Iraq to Boost Oil Storage

By John Lee.

Iraq's Deputy Oil Minister, Fayadh Al-Nema [Fayyad Al-Nima], has opened three new oil storage tanks near Basra, to help cope with the export bottlenecks caused by bad weather and to accommodate rising production.

The new facility will bring crude-storage capacity from 9.5 million to 10.5 million barrels.

The minister told reports that another four to five million barrels capacity will be added by the end of this year.

(Sources: Reuters, Bloomberg)

(Oil tanks image via Shutterstock)