Tag Archives | Basra Light

Iraq to launch new “Basrah Medium” Crude Oil Grade

By John Lee. Platts reports that Iraq plans to launch a new Basrah Medium crude oil grade “whenever logistics allow,” to provide “more stability” in existing grades. It quotes Ali Nazar al-Shatari, the Deputy Director General of the State Oil Marketing Organization (SOMO) as saying the new grade will have an API gravity of 29-30 degrees, […]

Basra Crude Exports to fall in June

By John Lee. Iraq is planning to export 3.215 million barrels per day of Basra crude in June, according to a report from Reuters. Sources told the news agency that the total is slightly lower than last month’s due to a reduction in supplies of the Basra Heavy grade. The exports consist of 2.448 million […]

Iraq to Increase Oil Exports in October

By John Lee. Platts reports that Iraq plans to export an average of 3.28 million barrels per day (bpd) of crude oil in October, a rise of 23,000 bpd from the previous month. It cites data from the State Oil Marketing Organization (SOMO) showing planned export volumes of 80.68 million barrels (2.6 million bpd) of […]

Basra Crude Oil Exports to Rise

By John Lee. Platts reports that Iraq will export 3.257 million bpd of Basra crude oil in September, up 13 percent from August. According to a provisional loading schedule seen by Platts, this will consist of 2.324 million bpd of Basra Light and 933,333 bpd of Basra Heavy grade. This compares to 2.078 million bpd […]

Iraq to Load Less Basra Crude in March

By John Lee. Iraq expects to load less Basra crude in March than in February, according to a report from Reuters. A preliminary loading programme for March shows exports of 3.38 million bpd from the southern terminals, down 6.9 percent from the 3.63 million bpd planned for February. February exports, if achieved, could exceed the […]

Basra Crude Exports to Rise in January

By John Lee. Iraq plans to export about 3.4 million bpd of crude oil from its southern oil terminals in January, according to a report from Reuters. This represents an increase of 17.2 percent on December’s estimate, and is driven by the Basra Light grade, which is planned to increase 23 percent to 2.61 million […]

Iraqi Oil Selling for $30 Per Barrel

By Simon Kent. Traders in Europe have reported to Reuters that the Basra Light grade of crude is selling for $30 on the European market, as Iraq gains on Saudi Arabia as one of the main suppliers of oil to EU countries. Last year, Basra split its exports into Basra Light and Basra Heavy grades and […]

High October Target for Basra Exports

By Simon Kent. Iraq is planning a 26% rise in exports of Basra Light and Basra Heavy grades of oil, according to data seen by Bloomberg.  The targets are 55 cargoes of Basra Light and 26 cargoes of Basra Heavy respectively. This would mean an increase from 90.5 million barrels exported in September, up to 114 […]

Basra Light Premium hits Multi-Year High

By John Lee. Reuters reports that spot premiums for Basra Light crude hit a multi-year high on Thursday, after Iraq cut supply of the grade to export more of its new Basra Heavy oil in June. Traders told the news agency that the premium for June-loading Basra Light surged to more than $1 a barrel […]

Splitting Basra Crude “Makes Sense”

By John Lee. Reuters reports that Iraq’s plan to split its Basra crude into ‘heavy’ and ‘light’ grades from May should reduce quality issues dogging its exports, but adds that there will be challenges getting the price it wants and setting up the required infrastructure. An official at the state-run South Oil Company (SOC), who […]

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 […]