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By Simon Kent.

Traders in Europe have reported to Reuters that the Basra Light grade of crude is selling for $30 on the European market, as Iraq gains on Saudi Arabia as one of the main suppliers of oil to EU countries.

Last year, Basra split its exports into Basra Light and Basra Heavy grades and one of the results of this was a surge in output, as the movement of oil to tankers became more efficient.

The news comes as Iraq continues to struggle to pay International Oil Companies (IOCs) under the terms of contracts which stipulate that Iraq pays them a fixed per barrel fee to extract the oil. Since the fee is fixed, the price collapse has hit Iraq hard.

Furthermore, OPEC have announced that there are no plans to cut production, which could mean more bad news for oil companies as Iran plans to ramp up exports, adding to the glut.

In 2015 Iraq added half a million barrels per day to the global market, making the country the leading contributor to oil export growth for that year, according to International Energy Agency data.

(Source: Reuters.)

By Simon Kent.

Iraqi crude exports to the US surged to 521,000 bpd for October, according to the US Energy Information Administration (EIA.)

The increase in exports of Iraqi crude to the US marks a historic shift, since US imports of Iraqi crude actually decreased after 2003 despite the gradual increase in Iraqi production, with China becoming the lead importer.

Currently, the US imports around 900,000 bpd of Saudi Arabian oil, and over 3 million barrels per day of Canadian crude.

Source: EIA

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Thursday.

Officials reported details of the latest strikes, noting that assessments of results are based on initial reports.

Strikes in Syria

• Fighter, attack, and remotely piloted aircraft conducted eight strikes near Hawl in Syria, striking eight separate ISIL tactical units and destroying four ISIL buildings and wounding an ISIL fighter.

Strikes in Iraq

Bomber, fighter, attack and remotely piloted aircraft conducted 40 strikes in Iraq, coordinated with and in support of Iraq’s government:

• Near Albu Hayat, one strike, struck a large ISIL tactical unit and destroyed an ISIL command-and-control node and two ISIL weapons caches.
• Near Kisik, two strikes struck two separate ISIL staging areas.
• Near Mosul, one strike struck an ISIL tactical unit and wounded an ISIL fighter.
• Near Ramadi, six strikes struck two separate ISIL tactical units and destroyed five ISIL buildings, an ISIL tactical vehicle, an ISIL excavator, two other ISIL vehicles, two ISIL bomb clusters, and denied ISIL access to terrain.
• Near Sinjar, 24 strikes struck nine separate ISIL tactical units, nine ISIL staging areas, and destroyed 27 fighting positions, an ISIL heavy machine gun, an ISIL bomb, six ISIL assembly areas, two ISIL vehicle-borne bombs, two ISIL command and control nodes, an ISIL bunker, two ISIL caches, four ISIL staging areas, and suppressed an ISIL heavy machine gun.
• Near Tal Afar, six strikes struck an ISIL tactical unit, three ISIL staging areas, an ISIL bridge, and destroyed an ISIL vehicle, an ISIL observation post, and two ISIL bunkers.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the group's ability to project terror and conduct operations.

Coalition nations conducting strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting strikes in Syria include the United States, Australia, Bahrain, Canada, France, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.

(Source: US Dept of Defense)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Tuesday.

Officials reported details of the latest strikes, noting that assessments of results are based on initial reports.

Strikes in Syria

Bomber, fighter, attack, and remotely piloted aircraft conducted 15 strikes in Syria:

• Near Hasakah, three strikes struck an ISIL tactical unit and destroyed an ISIL vehicle-borne bomb.
• Near Hawl, six strikes destroyed 22 ISIL fighting positions, an ISIL mortar position, an ISIL structure, and an ISIL anti-air artillery piece.
• Near Dayr Az Zawr, six strikes struck three ISIL gas and oil separation plants, two ISIL pump stations, and an ISIL crude oil main pump station.

