Market Currents: Iraqi crude exports to U.S. keep rising
Tuesday January 10, 2017
1) Last week we discussed how Middle East producers send the majority of their crude exports to Asia, and Iraq is no different. Amid stories that Iraq is still sending full allocations to some refiners in Asia and Europe, we can see from our ClipperData that a half of all Basrah loadings last month went into Asia.
India surpassed China last year as the leading destination for Basrah crude. The U.S. is the third leading recipient, while South Korea is fourth. Exports to India, China and South Korea last year accounted for 56 percent of all Basrah exports last year.
