Iraq: Russian delight as southern exports reach new highs

Crude exports reached a record 3m b/d in H1 June, as output has risen. Lukoil president Vagit Alekperov confirmed in mid-June that the giant West Qurna-2 oilfield development is now producing at its first-phase peak of 450,000 b/d, and State Organisation for the Marketing of Oil (SOMO)’s decision to split its export flows into the new Basra Heavy and traditional Basra Light crudes was judged a success by operators. Total output has been running at an average 3.6m b/d, a post-1979 record, despite recent blockages at the Turkish port of Ceyhan.