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2015-11-12 19:50:00

IRAQI OIL TO U.S.

IRAQI OIL TO U.S.

Oil tankers are set to deliver the biggest volume of Iraqi crude to U.S. shores in more than three years, as OPEC's second-largest producer vies for market share as pressure mounts on U.S. shale production.

According to Reuters shipping data, tankers carrying nearly 20 million barrels of Iraqi oil are due to sail to the United States in November, almost 40 percent above the amount booked to arrive in October. At an average rate of more than 660,000 barrels per day (bpd), it would be the largest monthly import since mid-2012, according to U.S. data.

The supply surge is emerging at a time when low oil prices are muscling U.S. shale producers out of the market, heightening competition among some OPEC members to secure market share.

In Europe, Saudi Arabia is targeting traditional buyers of Atlantic Basin and Russian crudes. In the United States, where Saudi Arabia has long been the biggest OPEC supplier, favourable prices are helping Iraq regain share among U.S. refiners that run heavier, high sulphur or sour grades.

"There's been a pull from the Gulf Coast for heavier and medium sour barrels and Basra Heavy been a part of that picture," Energy Aspects analyst Richard Mallinson said.

"If the pricing has got good when refiners are looking to (switch), then it comes on to the shopping list."

The Organization of Petroleum Exporting Countries is all but certain to stick to its policy of pumping oil at record rates to retain market share, as the price of a barrel of oil struggles to break above $50 a barrel.

Traders may have also spied a window of opportunity to move Iraqi crude to the United States, as the spread between U.S. benchmark crude WTI and its Middle East equivalent Dubai one-month swaps DUB-1M-S have fallen to a discount of around 30 cents, from a premium of $4 a barrel just a few weeks ago.

Total U.S. shale production is set to decline 118,000 barrels per day (bpd) in December, the biggest monthly decline on record, to 4.95 million bpd, the least since Sept. 2014, according to data from the Energy Information Agency.

Iraq cut its official selling price of Basra Heavy BASH-OSP-N to the United States to a discount of $5.85 a barrel versus the U.S. sour crude benchmark for November, the lowest since it began selling the grade earlier this year, while cutting Basra Light BAS-OSP-N by 50 cents for October.

Mars Sour crude WTC-MRS is commanding a discount of around $3.00 to $2.00 a barrel to WTI futures.

"We have definitely seen a pickup ... in October in PADD 3, which is the Gulf Coast in (imports of) medium and heavy grades. It's not just Basra Heavy, we saw Maya and we saw Kuwait export blend," Mallinson said.

It is not just non-OPEC barrels that Iraq must compete with. Saudi Arabia, along with some other OPEC members, have delivered cuts to their official selling prices to buyers in Europe and the United States in their quest to for market share, particularly as consumption in Asian hot spots such as China appears to be moderating.

"In spite of strategic stock-building by China and India, Asia has become a congested market," BNP Paribas analysts said in a recent report.

"Consequently, Saudi Arabia and other OPEC members like Iraq, have recently stepped-up marketing efforts elsewhere to diversify their exports destinations."

reuters.com

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IRAQ OIL RISE 15% 

RUSSIA & IRAQ OIL SUPPLIES

Tags: IRAQ, USA, OIL
IRAQI OIL TO U.S. September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

IRAQI OIL TO U.S. September, 20, 09:00:00

GAS PRICES UP TO $3.146

IRAQI OIL TO U.S. September, 20, 08:55:00

ЦЕНА URALS: $51,81591

IRAQI OIL TO U.S. September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

IRAQI OIL TO U.S. September, 20, 08:45:00

RENEWABLE'S FUTURE

IRAQI OIL TO U.S. September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

IRAQI OIL TO U.S.
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

IRAQI OIL TO U.S.
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

IRAQI OIL TO U.S.
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

IRAQI OIL TO U.S.
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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