selling Basra heavy crude for Asia in the same month at the average prices offered to Oman and Dubai less than $ 2.70 per barrel. The official sale price of Basrah Light crude to North and South American markets in March was set at $ 1.35 a barrel above the Argos index for high sulfur ore, more than the previous month. The price of selling Kirkuk crude to the US remained unchanged at $ 0.05 above Argos. For Europe, the official sale price of Basra light crude in March rose to $ 0.55 a barrel to reach Brent price of $ 2.65 per barrel, while the price of Kirkuk crude for the same month to $ 2 Brent. Views 71   Date Added 02/13/2019

[yota691]

Sources: Iraq is selling heavy Basra crude at a high premium

   

energy Economy News _ Baghdad "The Iraqi oil marketing company (SOMO) sold 1 million barrels of Basra heavy crude for loading on March 27-31 at a higher premium than the previous tender,  " the sources said. "The shipment was sold to China Oil at a price of $ 1.40-1.50 per barrel Above the official sale price of crude to Asia. "  The sources said that" Sumo did not allocate any amount of Basra heavy crude to the owners of technical service contracts and that means that no company, except for Sumo, shipments resold on the spot market. "  The US sanctions On Iran and Venezuela and production cuts implemented by the Organization of Petroleum Exporting Countries (OPEC) also  sold the world's heavy crude, and in the previous tender, Sumo sold 2 million barrels of heavy Basra crude for March to SK Energy at a premium of $ 1.10 a barrel above the official sale price of crude to Asia. Views 42   Date Added 02/20/2019

[yota691]

Source: Kuwait raises crude prices in May 15 cents a barrel

 

Arab and international Economy News _ Baghdad Kuwait has raised the price of crude oil sold to Asia by 15 cents per barrel in May, a source familiar with Kuwait said on Thursday. The official selling price for Kuwait's May crude exports is set at 70 cents a barrel above the average price of Oman and Dubai crude, while the official selling price of Kuwait Light Light crude is set at a price premium of $ 1.80 per barrel. The price increase of the Kuwaiti export crude is five cents lower than the increase in the average Saudi Arabian crude price for the same month. Views 36   Date Added 04/11/2019

[blueskyline]

https://www.alsumaria.tv/mobile/news/266883/مصادر-سومو-تبيع-خام-البصرة-الثقيل-بعلاوة-مرتفعة/ar.......

Sources: Sumo sells heavy Basra crude at a high premium

April 17,       Economy and business

Alsumaria News / Baghdad , trade sources said on Wednesday, it said that the Iraqi Oil Marketing Company ( SOMO ) has sold crude Basraheavy high premium.  According to " Reuters " , quoting sources, that " theIraqi Oil Marketing Company (SOMO) tender sold two million barrels of Basra crude to China 's heavy Aonepk company at a premium of a little over two dollars a barrel above the official selling price of the highest premium in months."  The sources pointed out that "the shipment to be loaded on 28-30 May is not specific destination."  The Iraq sells its oil to Asia about 67%, while selling 20% for Europe and 13% to America

[yota691]

SOMO sells Basrah Light crude loading May at fixed premium

Economy | 02:42 - 24/04/2019

 

 

 

BAGHDAD (Reuters) - 
Iraqi oil marketing company SOMO sold two million barrels of Basra light crude at the end of May at a premium of 56-70 cents per barrel above the official selling price. 
"The Iraqi oil marketing company (SOMO) sold two million barrels of Basrah light crude for loading at the end of May at a premium of 56-70 cents per barrel above the official selling price," trade sources said. 
The sources added that "a Chinese customer bought the cargo for loading on May 28-30." 
"While the immediate premium remains relatively stable compared to previous deals, the cost of keeping the shipment for one month to June to compete with other shipments has increased to 80 cents per barrel," a trader said.

