Iraq to Increase Crude Exports for 2nd Half May

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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)