Iraq boosts oil sales to China’s Unipec before OPEC supply cuts kick-in - RTRS

Reuters quotes people familiar with the matter, citing that Iraq boosts its crude oil exports to China, US and India to honor the contracts signed just before the OPEC and non-OPEC producers reached an oil output cut deal to prop up prices.

Speaking on condition of anonymity to media, the people said Iraq's Oil Marketing Company (SOMO) has boosted Basra crude forward export sales to China’s Unipec, Iran’s biggest customer, by 3%to a total of 40 million-60 million barrels each quarter - 435,000-652,000 bpd - for 2017.

SOMO will also supply Basra Heavy crude under new term contracts to Exxon Mobil, Chevron Corp and Indian refiner Essar Oil for 2017, according to a person close to the matter and a preliminary January loading schedule for the oil.