Sailings from the Mideast Gulf have recovered somewhat from lows late January-mid February, according to the latest tanker reports. But preliminary sailings data for southern Iraqi crude exports point to a fall in March from Basra Oil Terminal.
As of 1-26 March 1.945mn b/d had completed loading at Basra, which if confirmed for the month as an export figure would be the lowest level for a year, according to official figures. It also represents the weakest MEES level for nine months (see graph). Whilst extrapolating final monthly averages from even a 90% complete data set is not fool proof methodology. Six tankers, all but one being 2mn barrel Very Large Crude Carriers (VLCC), were loading or completing loading on 28 March, according to MEES data. These were: Blue Jade, Leni P, Universal Peace, Varada Blessing, Spartan Warrior and the GC Guangzhou. (CONTINUED - 437 WORDS)