Iraq aims to record exports of Basra crude in October

Iraq to export an unprecedented amounts of Basra crude from the southern harbors in October as it seeks promotes production, adding more supplies to the already bloated market about supply.

The oil surplus in addition to the weak demand to a decline in global crude prices and the entry of the Organization of Petroleum Exporting Countries "OPEC" members in battle with each other for market share in Asia.

Traders said Iraq's second-largest oil exporter in OPEC plans to export 3.68 million barrels per day of crude Basra and on the basis of the program download Mbdia.ovi If you export this amount in October would be higher than the previous record which stood at 3.064 million barrels per day in July.

Sources from the sector that Iraq's decision to split its production into two types, namely Basra heavy crude and Basrah Light crude to resolve matters relating to quality, allowing him to increase production.

He pointed to a source familiar with the Iraq tends to allocate a larger amount than it can pump each month to avoid production downtime where he has a limited storage capacity does not allow him to keep the oil surplus.

The source added that it is unlikely that Iraq exported more than 2.35 million barrels per day of Basra light crude in October, while Basra crude heavy volume will not exceed 850 thousand barrels per day.

According to the source, some of October shipments are expected to be shipped in November instead of October.

Traders said that Iraq cut the official selling price of Basra light crude 50 cents and heavy crude Basra $ 1.10 a barrel in October compared to the previous month, but the price of these cuts are not likely to eliminate price differences in the spot contracts in light of oversupply.

Traders said the Basra Light crude exports may increase by 800 thousand barrels per day in October to about 2.8 million barrels per day.

They said Basra heavy crude exports may drop to 900 thousand barrels per day in October compared to 1.017 million barrels per day in September, but that volume remains higher than the levels of July and August, which amounted to 600 thousand and 650 thousand barrels per day.

And struggling vendors Basra heavy crude to find buyers for the high amount of exports where you want to refiners in Asia purchase and processing of crude at a time when can buy ore from Latin America similar quality at lower prices.

The inn discount price of Basra crude to heavy up to two dollars a barrel shipments will be loaded in September.

One vendor said that the official selling price of heavy crude Basra in the coming months "should dollars last fall in order to compete with Latin American crude."