Oil & Gas

02 Nov 2021

Iraqi Crude Exports Inch up in October

02 Nov 2021  by   

Iraqi crude exports marketed by state-owned Somo edged up in October, according to preliminary figures from the country's oil ministry.

Exports rose by 1pc on the month to 3.12mn b/d in October. Basrah loadings averaged 3.01mn b/d, also up by 1pc from the previous month, while exports of Somo-marketed Kirkuk blend via Ceyhan in Turkey were flat at 97,000 b/d. The oil ministry's figures do not account for Kirkuk blend supplies sold by the Kurdistan Regional Government (KRG), which make up the majority of the grade's exports.

A further 10,000 b/d of Kirkuk blend was trucked to Jordan in October, up from 9,000 b/d in September. Kirkuk supplies to Jordan resumed in September after a 10-month hiatus following the renewal of an annual 10,000 b/d supply contract.

The rise in exports, together with higher oil prices, pushed Somo's revenues up by 13pc compared with September to $7.68bn last month. The firm's average sales price rose by 8pc on the month to $79.38/bl in October, despite cuts to its official October formula price for Basrah exports.

More News