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Iraq Boosts Crude Export Capacity

Iraq Boosts Crude Export CapacityIraq Boosts Crude Export Capacity

Iraq has increased oil export capacity from its southern ports by 900,000 barrels per day to 4.6 million bpd after adding a new floating terminal in the Persian Gulf, Oil Minister Jabar al-Luaibi said in a ministry statement. “Oil export capacity have reached unprecedented levels after adding a new single point mooring with an additional export capacity of 900,000 bpd,” the statement said on Sunday. Iraq now has four operational single point moorings for loading oil tankers. Last week, OPEC member Iraq increased oil exports from the southern Basra region by 200,000 bpd to make up for a shortfall from the northern Kirkuk fields. The country reluctantly agreed in November to an OPEC deal to cut production in a collective effort aimed at boosting oil prices. Oil exports from Iraq’s southern fields reached 3.24 million bpd in September. Iraq ships the bulk of its oil exports from its southern terminals in the Persian Gulf.

 

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