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Iraq aims for Record Oil Exports

By John Lee. Iraq plans to export a record volume of crude oil from its Gulf ports in June, reports Reuters. The State Oil Marketing Organization (SOMO) has reportedly allocated over 3.1 million bpd of Basra crude to buyers in a preliminary June loading programme, up from the usual monthly total of between 2.6 million […]

Basra Heavy Crude Delayed Further

By John Lee. Iraq’s new Basra Heavy crude grade is now expected to be further delayed. Reuters quotes sources as saying that the State Oil Marketing Organization (SOMO) has informed oil companies that it will start supplying Basra Heavy against entitlements from June instead of May. (Source: Reuters)

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 to Sell Heavy Basra Crude from May

By John Lee. Reuters cites sources as saying that Basra Heavy crude, with an API gravity of 24 degrees, will be sold from May. It will be allocated to companies with technical service contracts, such as Lukoil , Petronas, CNPC, CNOOC, BP, ExxonMobil and Shell. The State Oil Marketing Organization (SOMO) had previously abandoned plans […]

Iraq Narrows Oil Discount to Asia

By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has narrowed the discount for April crude deliveries to Asian buyers by the most since November 2011, according to Bloomberg. Asian shipmentas are priced relative to the Dubai-Oman crude benchmark, published by Platts, the energy-information division of McGraw-Hill. Basrah Light to Asia will sell at a […]

Record Oil Production set to Increase

By John Lee. Iraq produced a record of around 4 million barrels per day (bpd) of crude oil in December, Oil Minister Adel Abdel Mehdi (pictured) told a press conference on Sunday. This beat the previous record for Iraqi production of 3.56 million bpd in 1979, according to an official from the State Oil Marketing […]

Iraq Plans Record Oil Exports

By John Lee. Reuters reports that the State Oil Marketing Organization (SOMO) is planning to export 3.3 million bpd of Basra crude from its southern ports in February. December’s total figure hit 2.94 million bpd, the highest since 1980, of which a record 2.76 million bpd of oil was exported from the country’s southern terminals. (Source: […]

Iraq Reviews Oil Prices

By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for February. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index […]