Iraq restarts Qayarah oil field

China’s UNIPEC has bought the first 1 million barrels of heavy crude to be exported from Basra's Khor al-Zubair port.
Workers pump heavy crude into tanker trucks at the Qayarah oil field in Ninewa province on May 8, 2023. (Photo credit: Oil Ministry)

BAGHDAD - The Qayarah heavy oil field in Ninewa province has resumed production at a rate of 33,000 barrels per day (bpd), of which 30,000 bpd has been allocated for export, the Ministry of Oil said on May 8.

State marketer SOMO has already secured a buyer for 1 million barrels of Qayarah crude, which normally trades at a steep discount to benchmark Brent crude because of its low API and high sulfur content. One industry official said the cargo was sold to the China International United Petroleum & Chemicals Corporation (UNIPEC), a subsidiary of Sinopec.

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