Nearly half of the new Basra Heavy crude will be oil produced from the West Qurna field
Asia assesses new Iraqi Basra Heavy crude before June launch
SINGAPORE, May 7, 2015
Refiners in Asia are assessing the new Iraqi Basra Heavy crude after Iraq released the grade's assay to kick off marketing a month before the oil's launch, trade sources said.
The assay was made available to Iraq's foreign partners who are expected to start lifting the new grade from June as payment for work carried out in its southern oilfields.
Basra heavy crude has an API gravity of 23.55 degrees and contains 4.2 per cent sulphur, a copy of the document obtained by Reuters showed.
The crude's sulphur content was higher than expected, which might make it difficult for some buyers to take 2 million barrels in one shipment, traders said.
Nearly half of the new Basra Heavy crude will be oil produced from the West Qurna field, according to the document. The rest will come from Halfaya, Gharraff, Nassiriya and Tuba oilfields, it said.
The No 2 Opec producer has previously said it planned to split its southern oil production into two streams from May to resolve quality problems dogging its exports. --Reuters
