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 million barrels for October. This does of course depend on loading schedules going to plan.

Iraq has been ramping up exports to highs not seen for decades, producing 4.3 million barrels per day in August. This is an attempt to mitigate the effect of collapsing oil prices, however this has not stopped revenues to the government falling by over $1 billion dollars per month.

(Source: Bloomberg)