Summary: TEHRAN (FNA)- The National Iranian Oil Company (NIOC) plans to sell 2 million barrels of heavy crude
oil on the Iran Energy Exchange (IRENEX) on Tuesday August 13 at $57.98 per barrel.
According to a document published by / Reuters / "The sale price of Basra heavy crude
to Asia was set in the same month when deducting 75 cents a barrel from the average prices of Oman / Dubai, down 15 cents." Iraq kept prices for North and South American markets unchanged in September but raised prices for all grades of crude it sells to Europe./ End
KUWAIT, April 15 (KUNA) -- The first phase of heavy crude
oil production at a northern Kuwaiti oil field, known as south "Al-Ritqa" is expected to reach 11,000 barrels per day (bpd), in August, Kuwait Oil Company (KOC) said on Monday.
Such high demand for the sour medium and heavy crude
grades had Dubai crude in high demand.
The 1.2 million-barrel-per-day Capline pipeline reversal, which is the subject of a binding open season to solicit commitments from refiners and other shippers by April 30, would provide a more direct and economical path for heavy crude
from Canada to eastern Gulf Coast refineries than current routes by rail and barge.
oil production is rising, the domestic industry still needs to import heavy crude
to keep the (https://www.eia.gov/todayinenergy/detail.php?id=8330) complex refineries operating efficiently.
The prices of Mexican and Canadian oil, two alternatives to Venezuela's heavy crude
oil, both outperformed WTI crude oil," said Ole Hansen, head of commodity strategy at Saxo Bank.
Since then, news that Saudi would cut prices of heavy crude
to Asian clients in February, along with concerns of demand destruction due to global slowing, and general risk-off conditions following Apple's earnings warning, have seen WTI crude pull back.
While the pipeline bottleneck is expected to ease up next year, a new International Maritime Organization rule that goes into effect in 2020 will keep heavy crude
at a discount of $31-$33 a barrel against WTI, according to a July report by the Canadian Energy Research Institute, or CERI.
The resulting increase in demand for lighter crude will push more crude toward the complex North American refineries that currently turn heavy Canadian oil into higher-value fuels such as gasoline and diesel, putting downward pressure on heavy crude
prices, according to CERI.
crude oil refineries for cutting the flow of Venezuelan heavy crude
, and Maduro's resultant cash flow, in favor of other more reliable sources such as Mexico and Canada for the same product.