New Basra Heavy crude raises exports – and complications

Halfway through Basra Heavy's first month on the market, Iraq's new crude grade is averaging nearly 629,000 barrels per day (bpd), and is on track to propel the country to another record month of exports.

So far in June, Iraq's southern exports are averaging almost 3.07 million bpd, according to tanker loading data obtained and compiled by Iraq Oil Report.* If that rate continues for the second half of the month, it would be an increase of 376,000 bpd – nearly 14 percent – over May's 2.694 million bpd.