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Basrah Heavy: Iraq's new crude blend

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21 August 2015

Basrah Heavy: Iraq's new crude blend

Report summary

The first loadings of Basrah Heavy crude were exported out of Fao, southern Iraq, in June 2015. The new grade has the potential to alter heavy crude trade flows to Asia, as the appetite for heavy crude there has grown recently with the start-up of complex refineries. Across India and China, there is a gap of 430,000 b/d between ideal demand for heavy crude and allocated volumes by 2020. Basrah Heavy will help fill this gap.  

Table of contents

  • Executive Summary
  • Basrah Heavy introduced in June
  • Immediate increase of southern exports
  • Asia's growing appetite for heavy crude
  • Basrah Heavy exports to head East
  • Basrah Light pricing stability returns

Tables and charts

This report includes 4 images and tables including:

  • Southern Iraq production by crude blend
  • Basrah Heavy production by field
  • Asia Pacific Upgrading Investments
  • China and India - Ideal heavy crude demand vs. Allocated volumes (2014-2020)

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