Iraq announced plans today to increase crude oil exports through pipelines to 770,000 barrels per day from the current 220,000 bpd over the next two and a half months, according to a government statement.
The expansion will occur in two phases as part of Iraq’s strategy to diversify export routes and decrease dependence on Gulf shipping lanes.
Iraq also intends to raise crude oil exports by truck to neighboring countries to 420,000 bpd in three phases, the statement said.
The Iraqi cabinet approved a deal with Syria to transport, store and handle Basrah Light, Medium and Heavy crude oil through the Mediterranean ports of Baniyas and Tartous, according to the statement.
Source : investing.com