Iraq has plans to cut crude oil exports to 3.24 million bpd in November from the 2.28 that was planned this month.
The State Oil Marketing Organisation (SOMO), released preliminary data indicating that exports of their Basra Light grade oil is expected to fall by 260,000 bpd to 2.34 million bpd. However, exports of Basra Heavy are expected to rise to 900,000 bpd; meaning it would see a 223,000 increase.
Head of South Oil Company, Hayan Abdulghani Abdulzahra recently stated in an interview with Reuters:
“We have no plans to trim Basra exports in November. Oil shipments are steady and going on normally according to the oil ministry plan.”