BAGHDAD: Iraq’s crude oil exports from its southern Persian Gulf terminals inched up by 28,000 b/d to 3.230 million b/d in August, provisional data from the oil ministry showed, but continue to fall short of previous record highs as greater volumes are allocated for domestic use. The average August export figure is up 4.9% year on year.
But it is down some 134,000 b/d from the record rate set in April of 3.364 million b/d, despite fine weather in the upper Gulf for the entire month, according to daily terminal status reports from Basra. The fall from record rates is due to increased volumes sent to local power stations during the country’s scorching summer months, as well as its refineries.
Domestic supplies rose to 615,000 b/d in July, up 147,000 b/d compared to April. Power plants received as much as 194,000 b/d of crude during the month, up from just 124,000 b/d in April. No breakdown for Basrah Heavy and Basrah Light crude exports was given.
The status reports also showed a reduced queue of tankers at the Gulf jetties over August. On the morning of September 1, there were seven tankers berthed and a queue of nine tankers waiting to load, the longest waiting time being six days. In early August, by contrast there were 20 tankers queued up, with some waiting for 12 days before loading.
The outstanding load of these tankers, estimated at 16 million barrels, is being spilled over to the September loading program of 3.257 million b/d. The August program was considerably lower at just 2.788 million b/d. The reduction of the overspill and waiting tankers during August explains the relatively low SOMO August loading program of only 2.788 million b/d.
Iraq’s average export price for August was $39.248/b for the month, up $1/b from the July price of $38.30/b. Along with the higher export rate, this pushed up the state’s monthly revenues to $3.93 billion, from $3.802 billion in July.
