Iraq’s Oil Income Surges

By John Lee.

Iraq’s oil income is set to jump in April, boosted by the continued discount on Basra Light as of February last year, and increased shipments to Asia.

February saw a record 3.6 million bpd in exports, setting a 3 decade record for Iraq.

According to Bloomberg, who interviewed analyst Alexander Poegl of JBC Energy GmbH in Vienna, Iraq’s short term outlook for oil exports is looking positive.

The report notes how despite Baghdad’s dispute with the KRG and attacks on northern oil infrastructure are hindering exports, the south is increasing export capacity and this is reassuring buyers, as Poegl highlighted:

“They should be on track for a good April. There’s great export capacity available and that will help boost confidence among customers that they’ll get their crude when they want it.”

(Source: Reuters)

 

 

Comments are closed.