Markets

Iraq Crude Oil Trading

Iraq is one of the world's largest crude oil exporters, with Basrah grades shipped internationally from the southern export terminals on the Arabian Gulf. 3FB Energy & Trade trades Basrah Medium and Basrah Heavy on international terms.

What crude oil does Iraq export?

Iraq exports several crude oil grades, with the main southern export grades being Basrah Medium and Basrah Heavy, loaded through the Basrah terminals on the Arabian Gulf. Northern grades such as Kirkuk are exported via pipeline to the Mediterranean. Exact cargo characteristics vary and final contractual specifications prevail.

Basrah as an export origin

Southern Iraq, around Basrah, is the country's principal crude export region. Crude is loaded at the Gulf terminals and shipped to refiners and buyers internationally. The two main southern export grades are Basrah Medium and Basrah Heavy, which differ primarily in density (API gravity) and sulphur content.

Learn more in What is Basrah Medium crude oil? and Basrah Medium vs Basrah Heavy.

International buyers

Iraqi crude is purchased by refiners and trading companies across Europe, Asia and the Mediterranean. Cargoes are typically contracted on FOB or CIF terms and priced against regional formula pricing and published benchmarks. See how crude oil pricing works.

Shipping and logistics

Export cargoes are lifted within an agreed laycan and shipped on nominated vessels. 3FB Energy & Trade coordinates shipping and logistics for the cargoes it trades.

Inspection and documentation

Quantity and quality are determined by independent inspection at load, and cargoes move against the commercial and shipping documents physical trade relies on.

Independent inspection on quantity and quality
Bill of Lading, Certificate of Origin and quality/quantity certificates
Documentary trade finance such as Letters of Credit

Frequently asked questions

What are the main Iraqi crude export grades?

The main southern export grades are Basrah Medium and Basrah Heavy, loaded at the Basrah Gulf terminals.

How is Iraqi crude priced?

Iraqi crude is generally sold on formula pricing referenced to regional benchmarks; see how crude oil pricing works.

Does 3FB hold a SOMO allocation?

This page makes no claim of government authorization or allocation. 3FB Energy & Trade trades Basrah grades on international commercial terms; all transactions are subject to compliance review and definitive agreements.

What terms are Iraqi cargoes traded on?

Typically FOB or CIF under Incoterms 2020; see FOB vs CIF.

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