Iraq's October Oil Exports Top 3.4 Million Bpd, Nearing Pre-War Levels
Mozambique Pitches Sasol and ROMPCO on $250 Million Gas Project Iraq's oil exports have averaged more than 3.4 million barrels per day so far in October, Oil Minister Bassem Mohammed Khudairtoldthe state news agency INA on Monday.
That puts them close to the 3.3-3.5 million bpd Iraq shipped before the war with Iran choked traffic through the Strait of Hormuz.
The October figure is a jump of about 750,000 bpd from September, when exportsaveraged 2.65 million bpdaccording to the oil ministry.
Of that, 250,000 bpd moved through the Iraq-Turkey pipeline to Ceyhan.
Khudair said Iraq is now exporting through three routes: the Strait of Hormuz, Ceyhan, and tanker trucks through Syria.
Syrian Petroleum expected the first trucks carrying Iraqi crude to reach a Mediterranean portby mid-October.
Most of Iraq's crude still leaves the southern terminals at Basra and crosses the strait.
Baghdad has started delivering its own crude past Hormuz.
Buyers want cargoes handed over outside the strait to avoid war-risk premiums, and the state-owned Iraqi Oil Tankers Company hasshipped 2 million barrelsthrough the strait on a very large crude carrier.
It was the first time in decades that the state marketer, SOMO, had seen its own crude moved past Hormuz.
Under the free-on-board model Iraq has relied on, buyers collect cargoes at Basra and carry the transit risk themselves.
The tanker company is now in talks to buy its own crude tankers.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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