Iraq reconfigures Gulf terminal to boost exports of Basrah Medium crude: sources

Iraq has converted nearly half of its export capacity at its southern terminal on the Gulf coast to load its Basrah Medium crude, sources at the country’s State Oil Marketing Organization and Basrah Oil Company said. This enables the country to boost shipments to nearly 1.8 million b/d of Basrah Medium from its fixed jetties at the Al-Basrah Oil Terminal. SOMO introduced the Basrah Medium grade in January to address quality issues with the country’s biggest crude stream, Basrah Light. Basrah Medium is now SOMO’s most popular export grade, especially in Asia, outpacing shipments of Basrah Light and Basrah Heavy.