Iraq plans to trim crude oil exports from its southern ports to 3.24mb/d in November compared with 3.28mb/d planned for October, reported Reuters.
The State Oil Marketing Organisation (SOMO), released preliminary data indicating that exports of their Basra Light grade oil is expected to fall by 260,000b/d to 2.34mb/d. However, exports of Basra Heavy are expected to rise to 900,000b/d, experiencing a 223,000 increase, according to Business Recorder.
The drop in Basra Light supplies in November could support the grade’s spot premiums, offsetting a smaller than expected cut in the grade’s official selling price in the same month. The rise in November Basra Heavy supplies, on the other hand, could cap the grade’s premiums although it remained to be seen if term lifters would re-sell their cargoes.
In related news, Egypt Oil&Gas wrote that Iraq’s State Oil Marketing Company (SOMO) had sold an average of 3.276mb/d in oil exports during September. According to Iraq’s Oil Minister these exports had included an average of 3.245mb/d from the country’s southern ports, an increase of 15,000b/d from August’s export volumes of 3.230mb/d.