The first tanker to load Iraqi crude in December at the Mediterranean port of Ceyhan was expected to begin lifting late on December 27th.
Although the tanker, the Amazon Falcon, was alongside the berth and had received clearance from Iraq’s State Oil Marketing Organization (SOMO), the loading had been slightly delayed over a dispute regarding the quantity of crude to be lifted.
The vessel had already arranged for its letter of credit and its contract has been authorized as part of the new ninth phase of the U.N. oil-for-food program.
The U.N. sanctions committee on December 22nd approved European prices for Iraq’s Kirkuk and Basrah Light exports at Dated Brent minus $3.55 and Dated Brent minus $5.20, respectively.
There had been no December loadings from Ceyhan, as Baghdad had stopped exports from that port in late November over objections to the U.N.’s pricing recommendations and its own demand that its crude lifters pay a surcharge that was not authorized by the U.N.
Prior to the stoppage, exports from Ceyan had been averaging about 1 million b/d out of a total 2.4 million b/d.
Iraqi exports from the other approved export route at the Gulf port of Mina al-Bakr were temporarily disrupted for a day, but resumed on December 27th.
The 2-million-barrel Stena Conductor was expected to complete loading later on December 27th, with the Astro Beta still waiting at anchor.
The second vessel, which actually had berthed at Mina al-Bakr ahead of the Stena Conductor, was waiting on formal clearance from Baghdad. Iraq had suspended liftings from Mina al-Bakr for the first 12 days of December over its pricing dispute with the U.N., and although they had resumed at about 1 million b/d, exports from that port have slowed during the last week.
