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WEDNESDAY, 23 MAY 2012
11:19 AM Beirut time
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Bad weather stops Iraq's Basra oil exports
Reuters

 

BAGHDAD: Crude exports at Iraq's southern Basra offshore oil export terminals were stopped on Sunday as high winds made it difficult for ships to reach the ports, a shipping source said.            

Southern exports flowed at 912,000 barrels per day (bpd) on Saturday and 648,000 bpd on Friday, down from 1.63 million bpd on Thursday, due to bad weather, the source said.

"Exports from Basra ports were completely stopped as high winds made it difficult for the ships to reach the ports," the shipper told Reuters on condition of anonymity.              

Iraq, which has some of the world's largest crude reserves, exported an average 2.101 million barrels of oil per day in September, including 1.767 million bpd from Basra ports and 334,000 bpd from northern Kirkuk.               

Iraq's oil production is currently at 2.9 million bpd, the first time it has reached that level in 20 years thanks to an increase in investment and a drop in violence.         

Exports from Basra offshore ports, which handle the bulk of Iraq's oil exports, can fluctuate widely due to weather or technical problems.

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