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2018-01-05 23:40:00

IRAQI OIL TO CHINA

IRAQI OIL TO CHINA

 

 

 

PLATTSSaudi Arabia's strong commitment to the OPEC agreement to limit crude production may have helped some of its rival producers gain market share in Northeast Asia, with China recently boosting its oil imports from Iraq as competitive Basrah crude prices and the supplier's stable output appealed to the giant Asian energy consumer.

Since early third quarter last year, Saudi Aramco has been consistently cutting its monthly crude term allocations to various customers in the Far East, prompting big Northeast Asian consumers including China, South Korea and Japan to look for more reliable supply sources within and beyond the Middle East.

Latest data from Beijing showed that Chinese refiners could have switched focus to Iraq for a significant chunk of their monthly crude feedstock requirements amid sliding Saudi crude exports to Asia.

China's crude oil imports from Iraq in November surged 47.2% on year and 58.8% on month to hit a record high of 4.21 million mt or an average 1.03 million b/d, making the Persian Gulf producer its third-largest supplier, data from China's General Administration of Customs showed.

"If Saudi refuses to sell much, [Asian end-users] must find another big reliable [supply] source in the Middle East ... arbitrage [spot purchases from] US, Mexico, Europe alone cannot fully make up for the decline [in Saudi term barrels]," said a Northeast Asian sour crude trader.

Saudi Arabia produced 9.996 million b/d in November, down 45,400 b/d from the previous month, OPEC's secondary sources said.

Its self-reported figure of 9.891 million b/d was a six-month low, 167,000 b/d below its quota of 10.058 million b/d.

Saudi Arabia has been shouldering the burden of cuts under the OPEC production deal and Riyadh had indicated early last month that it will continue curbing its output and come down hard on non-compliant countries.

IRAQ, RUSSIA PLUG SAUDI GAP

Asian traders noted that many regional refiners are attracted to Iraq despite tightening Middle Eastern crude exports as the country's production has been relatively unfazed by the continued OPEC efforts to limit output.

Iraq produced 4.396 million b/d in November, according to secondary sources, up from 4.395 million b/d in October, despite continued outages.

The producer self-reported to OPEC a November figure of 4.36 million b/d, saying that production had been stable at that level since September.

In addition, average exports from Iraq's southern terminals in the Persian Gulf rose 130,000 b/d on month to 3.346 million b/d in October, went up further to 3.502 million b/d in November and hit record 3.535 million b/d in December, data from the country's oil ministry showed.

"Essentially, production from Iraq and Iran have not dropped much compared to other OPEC members ... obviously they will stand out as reliable supply sources," said a crude trader at a Chinese oil company.

Meanwhile, the Chinese customs data showed that the country also raised its crude imports from Russia, possibly in an attempt to fill the supply gap left by the recent string of monthly Saudi term allocation cuts to Asian refiners.

Russia comfortably remained China's top crude supplier in November, with arrivals rising 10.1% month on month to 5.12 million mt. Saudi Arabia held on to second place in the month but shipments were down almost 6% from October.

Latest government data from Japan highlighted a similar crude sourcing trend as Asia's second biggest economy also boosted its imports from Iraq and Russia in November.

Japan's November crude imports from Iraq rose to 93,279 b/d from none in October, while intake from Russia jumped 37% on month to 163,594 b/d, according to preliminary data released last month by the Ministry of Economy, Trade and Industry.

COMPETITIVE BASRAH CRUDE

Attractive price tags on Iraq's flagship Basrah crude could have also contributed heavily to strong Chinese demand in the fourth quarter of last year, Asian traders said.

Iraq's State Oil Marketing Organization previously set the official selling price of its Basrah Light crude grade loading in October and bound for Asia at a discount of 25 cents/b to the Platts Oman and Dubai average for the month, equivalent to an outright value of $55.32/b.

In comparison, Platts front-month cash Dubai assessments averaged $55.55/b in October, while Abu Dhabi National Oil Company had set its OSP for medium sour Upper Zakum crude for loading in October at $56.20/b.

State-owned Qatar Petroleum earlier raised its OSP for medium sour Qatar Marine crude cargoes loaded in October by $2.20/b from September to $55.80/b.

