By November 14, 2016 Read More →

Iraq oil exports: 3.163 million b/d of Basra crude in December

Iraq oil exports

Iraq oil exports will be the lowest in four months. AFP/Getty Images photo by Essam Al-Sudani.

December Iraq oil exports lower than November

SINGAPORE, Nov 14 (Reuters) – Iraq oil exports will likely be about 3.163 million barrels per day (b/d) from its southern ports in December, slightly lower than in this month, five sources with knowledge of the matter said on Monday.

The allocated December volume of Basra crude will be the lowest in four months, although Iraq exported more than what it had planned in October, seeking to be exempt from OPEC’s plan to limit supplies.

Basra Light crude exports in December are set to edge up to 2.437 million b/d, the sources said, citing a preliminary loading programme from Iraq’s Oil Marketing Company (SOMO).

Basra Heavy exports are expected to fall to 726,000 b/d in December, from 900,000 b/d in November, they said.

Last week, Iraq raised the December prices for both grades to Asia, setting Basra Light at the narrowest discount to Saudi’s Arab Medium crude since October 2012.

The price hikes may cool demand and cap premiums for December-loading Basra Light spot cargoes, traders said. Some buyers may also choose to buy in January when prices are expected to fall, they said.

Tighter supplies for Basra Heavy and a reasonable price in December could underpin the grade’s spot premiums, traders said.

SOMO could not be immediately reached for comment.

(Reporting by Florence Tan; Editing by Tom Hogue)

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com

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