[yota691]

Sources: Sumo sells Basrah Light crude loading May at fixed cost

 

energy Economy News _ Baghdad The Iraqi oil marketing company (SOMO) sold two million barrels of Basrah Light crude for loading at the end of May at a premium of 56-70 cents a barrel above the official selling price, trade sources said on Wednesday. A Chinese trader bought the cargo for loading on May 28-30, the sources said. While the immediate premium remains relatively stable compared to previous deals, the cost of keeping the shipment for one month to June to compete with other shipments has increased to 80 cents per barrel, a trader said. Views 56   Date Added 04/24/2019

[yota691]

The average price of Dubai crude rises in April to a peak of 6 months

 

Arab and international Economy News _ Baghdad The average price of Dubai crude on the Standard & Poor's Global Plats pricing platform rose in April to $ 70.95 a barrel, its highest level in six months, traders said on Thursday. Following are the average prices of Dubai and Oman crude oil and the average for both of them at $ 1 per barrel. Middle East crude producers use these prices to set official selling prices for their ore every month. On the Dubai Mercantile Exchange Saudi Aramco has revised its pricing reference to set official selling prices for its crude to Asia from October. The benchmark price is the average price offered for Dubai crude on the Platts platform and Omani crude futures on the Dubai Mercantile Exchange. The average reference price for official Saudi crude oil prices for Asia was set at April 71 at $ 71.05 a barrel, partly based on an average price of $ 71.15 per barrel of Omani crude in the June contracts on the Dubai Mercantile Exchange. Views 25   Date Added 05/02/2019

[yota691]

Iraq raises official sale price for Basra light crude for Asia in June

Economy | 10:25 - 09/05/2019

 

 

 

BAGHDAD - 
Iraq's oil marketing company (SOMO) announced on Thursday that Iraq has raised the official sale price of Basra light crude to Asia in June. 
"Iraq raised the official sale price of Basra light crude to Asia in June by $ 0.60 compared to the previous month to $ 1.60 per barrel above the average price of Oman / Dubai offered," the company said in a statement. 
"The price of heavy Basra crude for Asia in the same month is set at the average price of Oman / Dubai offered below $ 1.40 per barrel," it added. 
The official sale price of Basrah Light crude to North and South American markets in June was set at $ 1.65 a barrel above the Argos index for high sulfur ore, up from the previous month, while the price of selling Kirkuk crude to the US rose to $ 0.45 above Argos.
For Europe, the official sale price of Basrah Light crude in June rose $ 0.60 a barrel to Brent crude, down from $ 1.70 per barrel, and the official sale price for Kirkuk crude for the same month rose to $ 1.15 without Brent.

 

 

 

[yota691]

The average price of Dubai crude falls in May to a two-month low

Economy | 10:23 - 03/06/2019

 

 

 

Follow - up - the balance News 
trader said the market on Monday , the average price offered for Dubai crude on the Standard & Poor 's Global Platform Platts pricing came down in May to an average of $ 69.375 a barrel, its lowest level in two months. 
The average monthly price of Dubai and Oman crude oil and the average of both are flat at $ 1 per barrel. Middle East crude producers use these prices to set official selling prices for their ore every month. 
Saudi Aramco has adjusted its pricing reference to set official sales prices for its crude to Asia from October 2018. The benchmark price is the average price offered for Dubai crude on the Platts platform and Omani crude futures on the Dubai Mercantile Exchange.
The average reference price for official Saudi crude oil prices for Asia is set at May, $ 69.683 per barrel, based in part on the average price of $ 69.99 per barrel of Omani crude in the July contracts on the Dubai Mercantile Exchange.

 

 

 

[yota691]

Oil announces immediate sale of shipments via electronic auction

 

energy Economy News _ Baghdad The Ministry of Oil announced on Monday the sale of immediate shipments of crude oil through electronic auction. The ministry said in a statement received "economy News" a copy of it, "Iraq has sold oil shipments through electronic auction, which added additional revenue." "The additional revenue generated from the sale of some shipments through electronic auction on the Dubai DME, PLATS and spot shipments with price increases." "Total additional revenue for the period from June 2017 to April 2019 was $ 43,806,742.54," the ministry said. Views 24   Date Added 24/06/2019

[yota691]

Iraqi Oil: Record additional revenue from the sale of immediate crude shipments

Iraqi Ministry of Oil

 24 June 2019 12:26 PM

Mubasher: The Iraqi Oil Ministry revealed additional revenue from the sale of oil shipments through electronic auction.

The oil marketing company (SOMO) said in a statement that the additional revenue was generated from the sale of some shipments through electronic auction on the DME, and Pilates and immediate shipments of price premiums.

Total additional revenue for the period from June 2017 to April 2019 was $ 43,806 billion, the ministry said.

[yota691]

Afternoon DV..Great News Day..

[nannab]

And you keep bringing it!!   

3 hours ago, yota691 said:

Afternoon DV..Great News Day..

