Iraq slashing allocations to largest refinery as demand plummets
BASRA - The state owned Shuaiba oil refinery in Basra has shut in two-thirds of its 210,000 barrels per day (bpd) operating capacity, as a slowdown in global demand due to the COVID-19 pandemic has filled up storage and tanker ships are not loading fuel exports.
The refinery is Iraq's largest, following the destruction of much of the Baiji refinery in the aftermath of the self-proclaimed Islamic State (IS) group's attack in Iraq in 2014. A long-delayed fourth refining unit is nearing completion.
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