Iraq has achieved record oil export levels of late, shipping a high of 2.8mn b/d of mainly Basrah Light crude in February this year. However, the designation of the staple Iraqi crude grade as ‘light,’ always something of a misnomer, has become even more so of late.

API gravity has fallen steadily, as heavier streams have been brought online. One expert says it will take at least six months to correct the imbalance. (CONTINUED - 459 WORDS)