Oil Exports from Iraq’s Basra Port Stop—Repair Could Take Weeks

An oil spill has forced a shutdown of all crude oil exports from Iraq’s Basra Port, oil sector sources said on Friday, cited by Reuters. With four tanker berths, the Basra oil terminal can process 3.3 million barrels of crude oil per day, although the country had plans to raise this capacity to 3.45 million barrels per day in Q2 2022. However, the expansion has not been completed on time due to delays in pumping station upgrades. In mid-July, Iraq’s Basra Oil Company (BOC) said it was pushing back its estimated completion date for the…