Iraq to Cut Basra Crude Exports

By John Lee.

Bloomberg reports that Iraq will ship 35 cargoes of crude oil from the Persian Gulf in March, six fewer than last month.

About 59.7 million barrels of the Basrah Light blend are to be exported from the al-Basra Oil Terminal (ABOT), equating to 1.93 million bpd, compared with average daily shipments in February of 2.34 million bpd.

The loading program is as follows:

  • 24 lots of 2 million barrels each;
  • 5 lots of 1 million barrels each;
  • one lot of 1.97 million barrels;
  • one lot of 1.2 million barrels;
  • one lot of 1.11 million barrels;
  • one lot of 889,000 barrels;
  • one lot of 800,000 barrels; and,
  • one lot of  715,000 barrels.

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

(Source: Bloomberg)

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