Setback for Iraqi oil exports
Baghdad, September 14, 2013
Iraq's oil exports from its southern ports have slowed so far in September and may fall further until mid-October due to maintenance, according to shipping data and industry sources, tightening supply from Opec's second-largest producer.
Traders, investors and oil companies are watching the level of Iraq's exports closely as supply disruptions in Libya have tightened the market, helping to support oil prices near $112 a barrel.
Exports from Iraq's southern terminals have averaged 1.96 million barrels per day (bpd) in the first 12 days of September, according to shipping data. That is down from August's average of 2.31m bpd, but higher than the 1.8m bpd initially scheduled in September.
The loading rate is expected to fall further in the rest of this month and the first two weeks of October, as two of the berths at the Basra Oil Terminal need to be closed in the early stages of the work, an Iraqi oil official said.-Reuters
More Energy, Oil & Gas Stories
- Alternative energy strategies probed
- GCC firms consider Occidental Mena stake bid
- Experts discuss Mena energy markets outlook
- Saudi Nov output steady, pumps 9.745m bpd
- Libya lost $7bn to oil strikes, says minister
- Iran to start gas exports to Iraq by July 2014
- Taqa invites banks ahead of bond issue
- Dewa ups 2014 budget by $1.8bn from 2013
- Egypt govt pens energy debt payoff deal
- Qatar ready to invest in Turkey power project