Exports from Iraq hit 2.94 mbpd in December
Iraq plans to boost southern oil exports to a record high
SINGAPORE, January 15, 2015
Iraq plans to boost monthly crude oil exports from its southern ports to a record high level in February, trade sources said.
Iraq's State Oil Marketing Organization (Somo) has allocated 3.3 million barrels per day (mbpd) of Basra crude to be shipped out in February, up from 2.7 mbpd in January, they said, citing a preliminary loading programme.
Somo did not reply to an e-mail seeking a comment.
New infrastructure at Iraq's southern Basra ports has shortened waiting time for tankers to about two days, down from one to two weeks previously, traders said, although it remained to be seen if Somo can meet its target for February.
Exports from Opec's second largest producer hit 2.94 mbpd in December, the highest since 1980, according to the government. This included a record 2.76 mbpd of oil exported from the country's southern terminals.
Some oil-producing countries, like Russia, may need to balance their budget by increasing their sales volume to compensate for weak crude prices, a trader said.
Brent has dropped about 60 per cent since June last year amid a persistent global supply glut.--Reuters
