Basra Heavy Oil to Boost Exports

By John Lee.

Oil Minister Adel Abdel Mahdi (pictured) has said that the new Basra Heavy crude oil grade will add an additional 100,000 bpd to oil exports this month.

Reuters reports that the new grade has allowed Iraq to revive some fields that it had previously shut down to maintain the quality of its Basra Light grade.

The Minister told the news agency that the State Oil Marketing Organization (SOMO) had enough contracts in June to sell 800,000 bpd of Basra Heavy.

Exports rose to a record 3.145 million bpd in May, with some 2.7 million bpd of that via the southern Basra terminals.

(Source: Reuters)

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