Iraq Undecided on Basra Port Maintenance

By John Lee.

Reuters reports that Iraq is still undecided about whether to carry out full maintenance on its Basra oil export terminals in September.

According to the report this has created even more uncertainty for an oil market already worried about disruption in Libya and Egyptian unrest.

Despite a report in July to the effect that rehabilitation and maintenance work at Gulf ports could reduce Iraqi exports by 400,000-500,000 barrels per day (bpd), a Reuters source said the oil ministry is still trying to draw up a plan for carrying out the work without affecting exports from Basra.

The potential reduction in September has been one of the factors underpinning international oil prices, fuelling concern refineries will be left empty handed.

The International Energy Agency (IEA) said the maintenance could slash imports for months, not just in September, fueling concerns of prolonged disruptions to world oil supplies.

(Source: Reuters)

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