Strikes in Iraq

Bomber, fighter, and attack aircraft conducted 16 strikes in Iraq, coordinated with and in support of Iraq’s government:

• Near Albu Hayat, two strikes struck an ISIL tactical unit and destroyed an ISIL homemade explosives cache, two ISIL fighting positions, and an ISIL boat.
• Near Fallujah, one strike struck an ISIL tactical unit and destroyed an ISIL vehicle and suppressed an ISIL anti-air artillery piece.
• Near Ramadi, four strikes struck two separate ISIL tactical units and destroyed three ISIL heavy machine guns, 15 ISIL weapons caches, an ISIL tactical vehicle, an ISIL mortar, an ISIL building, damaged another ISIL building, and denied ISIL access to terrain.
• Near Sinjar, seven strikes struck two separate ISIL tactical units and destroyed 30 ISIL fighting positions, two ISIL light machine guns, and an ISIL command-and-control node.
• Near Tal Afar, two strikes destroyed six ISIL fighting positions and suppressed an ISIL light machine gun position.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the group's ability to project terror and conduct operations.

Coalition nations conducting strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting strikes in Syria include the United States, Australia, Bahrain, Canada, France, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.

(Source: US Dept of Defense)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported today.

Officials reported details of the latest strikes, noting that assessments of results are based on initial reports.

Strikes in Syria

Fighter aircraft conducted three strikes in Syria:

• Near Mar’a, one strike struck an ISIL tactical unit and destroyed an ISIL fighting position.
• Near Hasakah, one strike produced inconclusive results.
• Near Hawl, one strike struck a large tactical unit and two ISIL buildings.

Strikes in Iraq

Attack, bomber, fighter, remotely piloted aircraft and rocket artillery conducted 20 strikes in Iraq, coordinated with and in support of Iraq’s government:

• Near Huwayjah, one strike struck an ISIL tactical unit.
• Near Abu Hayat, one strike struck an ISIL tactical unit and destroyed an ISIL vehicle bomb, an ISIL mortar position, an ISIL weapons cache, an ISIL building, and an ISIL fighting position.
• Near Beiji, one strike struck an ISIL tactical unit and destroyed an ISIL vehicle.
• Near Fallujah, one strike struck a large ISIL tactical unit and destroyed two ISIL bunkers and an ISIL fighting position.
• Near Mosul, two strikes struck two separate ISIL tactical units and destroyed an ISIL fighting position.
• Near Ramadi, three strikes struck a large ISIL tactical unit, and destroyed 18 ISIL fighting positions, four ISIL heavy machine guns, an ISIL mortar position, an ISIL weapons cache, an ISIL motorcycle, two ISIL resupply warehouses, and damaged three ISIL buildings.
• Near Sinjar, eight strikes struck four separate ISIL tactical units and destroyed three ISIL weapons caches, two ISIL assembly areas, eight ISIL fighting positions, and six ISIL staging areas.
• Near Sultan Abdullah, three strikes struck an ISIL tactical unit and destroyed two ISIL fighting positions and an ISIL heavy machine gun.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the terrorist group's ability to project terror and conduct operations, officials said.

Coalition nations conducting strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting strikes in Syria include the United States, Australia, Bahrain, Canada, France, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.

(Source: US Dept of Defense)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Wednesday.

Officials reported details of the latest strikes, noting that assessments of results are based on initial reports.

Strikes in Syria

Attack, bomber, fighter, ground attack and remotely piloted aircraft conducted six strikes in Syria:

• Near Hasakah, two strikes struck two separate ISIL tactical units and wounded an ISIL fighter.
• Near Hawl, two strikes struck two separate ISIL tactical units and destroyed four ISIL fighting positions.
• Near Dayr Az Zawr, two strikes destroyed three ISIL cranes, four ISIL rigs, two ISIL excavators, an ISIL front end loader, and two ISIL pipefitters.

Strikes in Iraq

Attack, bomber, fighter, ground attack and remotely piloted aircraft conducted 19 strikes in Iraq, coordinated with and in support of Iraq’s government:

• Near Baghdadi, one strike struck an ISIL tactical unit and destroyed an ISIL fighting position.
• Near Albu Hayat, two strikes struck two separate large ISIL tactical units and destroyed an ISIL vehicle bomb, an ISIL mortar system, an ISIL building, and four ISIL fighting positions.
• Near Beiji, one strike wounded an ISIL fighter.
• Near Mosul, one strike struck an ISIL tactical unit and destroyed an ISIL fighting position.
• Near Ramadi, five strikes struck an ISIL tactical unit and destroyed seven ISIL fighting positions, an ISIL vehicle bomb, an ISIL weapons cache, an ISIL vehicle, an ISIL building and denied ISIL access to terrain.
• Near Sinjar, nine strikes struck an ISIL tactical unit and destroyed an ISIL bomb-making facility, an ISIL staging facility, three ISIL staging areas, four ISIL weapons caches, an ISIL headquarters location, an ISIL bed-down location, 10 ISIL fighting positions, and two ISIL vehicles.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the terrorist group's ability to project terror and conduct operations, officials said.

