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Asian buyers complain about quality of Iraqi oil

: Wednesday, April 09 - 2014 @ 15:48

Complaints have been made by some Asian buyers of Iraq oil about the quality of its crude, as the country rushes to pump more crude to the continent, Reuters has reported. Iraq has managed to smooth out kinks in its supply chain that curbed Basra Light exports from southern oil terminals last year, but the recent complaint cast doubt on whether Baghdad can increase the volumes of its key grade to the region by a third in 2014. “Production is indeed higher, but the time needed for base sediment and water to settle down is not enough,” said one of the buyers who declined to be named because he was not authorised to speak to the media. “They are just shifting their problems to us.” The three buyers said water has made up 0.3 to 1% of several two-million-barrel cargoes, resulting in losses of up to $3m each, assuming crude at $100 a barrel.

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Wednesday, April 9- 2014 @ 15:48 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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