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Iraqi heavy crude frustrate the international oil companies and claims of discounts on the price
7/11/2015
It revealed a British newspaper, Friday, for "foil" suffered by the international oil companies that receive wages as from Iraq in the form of oil batches of class (Basrah heavy), as shown that this product contains high levels of sulfur and prices above normal, demand a discount on its price, economic analysts believe that it is a challenge for vendors Basra to pump heavy crude in the market experiencing a surplus in production. The newspaper said Alvaanainchil Times newspaper in a report seen by the (long-Presse) that "the international oil companies that receive wages as in the form of oil shipments and of variety in Basrah new heavy, was hit frustrated because the price above what customers used to buy it even though it contains high levels of sulfur , and they're asking for a discount on the price. " It was Iraq's second largest oil producer in OPEC may raise its production to 3.8 million barrels per day, the quality of the oil more weight with high sulfur ratio contributor to the flow of large quantities of this new class of oil to the market, and this is what encouraged Iraq to produce two classes, a new Basra crude heavy with the other usual Basra Light crude product was. "
The newspaper added that "since the start of this trend in June received a major exploration companies operating in Iraq, such as Shell, BP, Total and Lukoil and Petranos national Chinese oil company shipments of Basra crude heavy as a substitute for cash payment of wages companies in a bid to help develop Iraq's southern oil fields ".
Alvaanainchil Times says that "the oil companies insist that the Iraqi National Oil Company has set the price of each barrel of heavy product at a price higher than the ceiling which the buyer wants a shot and it calls for a discount price."
Oil traders say that "refineries need time to take a test on the raw before buying full loads at higher prices, and this means that the mediators would be at risk of financial loss," and argued that "the Iraqi oil company crude oil is priced in accordance with the correct rates of sulfur ratios but launched its new product, which contains Sulfur higher rates did not preparing refineries to meet him. "
The paper quotes Owen Johnson, managing director of Foundation Mersental Eixjing Canadian trade exchange in Dubai as saying that "It's hard always to launch on the market a new crude oil varieties, but we hear from our customers, it would be a challenge for vendors in an attempt to pump Basra crude heavy in a market that is already saturated market for surplus production. "
The paper shows that "this dispute comes at a time when Iraq is more dependent on oil imports than any other time, as the low oil prices with the increase in the payment of the expenses of the war effort against al Daash requirements of Iraq has plunged into a financial crisis."
The paper quotes oil analyst Ihsan right of KBC Foundation for Energy Economics as saying that "there is no problem for Iraq, to sell the new heavy crude at a reasonable price because it sells more than half of its oil for the Asian market," he said, referring to "the Chinese and the Indian market and the possibility of buying also from by US refineries. "
Haq said "the beginning of everything needs to be a period of difficulties to overcome and resolve."
Baghdad had postponed the payment of dues major oil companies, which are worth billions of dollars because of this crisis, it was agreed that companies receive oil shipments in exchange for development projects in the fields rather than pay a fee for each barrel produced cash ".
The government has recently asked the companies, reducing rates of investment in the fields, so as to restrict the amount of oil given, which will lead to reduced earnings from exports and revenues within the own funds ratio.
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7/11/2015
It revealed a British newspaper, Friday, for "foil" suffered by the international oil companies that receive wages as from Iraq in the form of oil batches of class (Basrah heavy), as shown that this product contains high levels of sulfur and prices above normal, demand a discount on its price, economic analysts believe that it is a challenge for vendors Basra to pump heavy crude in the market experiencing a surplus in production. The newspaper said Alvaanainchil Times newspaper in a report seen by the (long-Presse) that "the international oil companies that receive wages as in the form of oil shipments and of variety in Basrah new heavy, was hit frustrated because the price above what customers used to buy it even though it contains high levels of sulfur , and they're asking for a discount on the price. " It was Iraq's second largest oil producer in OPEC may raise its production to 3.8 million barrels per day, the quality of the oil more weight with high sulfur ratio contributor to the flow of large quantities of this new class of oil to the market, and this is what encouraged Iraq to produce two classes, a new Basra crude heavy with the other usual Basra Light crude product was. "
The newspaper added that "since the start of this trend in June received a major exploration companies operating in Iraq, such as Shell, BP, Total and Lukoil and Petranos national Chinese oil company shipments of Basra crude heavy as a substitute for cash payment of wages companies in a bid to help develop Iraq's southern oil fields ".
Alvaanainchil Times says that "the oil companies insist that the Iraqi National Oil Company has set the price of each barrel of heavy product at a price higher than the ceiling which the buyer wants a shot and it calls for a discount price."
Oil traders say that "refineries need time to take a test on the raw before buying full loads at higher prices, and this means that the mediators would be at risk of financial loss," and argued that "the Iraqi oil company crude oil is priced in accordance with the correct rates of sulfur ratios but launched its new product, which contains Sulfur higher rates did not preparing refineries to meet him. "
The paper quotes Owen Johnson, managing director of Foundation Mersental Eixjing Canadian trade exchange in Dubai as saying that "It's hard always to launch on the market a new crude oil varieties, but we hear from our customers, it would be a challenge for vendors in an attempt to pump Basra crude heavy in a market that is already saturated market for surplus production. "
The paper shows that "this dispute comes at a time when Iraq is more dependent on oil imports than any other time, as the low oil prices with the increase in the payment of the expenses of the war effort against al Daash requirements of Iraq has plunged into a financial crisis."
The paper quotes oil analyst Ihsan right of KBC Foundation for Energy Economics as saying that "there is no problem for Iraq, to sell the new heavy crude at a reasonable price because it sells more than half of its oil for the Asian market," he said, referring to "the Chinese and the Indian market and the possibility of buying also from by US refineries. "
Haq said "the beginning of everything needs to be a period of difficulties to overcome and resolve."
Baghdad had postponed the payment of dues major oil companies, which are worth billions of dollars because of this crisis, it was agreed that companies receive oil shipments in exchange for development projects in the fields rather than pay a fee for each barrel produced cash ".
The government has recently asked the companies, reducing rates of investment in the fields, so as to restrict the amount of oil given, which will lead to reduced earnings from exports and revenues within the own funds ratio.
[You must be registered and logged in to see this link.]
