Iraq faces crude marketing challenges
The Mid-East Gulf producer may need to take lessons from its peers to achieve best value in a crowded market
Middle Eastern NOCs have long faced a twin challenge of ever more competitive markets in their traditional East of Suez backyard and the need to squeeze out more revenue from their production. From Oman’s decision in the mid-2000s to make its crude freely tradeable in the spot market to the move several years later by Abu Dhabi’s Adnoc to charge a premium for lifting destination restrictions on some of its cargoes, they have been constantly changing their business models to try to capture greater value from their crude sales. Covid-19 has served only to reinforce the importance of East of Suez, as refining margin weakness forces more closures in the West. So, is the time ripe for more tradit
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy