Iraq Oil Income to Jump on Decades-High Output: Chart of the Day
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Iraqi oil income is set to surge in April as Basrah Light crude to Asia sells at the highest rate in more than a year against Saudi prices and shipments expand.
The CHART OF THE DAY shows a tightening discount for Basrah Light, Iraq’s biggest export, relative to Saudi Arabia’s Medium grade for Asian customers. Iraq is set to export the most Basrah Light in at least two years next month, at the same time as the grade’s discount to Saudi crude is the narrowest in 17 months.