Iraq's Basra crude exports to drop in November
10/13/2015



Basra Heavy exports could fall to about 720,000 bpd in October
Iraq's Basra crude exports to drop in November
SINGAPORE, 1 hours, 17 minutes ago
pec's second-largest producer, Iraq, plans to export 2.819 million barrels per day (bpd) of Basra crude from its southern oil terminals in November, trade sources said, citing a preliminary loading programme.

The volume, while sharply down from projected exports of a record 3.68 million bpd in October, are back to typical monthly levels for Basra exports.

Iraq tends to allocate more volumes than it can supply each month to avoid disrupting production as it has limited storage capacity to keep excess oil. This arrangement, however, tends to push some cargoes into the following month due to constraints at its ports.

In November, Iraq plans to ship about 2.1 million bpd of Basra Light, traders said, versus a projected 2.8 million bpd this month.

Basra Heavy exports could fall to about 720,000 bpd against a planned volume of about 900,000 bpd in October, they said.

Tighter supplies and deep cuts in official selling prices (OSP) for Basra crude in Asia could support spot differentials for November-loading cargoes, traders said.

Some Basra Light cargoes to load in November had been sold last month at premiums of 30-40 cents a barrel above its OSP, they added. –Reuters

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