Sources said that Iraqi government is planning to export about 2.4 million barrels per day (bpd) of Basra Light crude in September, up from 2.2 million bpd in the previous month, Gulf Oil and Gas reported. The rise in Iraqi crude exports, despite an Islamic insurgency in the country’s north, could weigh on global oil prices. Brent is trading under $103 a barrel, near a 13-month trough, under pressure from ample supply. Additional supply of Basra Light could also weigh on Middle East grades which are facing stiff competition from cheaper barrels flowing in from Africa and Latin America. The spot market for Basra Light crude has been muted in Asia in the past two months on fears of supply disruption since the conflict flared up in northern Iraq. Iraq planned to export 71.895 million barrels of Basra Light in September, with Chinese buyers due to lift the most at 21 million barrels, a preliminary programme showed.
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