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Oil Exports To Resume After Oil Spill At Iraqi Port Contained

OIL

The Basra Oil Company has released a statement saying that exports from the Basra port in Iraq are set to resume following the successful containment of an oil spill which shut down oil exports yesterday.

  • Jane Arraf at NYT: "Iraq's oil ministry says it has dealt with a leak at its surplus tanks in Basra loading platform and operations gradually resuming."
  • The report is likely to calm oil markets as earlier reports suggested that the spill may take a week to contain. Up to 80% of Iraq's ~4mn bpd oil exports are exported via Basra.

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