Iraq increases oil exports to China and America
Iraq increases oil exports to China and America
12.16.2016 19:04
[Oan- follow – up]
Well – informed sources said that Iraq sells more crude oil to the largest customers “Aonepk” China expanded its position in the global market ahead of the start of the implementation of agreed production cuts with the Organization of Petroleum Exporting Countries [OPEC] and other producers.
The sources pointed out that he was signing a contract “Aonepk” such as OPEC, which holds Iraq ‘s seat with the other producers led by Russia ‘s agreement to cut up to 1.8 million barrels a day in an effort to reduce the glut of global supply and raise prices.
The sources added that the Iraqi oil marketing company SOMO] Basra crude futures sales increased to “Aonepk” three percent to between 40 and 60 million barrels in 2017
and said a trader who specializes in crude is sent to China without revealing his name , “if Iraq increased its sales to China , while others were forced to reduce their size or keep a stable Iraq will gain in the end a new stake in the oil market is arguably the most important. ”
And Iraq ‘s second – largest producer in OPEC after Saudi Arabia , currently ranks third among the largest crude supplier to China after Russia and Saudi Arabia, where he scored a jump of 15 percent year on year to about 723 thousand barrels per day between January and October / October.
It is expected in the framework of the extended Chinese deal to carry “Aonepk” two million barrels of Basrah heavy in a single quarter.
According to a source familiar with the preliminary agenda for downloads in January, the oil Sumo also westward Basrah heavy on fixed – term to Exxon Mobil, Chevron and India ‘s Essar Oil refiner new contracts.
And contribute to these contracts in unexpected leap to Basra exports to 3.53 million barrels per day in January 2017 , which would be the largest size since June, according to loading schedules showed.
Increased Iraqi crude exports to the United States more than doubled in the first nine months of 2016 compared with the same period a year ago to reach about 350 thousand barrels per day , with the decline in Venezuelan supplies as shown by data from the Energy Information Administration.
alliraqnews.com
