Iraq to Cut Basrah Crude Exports by 3.8%

Source: Bloomberg 7/16/2012, Location: Middle East

Iraq will reduce its daily exports of Basrah Light crude from the Persian Gulf by 3.8 percent in the second half of July compared with the previous two weeks, a loading program obtained by Bloomberg News showed.

The nation will ship 24 cargoes from the Basrah Oil Terminal, compared with 18 in the first half of this month, according to the plan. Exports will total 33.6 million barrels, or 2.1 million barrels a day, compared with 2.19 million a day two weeks earlier.

The program for the second half of July comprises 11 consignments of 2 million barrels each, seven 1 million-barrel shipments, and six lots ranging from 300,000 barrels to 1.7 million barrels. Loading programs are schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.


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