Iraq to Increase Crude Exports for 2nd Half May

Bloomberg reports that Iraq will increase its exports of Basrah Light crude from the Persian Gulf by 20 percent in the second half of May, compared to a month earlier.
According to the loading program, Iraq will ship 26 cargoes from the al-Basrah Oil Terminal (ABOT) (pictured), seven more than a month earlier. Exports will total 40.43 million barrels, or 2.53 million bpd, compared with 2.1 million bpd in the second half of April.
There are planned to be:

  • 15 consignments of 2 million barrels each;
  • nine 1 million-barrel lots; and,
  • two shipments of 715,000 barrels.

Iraq’s second offshore mooring facility, which can handle 900,000 bpd, started operation on 20th April.
A third mooring facility will be ready “within a few months” and would be used if exports increase, Dhia Jaafar, director general of South Oil Company, said on 20th April.
(Source: Bloomberg)