Gulf Oil and Gas accountACCOUNT

Iraq Plans Record February Basra Oil Exports Despite OPEC Cut in Force

Source: Reuters 1/10/2017, Location: Middle East

Share |
Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month.

The country's State Oil Marketing Company (SOMO) plans to export 3.641 million barrels per day (bpd) of crude in February, according to trade sources and preliminary loading schedules obtained by Thomson Reuters on Tuesday, potentially beating a record of 3.51 million bpd set in December.

The February volume includes 2.748 million bpd of Basra Light and 893,000 bpd of Basra Heavy, the documents showed. For January, SOMO had planned to export 2.627 million bpd of Basra Light and 903,000 bpd of Basra Heavy.

Basra crude accounts for the bulk of oil exports from Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC). SOMO could not be immediately reached for comment.

Iraq agreed to cut output by 210,000 bpd in the first half of 2017 as part of the OPEC deal despite Baghdad's initial resistance to join the production cuts as it needed oil revenues to fund a war against Islamic State militants.

OPEC and some non-OPEC producers agreed late last year to tackle global oversupply and support prices by reducing output. Iraq's oil ministry said on Tuesday it has cut oil production by 160,000 bpd since the beginning of January in line with the OPEC decision.

Oil News in Iraq >>

Saudi Arabia >>  12/11/2017 - Saudi Arabia, the world’s top oil exporter, will supply full contractual volumes of crude to five North Asian refiners in January, unchanged from the ...
Iraq >>  12/6/2017 - The head of Iraq’s state oil marketer SOMO is currently holding talks in Iran to determine a start date for oil exports from Iraq’s Kirkuk oilfields, ...

Kuwait >>  11/29/2017 - Oil requirements also increased in Kuwait and the UAE by 3% and 2%, respectively, y-o-y as growth in the transportation fuels appeared to be the main ...
Austria >>  11/21/2017 - Non-OPEC supply in 2018 was revised down by 94 tb/d compared to last month’s analysis to average 58.54 mb/d, and now is expected to grow at a slower p...

Iran >>  11/21/2017 - Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meet...
India >>  11/20/2017 - In September, India’s crude imports dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d. Y-o-y, crude imports reflect a drop of 57 t...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

More News

 

Oil & Gas Companies in Iraq >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.