New Gulf infrastructure opens up export growth

Oil exports increased by an average of 70,000 barrels per day (bpd) in May over April, with a third single point mooring (SPM) buoy put into action and a new platform metering crude in the Basra Gulf.

The average 2.58 million bpd of exports was a massive jump from the previous month, which itself was revised upward after the final data were calculated. It is an important milestone in a country that is solely dependent on oil revenue.