Crude oil production from Iraq’s giant oil fields in Basra province declined again this week, pushing the country’s output down to below 1.3mn b/d. This is putting added pressure on Iraqi officials to finalize crude and fuel oil trucking export contracts to prevent further output declines and relieve pressure on refineries where fuel oil storage is filling up, potentially forcing run cuts that would exacerbate gasoline shortages (MEES, 20 March).
MEES understands that state oil marketer Somo is set to sign a trucking contract with a little-known Syrian company named “Adam” to initially truck 50,000 b/d, which could later be increased to 100,000 b/d. Multiple companies carrying the name are active in the Syrian market. (CONTINUED – 1000 WORDS)
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