Iraq Finalizes 2019 Crude Oil Term Deals
Iraq has finalized its 2019 crude oil term contracts, with 67% of its exports poised to go to Asia, an oil ministry spokesman said Tuesday.
"The percentage of the total quantities planned for export next year 2019 includes: the Asian market (67%), European market (20%) and US market (13%)," Assem Jihad, said in a statement.
Jihad said the ministry approved the allocation of quantities for the contracts handled by Iraq's State Oil Marketing Organization, S&P Global Platts reported.
The deals involve the exports of Basrah light, Basrah heavy and Kirkuk crude. The ministry did not give further details of the term contracts.
This announcement comes as regional demand for Iraq's medium sour crude grows due to the loss of Iranian supply because of US sanctions.
Iraq has recently been trying to clamp down on where customers are taking its oil. SOMO has gradually become less flexible in its term contracts, hoping to diminish the influence of traders and control the sales of its crude to only refineries and end-users. This has in effect reduced spot trading in Iraqi crude.
Trading sources told S&P Global Platts that the 2019 term contracts include more restrictions on where some of the cargo nominations can go.
source: Financial Tribune
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