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Iraq Targets Record Basra Crude Exports

Iraq Targets Record Basra Crude ExportsIraq Targets Record Basra Crude Exports

Iraq plans to export a record volume of crude from its southern ports in June, as it splits its production into two grades for the first time to resolve quality issues, TradeArabia reported.

Iraq has allocated 3.1 million barrels per day (mbpd) of Basra crude to buyers in a preliminary June loading program, up from the usual monthly total of between 2.6 million and 2.7 mbpd.

This included 1.22 mbpd of new crude Basra Heavy for June, nearly double the expected volume, while Basra Light crude exports were reduced to 1.93 mbpd.

Iraqi crude exports hit a record 3.08 mbpd in April, including 2.63 mbpd from southern terminals. The producer hopes to stabilize the quality of Basra Light by separating rising heavy oil production from the southern export pool.

Iraq is currently the second-largest producer in the Organization of the Oil Exporting Countries (OPEC), producing 3.4 million barrels per day, equating to 4.3 percent of the world total.

 

Financialtribune.com