Baghdad (IraqiNews.com) – Iraq increased its fuel oil exports in October as domestic demand decreased and supply increased, putting the country on course to reach new records this year, according to industry insiders and ship-tracking data.
Despite unchanged crude shipments this year owing to output limitations under quotas imposed by OPEC+, the increase in fuel exports will help oil profits for the second-largest producer in OPEC, according to Reuters.
Iraq’s increased exports will help lower refinery input costs while increasing global supply and easing high prices in Asia.
Reuters mentioned that Iraq’s fuel oil exports are likely to cross 18 million metric tons (380,000 barrels per day) in 2024, a record-high annual output that exceeds last year’s record of more than 14 million tons, according to projections based on data from Kpler, a global trade information source, and London Stock Exchange Group (LSEG).
Iraq exported more fuel oil in October than any other month, surpassing 2.15 million metric tons, the largest monthly total ever.
The majority of Iraq’s fuel oil shipments arrived in India and Singapore.
The Iraqi Ministry of Oil revealed in mid-October that the country exports 1,000 tons of jet fuel every day as daily production reached 2,500 tons.
The step also demonstrates the potential for growth in the country’s oil sector and would help strengthen Iraq’s international role among countries that produce and sell oil and its byproducts.
The export of oil derivatives contributes largely to the financial revenues generated from the oil sector, which significantly supports the country’s economy.
Iraq’s oil refineries produce different oil derivatives, including red diesel, white oil, jet fuel, sulfur, and asphalt, which are characterized by high purity.
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