Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeSun Mar 10, 2024 5:58 am by RamblerNash

» CBD Vape Cartridges
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

»  Minister of Transport: We do not have authority over any airport in Iraq
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Mar 04, 2024 11:40 am by Verina

» Did Okie Die?
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Mar 04, 2024 11:34 am by Arendac

» Hello all, I’m new
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeWed Jan 31, 2024 8:46 pm by Jonny_5

» The Renfrows: Prophets for Profits, Happy Anniversary!
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeWed Jan 31, 2024 6:46 pm by Mission1st

» What Happens when Cancer is treated with Cannabis? VIDEO
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeWed Jan 31, 2024 8:58 am by MadisonParrish

» An Awesome talk between Tucker and Russell Brand
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeWed Jan 31, 2024 12:16 am by kenlej

» Trafficking in children
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Jan 29, 2024 7:43 pm by kenlej

» The second American Revolution has begun, God Bless Texas
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Jan 29, 2024 6:13 pm by kenlej

» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeSun Jan 28, 2024 3:28 pm by Mission1st

» Tucker talking Canada
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeWed Jan 24, 2024 6:50 pm by kenlej

» Almost to the end The goodguys are winning
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Jan 22, 2024 9:03 pm by kenlej

» Dinar Daily Facebook Page
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Jan 22, 2024 3:34 pm by Ponee

» The Fundamentals of Finance and Pimpy Live
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeThu Jan 18, 2024 7:17 am by Dinarhater

» Why Won't the Iraqi Dinar Scam Die?
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeWed Jan 17, 2024 5:19 pm by RamblerNash

» Frat President Charged With Stealing $267K to Buy Worthless Iraqi Dinars
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeWed Jan 17, 2024 5:05 pm by RamblerNash

» Fact Check: NO Record 'Quantum Financial System' Exists Beyond Claims In Videos, Online Articles
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role I_icon_minitimeMon Jan 15, 2024 6:15 pm by RamblerNash

Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role

Go down

Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role Empty Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role

Post by RamblerNash Tue Aug 22, 2017 10:15 pm

Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role

Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role NB-213721-636390025555831319

Tuesday 22 August

Alsumaria News / Baghdad
revealed two sources familiar with the matter, said that the Iraqi Oil Marketing Company (SOMO) informed its customers that it intends to change the measurement price of crude Basra in Asia to the futures price of Omani crude in the Stock Exchange Dubai Energy Average Khami prices of Dubai and Oman on the Platts platform as of January 2018.

According to Reuters , " the proposed change his major shift by Iraq 's second - largest producer in OPEC, to come out on what he used it for decades he and other organization members such as Saudi Arabia, Kuwait and Iran to build upon the ratings agency Standard & Poor 's global Platts global prices Pricing their raw materials ".

"The change will also affect the pricing of more than 12 million barrels per day of Middle Eastern ore destined for Asia, in defiance of the role of Saudi Arabia, the world's largest oil exporter."

"In an attempt to reach the actual value of our crude exports to Asia and to be consistent with market perceptions, we intend to make a change in the current pricing equation for the Asian market," Sumo said in a letter to customers on Aug. 20.

Sumo asked its customers to give their opinion on the plan by Aug. 31.

"There will be no statement on the matter at the moment," the DME said.

Iraq is reforming its oil sector, including the launch of crude sales through auctions at the Dubai Mercantile Exchange to reach higher prices and set up joint ventures to trade and transport crude to understand the dynamics of the market, seen as a plan to gain influence and increase revenues as the country seeks to rebuild its economy.

"The DME has shown better practices and better transparency than Platts and they also have an auction system," Reuters quoted a source familiar with the matter as saying.

The move also appears to be in line with Somo's goal of driving a change in crude pricing rather than following Saudi Arabia, Opec's biggest producer, whose official selling price sets the trend for other major producers in the Middle East.

Iraq's raw materials are not used in any price indices in the Middle East, and the Platts valuation of the Dubai crude price is based on the deliveries of raw materials from Dubai, Oman, ZAKOM, Abu Dhabi and Qatar's Shaheen oil.

"The Iraqis are more likely to have a gauge ore," said a Singapore oil trader.

According to her letter to clients, Somo proposed pricing crude shipments this month using Oman crude prices for two months earlier on the Dubai Mercantile Exchange.

"Such a mechanism aims to show the real value of Iraqi crude based on the month of trading in the Asian market," the company said in the letter.

This will affect the pricing of about two million barrels of crude per day or nearly two-thirds of Iraqi crude exports from the southern port of Basra, the export port of most of Iraq's oil.

"The Iraqis have recently been able to achieve a good price premium through the DME auction, so there is some value added," said a source in the oil sector of a Middle Eastern oil producer.

Oman Oil Futures, launched by the Dubai Mercantile Exchange in 2007, is the only high-liquidity crude futures contract for Middle East raw materials in Asia.

Sumo is not expected to change the pricing of its oil destined for Europe and the United States, one source said. Sumo is exporting its exports to Europe based on Brent crude while the Argos high crude index uses sulfur to price its oil sales to the United States.

LINK

*****************
Reuters: Iraq plans to change the benchmark price for Basra crude in defiance of Saudi Arabia's role 258310255 
>>>TNTBS's YouTube Channel<<<
RamblerNash
RamblerNash
GURU HUNTER
GURU HUNTER

Posts : 24269
Join date : 2015-02-19

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum