Bloomberg: Iraq is able to exceed Saudi Arabia and is the king of oil in the world for these reasons

Baghdad today – Follow-up

Iraq acquires at this stage, an advantage over Saudi Arabia being the fastest oil exporter “growth” in the world, amid intensifying the race between producers to maintain market value.

It became Iraq, last May, the largest supplier of crude oil to India for up to one million barrels per day, according to shipping data compiled by Bloomberg.

Data indicated to Iraqi supplies accounted for 23 percent of purchases India last month, an increase of 19 percent over the previous four months, while Saudi Arabia’s share fell by 1 percent to 17 percent.

Oil producers are facing increasing competition in key markets such as “China and India” while OPEC and its partners continue their efforts to stop production in order to balance the market value.

India’s economy depends which of the financial reserves of $ 2 trillion, more than 80 per cent of its needs for crude oil to rotate the wheel of economic Dulabh. The International Energy Agency expects that India will be the fastest growing consumer by 2040.

Said R.. Ramachandran, head of refineries Bharat Petroleum Corporation, the second-largest refinery run by the state, that “Saudi Arabia was the king when it comes to crude supplies, but now won the title of runner-up”

“The preference of Iraqi crude oil will continue at a time when refineries Indian operations continue to update Mkainha”.

Iraq, which was the No. 2 seller of India for years has been able to overcome the Saudis. As the Indian refineries have updated the factory over the past two years, enabling them to deal with the content of crude oil higher sulfur.

He said Ramachandran said that “the Iraqi crude oil was less favorable due to delays and lack of consistency in shipments. As the Gulf nation lacks the necessary port infrastructure.”

He said Mukesh Kumar Sorana Chairman of Hindustan Petroleum Corporation, “said Iraqi oil is very suitable for our refineries.”

He added that “the company is the largest oil processor in the country, and it’s going to increase the import of Iraqi imports to about 18 million tons in 2017 under specific contracts in the past year. Saudi Arabia will remain purchases fixed at 5.6 million tons.”

According to ship tracking data and shipping agents compiled by Bloomberg. , Iraq has issued 3.93 million barrels per day in May, the highest level in 2017.

Source: Bloomberg

Dollar exchange rate in Iraqi banks and markets (Thursday, June 15th, 2017)
Dollar exchange rate and other currencies 6-14-2017

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