Brocker.Org: Iraq’s fuel oil exports soar despite OPEC supply cut – RTRS


Reuters quoting industry sources, citing that Iraqi fuel oil exports have soared since January, despite a reduction in the country’s crude production in line with OPEC supply cuts.

According to the data collected by Thomson Reuters Oil Research, Iraq on average exported between 80,000 and 160,000 tonnes of fuel oil per month in 2016. But volumes sold to Asia have jumped this year, with Iraq’s global exports of fuel oil reaching more than 500,000 tonnes in March alone.

Five industry sources with knowledge of the matter said, the soaring exports of high-quality straight-run fuel oil (SRFO) are an attempt to support revenues amid the OPEC cuts in which Iraq reluctantly agreed to participate.