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. With four tanker berths, the Basra oil terminal can process 3.3 million barrels of crude oil per day. The country had plans to raise this capacity to 3.45 million barrels per day in 2022. However, the expansion has not been completed on time due to delays in pumping station upgrades. The port shutdown comes at an inopportune time for the oil markets, which remain tight.

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