Iraq plans record crude exports
Iraq targets record Basra crude exports in June with new grade
SINGAPORE, May 12, 2015
Iraq plans to export a record volume of crude from its southern ports in June, as it splits its production into two grades for the first time to resolve quality issues, trade sources familiar with the matter said.
The No 2 Opec producer has allocated 3.1 million barrels per day (mbpd) of Basra crude to buyers in a preliminary June loading programme, up from the usual monthly total of between 2.6 million and 2.7 mbpd, they said.
This included 1.22 mbpd of new crude Basra Heavy for June, nearly double the expected volume, they said, while Basra Light crude exports were reduced to 1.93 mbpd.
Iraqi crude exports hit a record 3.08 mbpd in April, including 2.63 mbpd from southern terminals. The producer hopes to stabilise the quality of Basra Light by separating rising heavy oil production from the southern export pool. -- Reuters
