Iraq oil exports to top 2.3M bpd in April

Iraq oil exports to top 2.3M bpd in April

Iraq plans to raise oil sales to a post-war record rate of over 2.30 million barrels per day (bpd) in April, an Iraqi oil official said on Monday, with exports boosted by a new loading facility in the Gulf.

March 12, 2012 2:00 by Reuters

“Our target is above 2.3 million for April,” said the official by telephone from Baghdad. He said oil sales are expected to average around 2.25 million bpd in March, up from 2.01 million bpd in February.

Iraq’s oil exports have been held back by a lack of loading capacity in the Gulf after decades of neglect of infrastructure caused by war and economic sanctions.

Iraq began loading oil from a long-awaited floating Single Point Mooring (SPM) platform on March 8. The SPM is handling about 200,000 bpd.

While Basra Light sales from southern Iraq are expected to rise gradually as production increases from Iraq’s supergiant oilfields, Kirkuk shipments from the north will remain relatively steady at about 400,000 bpd.

The Kurdistan Regional Government (KRG) is contributing about 75,000 bpd in exports, said another Iraqi oil official.

Baghdad’s oil export target is 2.6 million bpd – with Basra Light sales making up 2.2 million bpd and Kirkuk sales from the north making up the rest. (Reporting by Peg Mackey, editing by Daniel Fineren)