Iraq’s Southern Oil Exports Reach 3.42 MM b/d in July

Iraq’s Southern Oil Exports Reach 3.42 MM b/d in July
An Iraqi worker opens an oil pipeline at al-Shouayba refinery station in Basrah June11, 2003. OPEC on Wednesday agreed to hold the line on oil output and called another meeting in seven weeks time in case recovering Iraqi exports undermine high prices. REUTERS/ Jamal Said JS/CRB – RTRP5WO

Iraq’s oil exports from its southern ports have reached 3.42 million barrels per day (b/d) month-to-date, official sources told Reuters.

In June, Iraqi exports from southern Basra terminals fell to 3.39 million b/d down from 3.441 million b/d in May.

Repair works at a section of a marine pipeline that transports crude oil to the Basra ports reportedly slowed shipments for three days in mid-June.

Meanwhile, the Iraqi State Organization for Marketing Oil (SOMO) has sold two shipments of Basra crude oil for August delivery with higher bonuses, Reuters reported.

Royal Dutch Shell has bought two million barrels of the Basra light crude at a slightly higher premium of just over $1 a barrel above the official selling price, while Petro Diamond purchased a million barrels of Basra heavy crude at a price that is nearly $2 higher than the OSP, according to industry sources.

The shipments were sold without a specific destination but are likely to go to Europe where official selling prices are relatively lower.


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