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UPDATE 1-Iraq to export 3.215 mln bpd of Basra crude in June; cut heavy oil -sources
May 12, 2017 / 3:48 AM / 7 months ago

UPDATE 1-Iraq to export 3.215 mln bpd of Basra crude in June; cut heavy oil -sources

(Adds Basra Heavy crude supply cut, full allocation for three buyers in Asia)

SINGAPORE, May 12 (Reuters) - Iraq’s Oil Marketing Company (SOMO) plans to export 3.215 million barrels per day (bpd) of Basra crude in June, slightly lower than last month due to a cut in heavy grade supplies, two sources with knowledge of the matter said on Friday.

The June exports include 2.448 million bpd of Basra Light and 767,000 bpd of Basra Heavy, they said, citing a loading schedule that details exports from the southern port of Basra.

Basra Heavy crude supplies in June were cut by 72,000 bpd, one source said, a move likely to underpin the grade’s spot premiums, which have hovered at more than $1.50 a barrel to its official selling price (OSP) for the past couple of months.

SOMO will supply full contract volumes to at least three term customers in Asia in June, the sources said.

Reporting by Florence Tan; Editing by Tom Hogue

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