Some two-thirds of all official Iraqi crude oil exports in February was bound for the Americas, while roughly one-third went to Europe and Asian sales dropped to a trickle, an analysis of Iraqi export data shows. The volume of Iraqi crude leaving for the Americas -- the US, Canada, Brazil, and the Caribbean -- last month came to 1.12 million barrels per day, against 1.13 million b/d in January, and more than half of that is expected to end up in the US. Europe's sales from Iraq increased to 550,000 b/d in February from 410,000 b/d in January, while Asian sales dropped to 60,000 b/d from 150,000 b/d.

The Americas started buying larger amounts of Iraqi crude from the moment the Venezuelan oil workers went on strike on Dec. 2, taking some barrels away from Europe, but mostly from Asia.

In December and January, most of the Iraqi crude oil shipped from the Mediterranean port of Ceyhan left for the US Gulf of Mexico, a mere 20-day journey and a quick replacement for lost Venezuelan crude oil. But the traditional sales pattern for Ceyhan shipments returned in February, with 13 million bbl leaving for Europe and only 5 million bbl for the Americas, an indication that the immediate supply pressure had eased in the Americas.

Iraqi exports under the United Nation's oil-for-food program were steady in February, with sales for the week ended Feb. 28 coming in at 1.88 million b/d, or 13.2 million bbl, a slight increase from the 1.7 million b/d recorded the previous week.

February's average sales came in at 1.73 million b/d, compared with 1.69 million b/d in January. A smuggling scheme at the Mideast Gulf terminal Khor al-Amaya had slowed some loadings at al-Bakr, but traders said loading volumes had returned to normal capacity of 60,000 barrels per hour at al-Bakr.

At least 3 million bbl, in three cargoes, has been smuggled so far, sources say, under the nose of the US-led Multinational Intervention Force that is patrolling the Mideast Gulf. An investigation is under way.

Under official UN sales last week, Ceyhan loaded four ships for a total of 5.2 million bbl, while the Gulf port of Mina al-Bakr saw four loadings for a total of 8 million bbl. The estimated average price received was $28.70 per barrel, 15˘/bbl more than the previous week.

The volumes are likely to come in well below those of last week. So far, only some 5 million bbl have been lifted, although a few vessels have announced their arrival at Ceyhan and al-Bakr. Two 500,000 bbl cargoes are scheduled for lifting this week with an Indian destination.

The UN Sanctions Committee, the political body that oversees the oil-for-food program, has approved February prices for Kirkuk and Basrah with US and European destinations. The prices, set retroactively, vary widely, reflecting the volatile market.

By John van Schaik in New York

Iraqi Crude Export Destinations

In 1,000 b/d. *Americas include the US, Canada, the Caribbean, and Brazil.

February Iraqi Crude Oil Export Prices

* WTI first month; † WTI second month