ANL 34.14 Decreased By ▼ -0.38 (-1.1%)
ASC 15.01 Decreased By ▼ -0.15 (-0.99%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 93.50 Decreased By ▼ -1.50 (-1.58%)
BOP 7.89 Increased By ▲ 0.02 (0.25%)
BYCO 10.08 Decreased By ▼ -0.23 (-2.23%)
DGKC 126.01 Decreased By ▼ -0.59 (-0.47%)
EPCL 56.85 Decreased By ▼ -0.31 (-0.54%)
FCCL 24.39 Decreased By ▼ -0.11 (-0.45%)
FFBL 27.82 Decreased By ▼ -0.14 (-0.5%)
FFL 16.55 Increased By ▲ 0.51 (3.18%)
HASCOL 9.95 Decreased By ▼ -0.07 (-0.7%)
HUBC 79.30 Decreased By ▼ -0.70 (-0.88%)
HUMNL 6.43 Decreased By ▼ -0.02 (-0.31%)
JSCL 20.12 Decreased By ▼ -0.29 (-1.42%)
KAPCO 40.27 Decreased By ▼ -0.67 (-1.64%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.38 Decreased By ▼ -0.86 (-4.99%)
MLCF 46.80 Decreased By ▼ -0.11 (-0.23%)
PAEL 35.90 Decreased By ▼ -0.27 (-0.75%)
PIBTL 10.45 Decreased By ▼ -0.04 (-0.38%)
POWER 9.32 Decreased By ▼ -0.03 (-0.32%)
PPL 84.95 Decreased By ▼ -0.79 (-0.92%)
PRL 25.20 Decreased By ▼ -0.51 (-1.98%)
PTC 9.70 Increased By ▲ 0.25 (2.65%)
SILK 1.22 Increased By ▲ 0.05 (4.27%)
SNGP 38.72 Decreased By ▼ -0.64 (-1.63%)
TRG 166.80 Increased By ▲ 7.19 (4.5%)
UNITY 30.50 Decreased By ▼ -0.25 (-0.81%)
WTL 1.51 Increased By ▲ 0.08 (5.59%)
BR100 4,842 Decreased By ▼ -10.53 (-0.22%)
BR30 25,694 Increased By ▲ 22.7 (0.09%)
KSE100 45,041 Decreased By ▼ -145.86 (-0.32%)
KSE30 18,445 Decreased By ▼ -40.08 (-0.22%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595

BAGHDAD: Iraq is ready to boost oil exports by 250,000 barrels a day to compensate for any shortfalls once US sanctions waivers for Iranian oil end, a government official said Monday.

The US last year reimposed tough sanctions against Iran's energy sector but granted select countries six-month waivers to continue importing oil products from Tehran.

Those exemptions will end in early May, the White House announced on Monday.

US President Donald Trump said that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) would "more than make up" the resulting difference in the oil supply.

Iraq, the cartel's second-largest producer, has the capacity to increase its crude oil exports, a top government official told AFP on Monday.

"We are ready to export another quarter-million barrels daily. The market's needs will become clearer in the coming days," he said.

The official did not say whether Iraq had already discussed the increase with OPEC or with the United States.

The countries that had received exemptions in November were China, India, Japan, South Korea, Turkey, Italy, Greece and Taiwan.

Iraq received a separate waiver that would allow it to continue importing Iranian gas and electricity, crucial to stop up the widespread power shortages in Iraq.

That initial exemption has been extended twice, and is set to end in June.

Iraq last month exported just under 3.4 million barrels per day, after having agreed last year to trim production alongside other producers so that prices would go up.

Oil prices hit a five-month high earlier this month at more than $70 per barrel.

Copyright AFP (Agence France-Press), 2019