Iraq Boosts Oil Exports ahead of OPEC Meeting

By John Lee.

Iraq plans to supply an additional 5 million barrels of crude oil to its partners in June, according to industry sources cited by Reuters.

The country joins other Middle East producers in attempting to increase market share ahead of an OPEC meeting in Vienna later this week.

Iraq had already been targeting record crude export volumes from southern terminals next month of 3.47 million barrels per day.

The State Oil Marketing Organization (SOMO) has allocated 5 million more barrels of Basra Light grade to partners including PetroChina, Eni and Lukoil, with which Iraq has technical service contracts (TSCs).

An industry source said the additional oil was given "because of the pressure from the TSC contractors".

The additional supplies come from an expansion of the Luhais and Artawi fields in southern Iraq.

(Source: Reuters)