Coalition nations conducting strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting strikes in Syria include the United States, Australia, Bahrain, Canada, France, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.

(Source: US Dept of Defense)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Tuesday.

Officials reported details of the latest strikes, noting that assessments of results are based on initial reports.

Strikes in Syria

Fighter, bomber, and remotely piloted aircraft conducted seven strikes in Syria:

• Near Hasakah, three strikes struck three separate ISIL tactical units and destroyed six ISIL fighting positions.
• Near Mar’a, two strikes struck two separate ISIL tactical units and destroyed an ISIL structure.
• Near Dayr Az Zawr, two strikes struck an ISIL oil pump and destroyed two ISIL front end loaders, three ISIL cranes, and an ISIL pump truck.

Strikes in Iraq

Using bomber, fighter, attack, remotely piloted aircraft and rocket artillery, coalition military forces conducted 15 strikes against ISIL targets, coordinated with and in support of the government of Iraq:

• Near Huwayjah, one strike destroyed an ISIL fighting position.
• Near Albu Hayat, one strike struck a large ISIL tactical unit.
• Near Beiji, one strike struck an ISIL tactical unit and destroyed an ISIL artillery piece.
• Near Habbaniyah, one strike suppressed two ISIL fighting positions.
• Near Kisik, one strike suppressed an ISIL rocket position.
• Near Mosul, three strikes struck an ISIL vehicle-borne bomb-making facility, an ISIL roadside bomb-making facility, and an ISIL weapons cache.
• Near Sinjar, four strikes struck three separate ISIL tactical units and destroyed three ISIL staging areas, two ISIL headquarters, two ISIL weapons caches, and one ISIL tunnel system.
• Near Ramadi, three strikes destroyed two ISIL buildings, two ISIL command and control nodes, an ISIL vehicle-borne bomb storage area, damaged an ISIL building, and denied ISIL access to terrain.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the group's ability to project terror and conduct operations.

Coalition nations conducting strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting strikes in Syria include the United States, Australia, Bahrain, Canada, France, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.

(Source: US Dept of Defense)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Tuesday.

Officials reported details of the latest strikes, noting that assessments of results are based on initial reports.

Airstrikes in Syria

Attack, fighter and remotely piloted aircraft conducted 10 airstrikes in Syria:

• Near Hawl, one strike destroyed an ISIL vehicle bomb.
• Near Hasakah, two strikes struck two separate ISIL tactical units and destroyed five ISIL fighting positions, an ISIL rocket, two ISIL vehicles, and wounded an ISIL fighter.
• Near Raqqah, one strike struck an ISIL tactical unit and destroyed an ISIL vehicle and wounded three ISIL fighters.
• Near Mar’a, six strikes struck five separate ISIL tactical units and destroyed three ISIL fighting positions, an ISIL ammo cache, an ISIL staging area, and three ISIL buildings.

Airstrikes in Iraq

Attack, bomber, fighter, ground attack and remotely piloted aircraft conducted 17 airstrikes in Iraq, coordinated with and in support of Iraq’s government:

• Near Beiji, one strike struck an ISIL tactical unit and destroyed an ISIL fighting position.
• Near Habbaniyah, one strike destroyed an ISIL fighting position and an ISIL tactical vehicle.
• Near Kisik, one strike struck an ISIL tactical unit and destroyed an ISIL fighting position.
• Near Makhmur, one strike destroyed an ISIL fighting position.
• Near Mosul, three strikes struck two separate ISIL tactical units and destroyed two ISIL heavy machine guns, three ISIL fighting positions, and suppressed an ISIL mortar position.
• Near Ramadi, four strikes struck an ISIL tactical unit, and destroyed two ISIL tactical vehicles, an ISIL vehicle bomb, two ISIL command and control nodes, four ISIL buildings, two ISIL fighting positions, and denied ISIL access to terrain.
• Near Sinjar, five strikes struck three separate ISIL tactical units and destroyed three ISIL vehicles, an ISIL mortar system, an ISIL weapons cache, and two ISIL fighting positions.
• Near Tal Afar, one strike destroyed an ISIL vehicle and an ISIL fighting position.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the terrorist group's ability to project terror and conduct operations, officials said.

