Iraq boosts oil exports in August as low prices draw buyers
“Iraq has been giving heavy discounts … which has incentivised buyers to find shipping options to get the cargoes out.” — June Goh, Senior Oil Analyst at Sparta Commodities
- Expert: June Goh (Senior Oil Analyst, Sparta)
- Publication: Reuters
- Market Focus: Crude Oil, Crude Trade Flows, Refining Economics
- Geographies: Iraq, China, India, Asia
In an analysis for Reuters, Sparta’s Senior Oil Analyst, June Goh, flagged that steep discounts on Basrah crude are what’s driving buyers back into the market despite lingering Hormuz risk. Iraq’s August exports nearly doubled to roughly 2.3 million bpd from July’s 1.35 million bpd, after SOMO offered $25-$30/bbl discounts on a FOB basis — still well short of February’s pre-war 3.7 million bpd. Goh notes Iraq is the only Gulf producer to have secured explicit Iranian permission for tankers to transit the Strait of Hormuz, though the scope of that exemption remains unclear. Traders should watch whether the Hormuz permission extends to all Iraqi cargoes and track how long the discount window stays open before flows shift again.
[Read June Goh’s full commentary in Reuters]
About the Author
June Goh | Senior Oil Analyst, Sparta Commodities
June is a senior oil market analyst at Sparta specialising in global crude trade flows and refining economics across Asia and Europe. Her analysis is regularly cited by Bloomberg, the Financial Times, and Reuters. With a significant following in the energy community on X (@JuneGoh_Sparta), June’s insights are a staple for institutional traders navigating regional market shifts.
Connect: LinkedIn / X
About Sparta
Sparta is a live, market intelligence and forecasting platform that enables oil traders, refiners, banks, hedge funds and wholesalers to have access to real-time and global actionable insights to capture market opportunities before others.
To find out how Sparta can allow you to make smarter trading decisions, faster, contact us for a demonstration at sales@spartacommodites.com
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