Oil Exports on Target for Record High

By John Lee.

Reuters reports that exports from Iraq's southern terminals have averaged 3.00 million barrels per day in the first 15 days of June, up from 2.69 million bpd in the month of May.

The increase is due in part to the splitting of Basra crude into two grades, Basra Heavy and Basra Light.

But exports via Ceyhan in Turkey have averaged 200,000 bpd so far in June, less than half of May's level of 451,000 bpd.

Taken together, Iraq's oil exports have averaged 3.20 million bpd in the first half of June, putting Iraq on course for a record high.

(Source: Reuters)