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Terminal News

Iraq expands crude storage capacity amid disruptive weather

Iraq is OPEC's second-largest producer
Iraq is OPEC's second-largest producer
Crude storage capacity in Iraq has been increased to 10.5 million barrels in an attempt to overcome bottlenecks in the south that are curbing output, reports Bloomberg.

Deputy oil minister Fayyad Al-Nima is quoted as saying that the Middle Eastern country has added three new tanks with a combined storage capacity of 1 million barrels due to bad weather disrupting shipments.

The country, which pumps the most oil in the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, is rebuilding its energy industry after years of war and sanctions. Plans to boost capacity to 15 million barrels by the end of the year and to 30 million barrels in five years are in place, according to Al-Nima.

Iraq is OPEC's second-largest producer


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