Iraq crude exports to take hit

A pipeline leak at Iraq’s Al Basrah Oil Terminal will impact the country’s export volumes for July, an industry source said on Monday. The leak, which occurred on late on Sunday, is expected to take two to three days to repair.

While the incident initially only halted operations at Jetty-4, loadings were subsequently suspended at all jetties, Platts reported. Loadings from Khor Al Amaya’s Jetty-7 were also halted upon the leak, the cause of which remains unknown.

Based on tanker nominations by the Ministry of Oil’s arm responsible for the sale and marketing of all Iraqi crude available for exports, the Oil Marketing Company, July exports will amount to 92.8 million barrels. The corresponding volume of 2.994 million bopd would be the lowest export figure in 2016 thus far. Loadings in June – currently the smallest number this year – averaged 3.175 million bopd, down from 3.2 million bopd in May.

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