Iraq to launch new Basra Medium crude for export in 2021

SINGAPORE, Nov 03 (Reuters): Iraq's Oil Marketing Company (SOMO) has notified clients that it plans to launch a third crude oil export grade called Basra Medium in January, two sources with knowledge of the matter said this week.

The new medium-sour crude will be created by splitting the existing Basra Light production into two grades, according to the sources and a copy of the Nov 2 notice reviewed by Reuters.

Basra Light, exported from the Basra Oil Terminal offshore southern Iraq, accounts for the bulk of the country's exports and revenues. Iraq exported about 2.77 million barrels per day of Basra crude in October and it is the second-largest producer in the Organisation of the Petroleum Exporting Countries.