Basrah exports to Europe rise to two-year high

摘要

Iraqi Basrah crude exports to Europe rose to a two-year high in July, bolstered by firm interest in substitutes for Iranian crude and tightening sour crude supply. Basrah shipments to the region increased to 1.08mn b/d in July, their highest since July 2016, and up on average shipments of 650,000 b/d in the first half of the year (see graph). Basrah exports to Asia-Pacific dropped by 9pc to 1.97mn b/d, their lowest in nearly a year.