LONDON (Reuters) - At least one European and two Asian customers will receive reduced oil supplies from Iraq in June, industry sources familiar with the matter said, as OPEC’s No.2 producer cuts some of its output.
European oil major Total’s allocation of Basra crude will be cut by over 25% in June and India’s Bharat Petroleum Corp will get about 25% less oil from Iraq.
South Korea’s GS Caltex was also told that it would receive less in June. Iraq has lagged other producers in a global deal to cut production and had not made cuts for May.
Reporting by Nidhi Verma in NEW DELHI, Jane Chung in SEOUL, Julia Payne in LONDON, editing by Louise Heavens