Iraq to export Basra crude oil to record in October
According to Reuters Singapore, Iraq intends to export a record amount of Basra crude oil from its southern
Release time:
2015-09-16
Source:
According to Reuters Singapore, Iraq intends to export a record amount of Basra crude oil from its southern terminal in October due to a sharp increase in production, thereby continuing to increase the global oil supply glut.
The oversupply of oil coupled with weakening demand has led to continued low global crude oil prices and led to competition among OPEC members for market share.
Traders quoted the preliminary loading plan on the 14th as saying that Iraq, the second largest oil producer in OPEC after Saudi Arabia, plans to export an average of 3.68 million barrels of Basra crude oil per day in October.
If realized, this amount will break the previous monthly record of 3.064 million barrels per day set in July this year.
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