Page 2 - Basrah Light News Today

Iraq’s February oil export revenues totalled $8.54bn, within touching distance of April 2012’s all-time peak of $8.795bn. Were it not for February having o...

Global oil prices are soaring above $100.

Iranian nuclear deal negotiators appear close to clinching a deal, bringing the prospect of significant supplies coming on to a tightening oil market and intensified intra-OPEC+ competition. Both sides have signaled that an agreement could come within days. Iran’s foreign ministry said Feb. 21 the negotiations had progressed considerably, with two or three remaining issues ...

Middle Eastern producers hiked oil prices for March as global inventories tighten and the disparity between OPEC’s self-reported production and third-party assessments widens

Iraq’s State Oil Marketing Organization may sell some spot cargoes of Basrah Light this year if the deepwater Khor al-Amaya terminal is re-opened and domestic refiners’ needs have been met, the marketer’s deputy director general told S&P Global Platts on Jan. 20. SOMO excluded Basrah Light, previously its main stream until the creation of Basrah ...

Asian refiners were disappointed once again by Middle Eastern official selling prices, with a lower-than-expected reduction likely to drive the refiners to the spot market

Iraq’s oil exports, including volumes from the semi-autonomous Kurdistan region, rose 0.5% in December, despite an increase in its OPEC+ quota, according to oil ministry data and local shipping agents’ reports from Turkey’s Ceyhan terminal seen by S&P Global Platts. Total oil exports in OPEC’s second-biggest producer rose to 3.677 million b/d in December, from ...

Despite fears surrounding the COVID-19 variant Omicron, Saudi Arabia has decided to capitalize on strong crude demand in Asia by raising its OSPs once again

Bans on dealing in oil are a key feature of European, UK and US sanctions regimes targeting oil-producing countries (notably Iran and Syria). 

The newly introduced Basrah Medium effectively overtook the once very popular Basrah Light and became the number one product sold in 2021