Iraq's crude exports dip on month but at 2-year high price per barrel

London (Quantum Commodity Intelligence) – Iraq exported 2.9 million barrels per day (bpd) of crude oil in May, down 48,000 bpd, or 1.6%, on the month and 313,000 bpd on the year, data from Iraq State Organization for Marketing of Oil (SOMO) showed Wednesday.

The export total included 2.8 million bpd from southern terminals and a further 99,000 bpd of Kirkuk crude from Ceyhan, in southern Turkey.

Iraq produced an average of 3.9 million bpd in May, in line with its OPEC production quota, data from the organisation showed.

Iraq fetched an average of $65.9/b for its crude during the month, the highest value in two years and more than three times what it earned in May 2020, during the peak of the global Covid-19 pandemic.

SOMO introduced a new export grade at the start of the year called Basrah Medium, which it says has been very successful with refiners.

It now exports three Basrah grades: Basrah Light (31.4 API, 2.74% sulfur), Basrah Medium (27.9 API, 3% sulfur) and Basrah Heavy (24 API, 4.05% sulfur).