Iraq increased its oil exports in August, with September shipments also expected to rise, as large discounts and Iranian permission for its tankers to pass through the Strait of Hormuz attracted buyers, according to a Reuters report.
The export recovery for OPEC’s second-largest producer, which had been sharply reduced by the near-closure of the Strait of Hormuz since the Iran war began on February 28, improves the supply of heavy high-sulphur crude to major importers China and India.
Iraq’s oil exports climbed to approximately 2.34 million barrels per day in August from about 1.35 million bpd in July, the report said.
Preliminary data from shiptracking firms Vortexa and Kpler placed Iraqi crude exports in August at 2.3 million and 2.17 million bpd, respectively, up from July’s level but below February’s pre-war level of 3.7 million and 3.362 million bpd.
Tehran granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz, Iran’s state news agency IRNA reported last week.
Iraqi state oil marketer SOMO offered August-loading cargoes from the Basrah terminal at discounts of $25 to $30 a barrel on a free-on-board basis.
Source: Investing.com
