Increase in Iraqi oil deliveries could reduce world oil prices

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In September 2014 the Iraqi government plans to export about 2.4 million barrels of Basra Light oil a day against 2.2 million barrels a day a month earlier, Reuters reported.

            Increase in the oil deliveries, despite the military activities on the north of the country, could affect the world oil prices. Brent oil is traded at the price below $102 per barrel, because of saturation of the market.

            Appearance of additional volume of Basra Light at the market will also affect the price of Near East oil.

            According to the preliminary schedule of oil shipment, in September Iraq plans to export 71,895 million barrels of Basra Light oil. The biggest volume of 21 million barrels will be delivered to China.

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