Iraq’s oil exports from its southern terminals in the Persian Gulf are poised to surge at a time when fighting has plunged the country’s north into chaos and Islamist militias are advancing toward Baghdad.
Exports of Basrah Light crude, the country’s main grade, may reach about 2.8 million barrels a day next month, according to a preliminary loading plan obtained by Bloomberg News yesterday. That’s 11 percent more than this year’s average and would be close to a three-decade high of 2.799 million barrels that Iraq said were exported from all its ports each day in February. OPEC’s second-largest producer shipped 5.43 million barrels from Basrah on June 11, Iraqi Oil Minister Abdul Kareem al-Luaibi said in Vienna the next day.
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