Seeking new revenue, Iraq revamps Basra oil marketing
By introducing a new blend of export oil, "Basra Heavy," the Oil Ministry hopes to raise both the quality and quantity of sales.
Tankers dock at the Al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report)
BAGHDAD - Iraq is preparing to upgrade the way it markets and exports oil from Basra in an effort to maximize revenues and combat a crippling financial crisis.
The country has typically sold a single grade of crude, "Basra Light," from all of its southern export outlets. But now Iraq is planning to market a second grade, "Basra Heavy," which will allow the country to sell oil from more fields without compromising the quality of most exports.
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