Coalition nations conducting airstrikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting airstrikes in Syria include the United States, Australia, Bahrain, Canada, France, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.

(Source: US Dept of Defense)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported in releases at the weekend.

Officials reported details of the latest strikes, noting that assessments of results are based on initial reports.

Airstrikes in Syria

Fighter, attack, bomber, ground-attack, and remotely piloted aircraft conducted 16 airstrikes in Syria:

• Near Al Hawl, five strikes struck five separate ISIL tactical units and destroyed two ISIL vehicles, an ISIL fighting position, an ISIL fighting complex and wounded an ISIL fighter.
• Near Mar'a, six strikes struck four separate ISIL tactical units and destroyed seven ISIL fighting positions, an ISIL mortar system, an ISIL vehicle borne improvised explosive device (VBIED), and wounded two ISIL fighters.
• Near Ar Raqqah, one strike struck an ISIL headquarters building.
• Near Dayr Az Zawr, four strikes struck an ISIL crude oil collection point, an ISIL petroleum pump, an ISIL pump station, and destroyed an ISIL crane and an ISIL mobile pump.

Airstrikes in Iraq

Attack, ground-attack, bomber, fighter and remotely piloted aircraft conducted  30 airstrikes in Iraq, coordinated with and in support of Iraq’s government:

• Near Al Huwayjah, one strike struck an ISIL tactical unit and destroyed an ISIL checkpoint.
• Near Al Qaim, one strike struck an ISIL logistical facility.
• Near Bayji, one strike struck an ISIL tactical unit and destroyed an ISIL vehicle.
• Near Kisik, one strike struck an ISIL tactical unit.
• Near Mosul, three strikes struck an ISIL tactical unit and destroyed two ISIL fighting positions and two ISIL artillery pieces, and another fighting position in a separate strike.
• Near Qayyarah, one strike struck an ISIL staging area.
• Near Ramadi, seven strikes struck three separate tactical units and destroyed two ISIL rocket rails, an ISIL trench, 12 ISIL fighting positions, eight ISIL buildings, an ISIL recoilless rifle, an ISIL heavy machine gun, an ISIL mortar system, an ISIL weapons cache, three command and control nodes, suppressed an ISIL fighting position, and denied ISIL access to terrain.
• Near Sinjar, 11 strikes struck 10 separate ISIL tactical units and destroyed 10 ISIL fighting positions, two ISIL vehicles, an ISIL VBIED, an ISIL homemade explosives cache, an ISIL assembly area, two ISIL bunkers, wounded an ISIL fighter and suppressed an ISIL mortar position.
• Near Sultan Abdallah, two strikes destroyed an ISIL excavator and wounded an ISIL fighter.
• Near Tal Afar, two strikes destroyed an ISIL vehicle, an ISIL checkpoint and wounded two ISIL fighters.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the terrorist group's ability to project terror and conduct operations, officials said.

Coalition nations conducting airstrikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting airstrikes in Syria include the United States, Australia, Bahrain, Canada, France, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.

(Source: US Dept of Defense)

By Mustafa al-Kadhimi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

A weak and divided Baghdad has been unable to play an effective role in solving the various central administration-related crises in Iraq, such as the Iraqi Kurdistan crisis. The opposition is accusing Iraqi Kurdistan President Massoud Barzani of seeking to extend his presidential term, in light of ongoing popular protests in Kurdish cities. Competing political parties are accusing each other of being behind the protests, when for many years the Kurdistan Region had witnessed political stability.

Given the protests and acute political rifts among the Kurdish parties, it is necessary to raise questions about Baghdad’s ability to help contain the crisis, provide solutions and an appropriate environment for dialogue and mediate among the conflicting parties to restore political stability.

The conflict — among the Kurdistan Democratic Party (KDP), the Patriotic Union of Kurdistan (PUK), the Movement for Change and the Kurdistan Islamic Union — broke out in August toward the end of Barzani's presidential mandate, which according to the region’s electoral law, cannot be extended.

Kurdistan is facing major obstacles to holding elections: a lack of necessary funds and security in light of the war against the Islamic State. This is in addition to the existing crisis over the region's form of governance, which pushed the PUK, the Movement for Change and the Kurdistan Islamic Union, as well as the Kurdistan Islamic Group, to propose a shift from a parliamentary to a presidential system.