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Iraq loses European oil markets in favor of two Asian countries DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Iraq loses European oil markets in favor of two Asian countries

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Iraq loses European oil markets in favor of two Asian countries Empty Iraq loses European oil markets in favor of two Asian countries

Post by RamblerNash Fri Mar 12, 2021 10:11 pm

Iraq loses European oil markets in favor of two Asian countries 636642303118529595
03/13/2021 00:31:09
 
{Economic: Al Furat News} The American "Oil Price" website said that Iraq began to lose its share in European oil markets as a result of relying more on Asian buyers, especially China and India.

The site stated that the average share of Asian countries from Iraqi exports has increased steadily over the past three years, reaching about 80 percent of Iraq's exports through its southern fields in 2020.

The site compared this percentage to what was exported during the past period, which included 60 percent in 2017, and 65 percent in 2018 and 71 percent in 2019. the

report revealed that China and India Asthozta on about two - thirds of Iraq 's daily exports of oil, an average of two million barrels per day {1.05 million to China, and 0.9 million for India}.

And the Ministry of Oil announced that the country's exports of crude rose to 2.96 million barrels per day in February, from 2.868 million barrels per day in the previous month.

The ministry added that exports from Basra ports in southern Iraq amounted to 2.825 million barrels per day in February, up from 2.77 million barrels per day in January.

Iraq, the second largest producer in OPEC, relies on oil exports to collect almost all of the state’s revenues. It was severely affected by the decline in crude prices last year and had difficulty paying the wages of public sector workers.

Iraq's oil revenues increased in February to $ 5 billion at an average price of $ 60.33 a barrel, compared to an average price of $ 53.294 in January.

Ammar Al-Masoudi

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