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External Pressures Grow on Constrained Iraqi Crude

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  • Iraq’s crude output dipped fractionally in May, with Basrah exports falling back from April’s two-year high amid doubts about its loading constraints.
  • Russian oil flows east threaten to squeeze Iraq in its key Asian market as China imported record volumes of Russian crude in May.   
  • Two tankers loaded with Iraqi oil, including a Suezmax crude cargo bound for Greece, were seized by Iran on May 27.  

Iraq’s crude production was a touch lower in May, at 4.386 million barrels per day, according to Energy Intelligence estimates, marked by a 114,000 b/d drop in exports of Basrah crude largely offset by an increase in refining throughputs and stockbuilds.

Topics:
Opec-Plus Supply , Oil Demand, Oil Spot Markets, Oil Tankers, Trade
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