Iraq slashing allocations to largest refinery as demand plummets
The move reflects domestic storage limitations and the global demand shock that led OPEC and other producers to drastically curtail output through the rest of the year.
A worker from Iraq's State Company for Oil Projects welds the pipeline connecting the Zubair-1 and Zubair-2 oil depots to the Fao depot, providing more flexibility for both exports and feeding the Shuaiba refinery. (Source: Basra Oil Company)
BASRA - The state owned Shuaiba oil refinery in Basra has shut in two-thirds of its 210,000 barrels per day (bpd) operating capacity, as a slowdown in global demand due to the COVID-19 pandemic has filled up storage and tanker ships are not loading fuel exports.
The refinery is Iraq's largest, following the destruction of much of the Baiji refinery in the aftermath of the self-proclaimed Islamic State (IS) group's attack in Iraq in 2014. A long-delayed fourth refining unit is nearing completion.
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