Bloomberg News

Iraq to Cut Basrah Crude Exports by 15% in First Half of June

May 29, 2012

Iraq will reduce its daily exports of Basrah Light crude from the Persian Gulf by 15 percent in the first half of June compared with shipments in the previous two weeks, a loading program obtained by Bloomberg News showed.

The nation will ship 19 cargoes from the Basrah Oil Terminal, seven less than in the second half of May, according to the plan. Exports will total 32.1 million barrels, or 2.14 million barrels a day, compared with 2.53 million a day two weeks earlier.

The June program comprises 14 consignments of 2 million barrels each, two 1 million-barrel lots, and two 600,000-barrel and one 900,000-barrel.

Iraq started operating a second offshore mooring facility for crude exports from the Gulf on April 20. The new single- point unit with the capacity to handle 900,000 barrels a day is the second of four planned.

A third mooring facility will be ready “within a few months” and would be used if exports increase, Dhia Jaafar, director general of Southern Oil Co., said on April 20. Deputy Prime Minister for Energy Affairs Hussain al-Shahristani said in December that a fourth unit will be in place in 2013.

Loading programs are schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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