Basrah Light's OSP for November was also among the most attractive in the medium sour Middle Eastern crude complex, coming in at $60.57/b, compared with Upper Zakum's $61.75/b and Qatar Marine's $61.45/b. Platts cash Dubai assessments averaged $60.82/b in November.

"Abundance [in supply] and cheap prices ... big buyers will gather," said a sour crude trader based in Singapore.

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Earlier:

 CHINA:

 

 

 IRAQ:

 

 RUSSIA - CHINA OIL FRIENDSHIP
2018, January, 3, 15:55:00

RUSSIA - CHINA OIL FRIENDSHIP

BLOOMBERG - After a glut sparked the biggest price crash in a generation and starved Russia of oil revenues, the nation sought to boost market share in the world’s top importer. It’s now supplanted Saudi Arabia as the top exporter to China, even as the two producers lead efforts to shrink the global oversupply by curbing output. 

 

   IRAQ'S OIL EXPORT UP TO 3.535 MBD
2018, January, 3, 15:40:00

IRAQ'S OIL EXPORT UP TO 3.535 MBD

PLATTS - Federal crude oil exports from Iraq's southern Persian Gulf terminals edged up in December to reach a new record high, averaging 3.535 million b/d, up 33,000 b/d from in November, the latest data from the oil ministry showed.

 

 

 CHINA'S LNG IMPORTS UP 48.4%
2018, January, 3, 15:50:00

CHINA'S LNG IMPORTS UP 48.4%

PLATTS - Chinese imports of LNG in 2017 totaled 37.89 million mt, up 48.4% year on year, while imports by South Korea totaled 36.51 million mt, up 10.81% year on year.

 

   TURKEY NEED IRAQI OIL
2017, September, 29, 12:15:00

TURKEY NEED IRAQI OIL

The government of Turkey said it will deal exclusively with the Iraqi government on oil exports after voters in the semiautonomous Kurdistan Region of Iraq supported independence in a controversial referendum.

 

 РУССКИЙ ГАЗ ДЛЯ КИТАЯ
2017, December, 22, 22:30:00

RUSSIAN GAS FOR CHINA

GAZPROM - “Today, we laid the basis for another pipeline route of Russian gas supplies to China. The project will expand the range of options for satisfying the growing demand for gas in the Chinese market,” said Alexey Miller.

   IRAQI OIL TO U.S.
2017, September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

 

 

 CHINA STRENGTHENS FINANCE
2017, December, 8, 17:35:00

CHINA STRENGTHENS FINANCE

IMF - The system’s increasing complexity has sown financial stability risks. Given the centrality of banks to the financial system, the FSAP team recommended a gradual and targeted increase in bank capital. 

 

   IMF HAS IRAQ
2017, August, 16, 09:10:00

IMF HAS IRAQ

To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. 

 

 CHINA'S GAS IMPORTS RECORD
2017, December, 8, 17:30:00

CHINA'S GAS IMPORTS RECORD

REUTERS - China’s natural gas imports in November rose to a record as domestic demand surged while crude imports were the second-highest ever, as refiners ramped up output to cash in on strong profits as fuel prices soar, customs data showed on Friday.

 

   IMF BUYS IRAQ
2017, August, 3, 12:25:00

IMF BUYS IRAQ

The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million. 

 

 

 CHINA'S INDUSTRY UP
2017, November, 27, 20:00:00

CHINA'S INDUSTRY UP

REUTERS - Indeed, mining and heavy industry contributed the biggest gains in October, propelling overall industrial profits by 25.1 percent year-on-year to 745.4 billion yuan ($112.94 billion), compared with a 27.7 percent jump in September.

 

   IRAQ PLANS 3.6 MBD
2017, January, 11, 18:35:00

IRAQ PLANS 3.6 MBD

Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month.

 

 

 SAUDI'S OIL FOR CHINA
2017, November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

   IRAQ'S OIL RECORD: 4.051 MBD
2016, December, 9, 18:35:00

IRAQ'S OIL RECORD: 4.051 MBD

Iraq’s Ministry of Oil has said that total oil exports for November have reached a record high of 4.051 million bpd.

 

 

Tags: IRAQ, OIL, CHINA

Chronicle:

IRAQI OIL TO CHINA
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

IRAQI OIL TO CHINA
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

IRAQI OIL TO CHINA
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

IRAQI OIL TO CHINA
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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