Iraq is taking measures to resume oil exports as soon as maritime shipping
normalizes, Oil Ministry spokesman Salim Rikabi said. Baghdad is finalizing
procedures to designate tankers for loading Iraqi crude. Some buyers have
already informed state marketer SOMO of preferred tankers and Iraq is processing
those requests. SOMO general manager Ali Nizar said Iraq has recently increased
volumes exported via the Strait of Hormuz, with shipments in the first half of
this month reaching about 1.0 mln bpd. Tanker-tracking data show May exports
from southern Iraqi ports near 98,000 bpd; the average export rate through
February this year was about 3.5 mln bpd. Rikabi said oilfields will need time
to return to previous production levels, but export infrastructure appears
undamaged.
