Home| UPDATE 2-IRAQ CUTS MAY BASRA EXPORT VOLUME TO LOWEST THIS YEAR |
| May Basra exports to fall to just above 3 mln bpd * Basra Heavy exports to hit 9-month low * Move likely aimed at easing ship delays |
| Iraq, April 14, 2016 Crude oil exports from Iraq's southern ports are set to fall to the lowest this year in May, with a steeper drop seen for the heavy grade, trade sources said on Tuesday. Total Basra crude exports in May will fall to 3.085 million barrels per day (bpd), from 3.28 million bpd in the previous month, the sources said, citing a preliminary loading programme. Basra Heavy exports will fall to a nine-month low of 645,000 bpd in May and Basra Light's volume will be at 2.44 million bpd, the lowest monthly volume in 2016, the sources said. "There were huge loading delays especially for Basra Heavy," one source said, adding that Iraq's State Oil Marketing Organisation (SOMO) did not allocate any heavy crude cargo in the first 10 days of May. "In the south we lost 150,000 bpd in May due to a planned maintenance on facilities as we want to de-gas and de-salt them," Falah Alamri, head of SOMO, said at a conference in Switzerland. Iraq typically cuts Basra exports whenever there is a backlog of ships waiting to load at its port. A traffic jam of nearly 30 large oil tankers has built up outside the Iraqi port of Basra due to loading delays, with some waiting up to three weeks and costing ship operators around $75,000 a day per vessel. A source familiar with the matter attributed the lower volume to an effort to resolve that buildup: "We cut the volume not because of less production, but to absorb the shifted cargos from last month." (zawya) [You must be registered and logged in to see this link.] |
UPDATE 2-IRAQ CUTS MAY BASRA EXPORT VOLUME TO LOWEST THIS YEAR
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UPDATE 2-IRAQ CUTS MAY BASRA EXPORT VOLUME TO LOWEST THIS YEAR
by Rocky Thu Apr 14, 2016 3:37 pm
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