Iraq to Cut Oil Exports in September

By John Lee.

Reuters reports that Iraqi crude oil exports are to be cut by between 400,000 and 500,000 barrels per day in September.

The drop is due to rehabilitation and maintenance work at Gulf ports.

A third offshore terminal and a metering station are being installed to boost export capacity by 900,000 bpd, according to a senior South Oil Company (SOC) source.

The September forecast comes after a series of poor results, with July marking the third straight month of declines in production and exports, with production at 2.8 million bpd.

Oil exports in 2013 have already fallen below last year’s average of 2.4 million bpd, with July sinking to about 2.25 million bpd. Iraq’s 2013 budget is based on exports of 2.9 million bpd.

(Source: Reuters)

Comments are closed.