The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
By John Lee. Iraq's Ministry of Oil has agreed with Foster Wheeler to cooperate on implementing projects of increase oil storage and export capacity. At a meeting with representatives of the company, Mr. Fayadh H. Niema, the Senior Deputy Minister of Oil, said that the ministry is keen to develop and update the "exportation, reservation, […]
By John Lee. Iraq's Ministry of Oil has denied that there is any new agreement between Baghdad and Erbil regarding the export of crude oil. In a statement issued on Monday, the ministry confirms that "the last agreement is still active ... [and it] includes the budgets of the last two years in addition to […]
A pipeline pumping around 90,000 bpd from a field near Kirkuk to the Turkish port of Ceyhan (pictured) via Kurdistan reportedly stopped operations on Monday morning due to a "technical defect". North Oil Company (NOC) sources told Reuters on Wednesday that maintenance teams are working to repair the pipeline, which is expected to resume operations within […]
By John Lee. Platts reports that Iraq plans to export an average of 3.28 million barrels per day (bpd) of crude oil in October, a rise of 23,000 bpd from the previous month. It cites data from the State Oil Marketing Organization (SOMO) showing planned export volumes of 80.68 million barrels (2.6 million bpd) of […]
The Kurdistan Regional Government (KRG) has published its monthly production and export revenue overview for August 2016. During the month it exported 412k bpd from the Turkish port of Ceyhan, down from the previous month’s figure, at an average price of $32.44 per barrel, bringing in revenue of $414 million. Please click here to view or […]
By John Lee. Trading sources have told Reuters that Baghdad's State Oil Marketing Organization (SOMO) and Kurdistan have resumed joint exports of crude oil from the giant Kirkuk oil field. The field normally delivers 150,000 barrels per day via the Turkish port of Ceyhan (pictured). Exports have been suspended since March in a dispute over […]
By John Lee. Iraq’s crude oil exports from its southern ports rose to 3.230 million bpd in August, compared with 3.202 million bpd in July, according to the Ministry of Oil. Revenues for the month hit $3.93 billion, giving an average selling price of $39.248 per barrel. (Source: Ministry of Oil)
By John Lee. The State Oil Marketing Organization (SOMO) has reportedly blacklisted three tankers involved in shipping crude oil from Iraqi Kurdistan. The company, part of the Ministry of Oil, said it would no longer allow the ships Maran Centaurus, Four Smile and SN Olivia, which had been shipping Kurdish oil, to enter Iraqi ports […]
By John Lee. Iraq would reportedly consider selling crude through Iran if talks with Iraqi Kurdistan on an oil revenue-sharing agreement fail. Deputy Oil Minister Fayadh al-Nema told Reuters that Iraq's State Oil Marketing Organisation (SOMO) plans to hold talks with the Kurdish Regional Government (KRG), possibly this week. He said "If the negotiations come […]
By Simon Kent. Kurdish and Iraqi officials are still thrashing out details of a more sustainable and far reaching oil revenue and exports deal, following the resumption of federal oil exports into the Kurdish pipeline from Kirkuk. Last week, 100,000 bpd of Kirkuk crude from Baba Gorgor, Jambour and Khabbaz, three fields in the giant Kirkuk […]
By Simon Kent. Prime Minister Haidar al Abadi (pictured) has remarked that the resumption of pumping oil into the Kurdish export pipeline from Kirkuk--from 70,000 bpd to an expected 150,000 bpd, is due to preserving the reservoir in one of the world's oldest oilfields. Previously oil was being re-injected by the federal North Oil Company […]
By Simon Kent. Iraq's Oil Minister Jabbar Ali al Luaibi has met with IOCs and asked them to do their utmost to increase production in Iraq's southern fields, which has fluctuated in 2016. The announcement, relayed by Ministry of Oil spokesman Asim Jihad, comes over a month before a meeting on the 26th of September […]
