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