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Oil exports keep pushing record highs

After three straight months of record exports, the inauguration of the new Basra Heavy crude blend in June could unleash further growth.
Iraqi Minister of Oil Adil Abd al-Mahdi (R) takes a tour of Basra Gulf export platforms on Sept. 21, 2014, (HAIDAR MOHAMMED ALI/AFP/Getty Images)

BASRA - Iraq notched its third straight record-setting month of oil exports in May, and is poised for further growth in June due to an overhaul of how oil is blended and marketed in Basra.

May exports averaged 3.145 million barrels per day (bpd), according to the Oil Ministry, up from 3.077 million bpd in April. The average sale price was also higher – $55 in May compared to $51 in April – and revenues rose from $4.8 billion to more than $5.3 billion.

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