UPDATE 1-Iraq Basra oil exports restored after bad weather -shipper

Reuters Middle East

(Adds comment, background)

BAGHDAD, Jan 12 (Reuters) - Oil exports from Iraq's southern

Basra terminals were restored to 2.35 million barrels on

Saturday after bad weather reduced exports by almost half on

Friday, according to a shipping industry source.

The source said daily output had fallen to 1.32 million

barrels on Friday.

"Weather has improved around the export ports and three

ships are loading crude this morning," the source told Reuters.

Exports from Basra's offshore terminals, Iraq's main oil

hub, tend to fluctuate because of weather or technical problems.

Iraq exports the bulk of its crude from the southern ports on

its small strip of the Gulf coast.

With ambitious plans to double its oil production over the

next three years, Iraq has passed the 3 million bpd production

level for the first time in three decades and has overtaken Iran

to become OPEC's second biggest oil producer after Saudi Arabia.

(Reporting by Ahmed Rasheed; editing by Patrick Graham)

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