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 >>

Egypt >>  2/23/2017 - The Iraqi Oil Marketing Company SOMO has signed a contract for oil exports with the Egyptian government. The company forwarded the contract to the Pet...
Iraq >>  2/21/2017 - Rosneft and the Kurdistan Regional Government of Iraq signed a Cooperation Agreement in the fields of upstream, infrastructure, logistics and trading....

Iraq >>  2/21/2017 - Mr. Jabbar A. Allibi the minister of oil signed a memorandum of understanding with his Iranian counterpart Mr. Beigin Zangana to establish joint commi...
Libya >>  2/21/2017 - Rosneft PJSC signed investment and crude-purchasing agreements with Libya’s National Oil Corp. as more international companies return to the North Afr...

Iran >>  2/19/2017 - Belaruss BelOil Polska had purchased 600,000 barrels of Iranian Light and Heavy crude oil from National Iranian Oil Company (NIOC) for loading in Febr...
Iran >>  2/18/2017 - Polands second-biggest refiner Lotos is eying for sealing a long-term oil supply deal with Iran. Lotos Chief Executive Officer Marcin Jastrzebski sta...

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 |

More News

 

Oil & Gas Companies in Iraq >>


Related Links

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