 

[yota691]

Iraq slashes Basrah light price for Asia in August

An Iraqi oil field

 09 July 2019 02:25 PM

Mubasher: A pricing document reported that Iraq had cut the official sale price of Basra light crude to Asia in August.

According to Reuters, it was reduced by 35 cents to $ 1.75 per barrel, above the average price of Oman / Dubai offered compared to the previous month.

The price of Basra's heavy crude for Asia was set at 60 cents a barrel in the same month from the average price of Oman / Dubai offered 10 cents higher than the previous month .

The daily rate of export from the ports of Basra during the month of June last, 3.39 million barrels, according to the Ministry of Oil.

[yota691]

Sumo: Immediate shipments of Basrah and Kirkuk crude for July

Iraqi Oil Marketing Company - Sumo

 28 July 2019 4:27 PM

The Iraqi Oil Marketing Company (SOMO) said on Sunday it had sold five crude oil shipments from Basra's heavy crude and Kirkuk crude for shipments to be loaded in July.

The company said in a statement that it had sold 2 million barrels of Basra's heavy crude oil and succeeded in selling three shipments of 1.8 million barrels of Kirkuk crude oil by 600,000 barrels per shipment by announcing them as immediate shipments to international specialized companies.

The total additional revenue expected to be generated from this activity for July 2019 will be $ 3.07 million, subject to change in small amounts according to the quantities actually charged based on the operational loading situation.

The Iraqi Oil Marketing Company pointed out that the total additional revenue generated by this activity for quantities actually loaded during the period from June 2017 to the first week of July 2019 amounted to 69.94 million dollars.

The company explained that this amount represents additional revenue for the state treasury above the basic revenue realized from the sale price of the barrel according to the official price formula declared for Iraqi crude oil.

The Iraqi Ministry of Oil, the total oil exports and revenues achieved for the month of June last , according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

The ministry said in a statement that the revenues of oil exports last month amounted to 6.372 billion dollars.

[yota691]

Oil earns $ 70 million in extra revenue in June

 

Company Building "Sumo"

energy Economy News Baghdad The Ministry of Oil announced an additional revenue of about $ 70 million in June. "The Iraqi Oil Marketing Company (Somo) was able to achieve additional revenues to the State Treasury amounted to (69,942,056,90) US dollars (sixty nine million nine hundred and forty-two thousand and fifty-six and ninety-nine dollars)," ministry spokesman Asim Jihad said in a statement read by " The sale and marketing of instant shipments of quantities during the period from June 2017 to the first week of July 2019. He added that "this amount is an additional revenue for the state treasury in addition to the basic revenue achieved from the sale of crude oil and export," pointing out that "marketing company and by relying on the study and evaluation of the market and invest opportunities in it to achieve the best possible price premiums on the sale of instant shipments in a month (3) million barrels of Basra heavy crude, as well as the sale and marketing of three other shipments in the amount of (1.8) million and eight hundred thousand barrels of Kirkuk crude oil by announcing them as immediate shipments on the basis of marketing Based on the study and evaluation of markets Universal ". He added that "the total additional revenue expected to be achieved from this activity for the month of 2019 will be approximately three million seventy thousand dollars," noting that "marketing the full quantities available for export as well as the immediate sale of shipments, enhance the position and place of race and increase its share in the global markets." He added that "this comes within the efforts and efforts of the Ministry of Oil represented by (Sumo) to develop its approved selling methods, including the sale of instant shipments at prices of prices for the official sale price, in addition to the resumption of marketing Kirkuk crude oil to the global market by pumping quantities through the pipeline system in Kurdistan Region ". Number of views 34   Date added 29/07/2019

[yota691]

SOMO sells 2 million barrels of Basra Light crude at a premium of $ 1.26

 

Sumo Building

energy Economy News - Baghdad: Iraqi Oil Marketing Company (SOMO) sold 2 million barrels of Basrah Light crude for loading in September to Unipec at a premium of $ 1.26 a barrel above the official selling price, traders said on Thursday. Somo sold 2 million barrels of Basra heavy crude for loading in September to Petro Diamond at a premium of more than $ 1.60 a barrel above the official selling price, traders said. Prior to this, SOMO sold 2 million barrels of Basra Light for loading in August to Shell at a premium of just over $ 1 a barrel above the official selling price and 1 million barrels of Basra Heavy for loading in August to Petro Diamond at a premium of close to $ 2 a barrel for the official sale price. Number of Views 64   Date Added 15/08/2019