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 >>

United Arab Emirates >>  3/20/2018 - ADNOC Refining has awarded WorleyParsons the project management consultancy (PMC) contract for the Crude Flexibility Project at the Ruwais Refinery. ...
Kuwait >>  3/19/2018 - Petrofac Limited has signed a binding letter of intent, for a contract worth around US$580 million with a GCC National Oil Company for the engineering...

Qatar >>  3/19/2018 - Qatar Petroleum has selected Chiyoda Corp of Japan to execute the Front End Engineering and Design (FEED) of the onshore facilities of the North Field...
United Arab Emirates >>  3/18/2018 - Total has signed two new 40-year concession agreements with the Supreme Petroleum Council of the Emirate of Abu Dhabi (United Arab Emirates) and the A...

Qatar >>  3/13/2018 - Qatar Petroleum signed a concession agreement with the Abu Dhabi Supreme Petroleum Council (on behalf of the Government of Abu Dhabi), Abu Dhabi Natio...
United Arab Emirates >>  3/11/2018 - Eni signed in Abu Dhabi two Concession Agreements for the acquisition of a 5% stake in the Lower Zakum offshore oil field and of a 10% stake in the oi...

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 | 21 |

More News


Oil & Gas Companies in Iraq >>

Related Links

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