Iraq entered into oil deals worth 1.4 billion dollars with India in his favor

Iraq entered into oil deals worth 1.4 billion dollars with India in his favor

2015/12/24 10:25

Iraq entered into oil deals worth 1.4 billion dollars with India in his favor[Follow-up – where]
commercial sources revealed that Iraq signed deals worth $ 1.4 billion to export about 160 thousand barrels per day of crude oil to two oil refineries in India, to rages race between oil exporters to boost market shares in Asia’s largest consuming region of the ore in the world.
And it consumes Asia half the world’s oil and become the focus of a price war among producers who offer deep discounts to attract buyers amid increasing glut of global supply and slowing demand and falling prices.
and enhance the recent deals entered into by Iraq, the second largest oil producer in OPEC centered organization, the third largest supplier of crude to Asia and form win-win situation for the country, which is making great efforts to increase oil production and revenues much-needed.
He said Virendra Chauhan oil analyst at Energy Ospetks in Singapore “India is of strategic importance, of course, as the fastest the economy will continue growing in the world in 2016.”
The source familiar with the marketing company Iraqi state oil Sumo signed an agreement with Reliance Andsthrs] major refining own companies in India for the supply of 100 thousand barrels per day of Basra crude heavy in 2016 and about 60 thousand barrels per day for the Indian Oil Corporation.
comes transactions within 6 months of the launch of Basra crude heavy, which indicates that Iraq is quick to strengthen its share in the Asian market before the establishment of Iran pump more supplies and entry into the race immediately after the lifting of Western sanctions imposed on it.
He said Chauhan “is bound to intensify the battle with the return of Iranian oil in the second half of 2016″.
It also shows transactions increased the importance of India as a consumer of oil. Iran is also looking to conclude deals with Indian refiners to boost oil sales.
The doubling of the Indian demand for oil during the last five years to more than 4 million barrels per day and the country’s consumption will continue to rise with economic growth of more than 7 percent annually. India meets about 80 percent of its oil needs through imports, which is one of the largest customers Alarac.anthy

alliraqnews.com