Iraq is working to increase its share of the Asian oil market

Posted by on Nov 01, 2013 | Leave a Comment

Oil industry sources said on Monday that Iraq pledges easier payment terms for buyers with Asians seeking to increase its share in the key Asian market to market its growing exports.

And led the race to attract customers Asians already to increased competition between Saudi Arabia and Iraq’s largest oil producers in OPEC with the challenge of Baghdad to Riyadh in prices early in the year.

And oil sources said that Baghdad is taking a step beyond viewing to extend payment facilities an additional 30 days to Asian buyers, which actually allows them to defer payment for two months. Iraq aims mainly India and China المتعطشتين the energy.

He said a large oil executive told Reuters, “it probably means that Iraq strengthen its efforts to get a bigger share in the Asian market.

“But to extend the payment period will be only if the buyer agreed to a significant increase in quantities.”

Has not seen the Iraqi oil purchases increases since the beginning of the year.

The expansion slowed in the Iraqi oil sector, which began in 2010 because of problems related to infrastructure and security, which in some cases led to a decline in production and exports below the average levels of last year, amounting to three million barrels per day and 2.4 million barrels per day, respectively.

Exports fell to two million barrels per day in September, registered the lowest level in 19 months as reduced business reforms and expansions in the strategic southern oil port of Basra Light crude shipments sharply. Such shipments constitute most of the export earnings of Baghdad.

Iraq has exported about 2.6 million barrels of oil per day in August.

But display the Iraqi Oil Marketing Company (SOMO) The government may not deliver a response from Asian buyers who are still skeptical about the ability of Iraq to increase its exports at a time when maintenance work is being implemented in the harbors.

For its part, Baghdad expects the imminent return of growth and an increase of 300 thousand barrels per day, a large part of which comes from the giant Majnoon field, which is run Royal Shell Daچ.

Iraq has signed a series of service contracts with major international oil companies such as Shell lobby. Me and Exxon Mobil and Total at the end of 2009 to develop oil fields that have been neglected for decades because of wars and sanctions.

Iraqi officials have said that the new quantities of oil south will pay exports of Basra Light crude to return once again to the level of 2.3 million barrels per day.

But oil traders expect the reduced maintenance work in the southern port of Basra Light crude exports to about two million barrels a day this month.

Two Aaúmtin platforms were closed in part of September, which reduced the export capacity and oil sources said that rates will remain low until the middle of this month.

It is expected to remain Kirkuk crude shipments at about 260 thousand barrels per day, far less than the energy production with gunmen targeting Iraqi pipeline runs to Turkey in addition to a dispute over payments between Baghdad and the semi-autonomous Kurdistan region.

Sumo has asked customers determine the amount of oil they need to contracts for 2014 by mid-October in order to complete the talks in mid-November

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