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.
Oil exports keep pushing record highs
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.

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.
Iraq Oil Report Attribution Policy

All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.

Iraq Oil Report Commitment to Independence

Iraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.

We view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.

To fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.