The Iraqi Oil Ministry on Sunday announced it has increased the capacity to export oil from the southern port of Basra to 4.6 million barrels per day (bpd) after building a new floating terminal. "The increase in export capacity to unprecedented levels was achieved after the completion of the fifth floating terminal, which added a new export capacity of 900,000 bpd. The oil exports capacity means that Iraq has the ability to export 4.6 million bpd, not necessary to mean that Iraq will export such quantities of oil.

Iraq had plans to build five single-point mooring (SPM) with an export capacity of 850,000 to 900,000 bpd in an attempt to increase oil exports through the oil-hub of Basra.

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