New exports, production from Basra

Iraq has launched its second SPM, increasing exports, and expects a 600,000 bpd increase in production by the end of the year.
Dhia Jaffar, the head of Iraq's state-run South Oil Company (SOC), announces the opening of a new single point mooring (SPM), part of Iraq's expansion of its southern export infrastructure. (ALI ABU IRAQ/Iraq Oil Report)

BASRA - Iraq's second single point mooring (SPM) system went online Friday, adding another estimated 450,000 b/d of immediate export capacity as oil fields in Basra are set to drastically increase production.

"We expect production increases in in Basra from the current 2.15 million barrels per day (bpd) to 2.75 million bpd by the end of the year," said Dhia Jaffar, director general of the state-run South Oil Company, at a press conference Friday.

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