The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
By John Lee. South Africa's Strategic Fuel Fund (SFF) wants to import 24 million barrels of oil a year from Iraq to boost its reserves, according to a report from Reuters. The country has not imported crude oil from Iraq since 2003, when Saddam Hussein was toppled. In August, South Africa's largest black-owned petrochemical company, […]
The Kurdistan Regional Government (KRG) exported 18,614,798 barrels of crude oil (an average of 620,478 barrels per day (bpd)) in the month of September through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by the KRG contributed 13,898,548 barrels (463,285 bpd on average), while fields operated by […]
By John Lee. Iraq's oil exports for September fell to an average of 3.052 million barrels per day (bpd), down from 3.078 million bpd in August, according to a report from Reuters. Of this quantity, 3.03 million bpd were from the southern ports, with only 22,000 bpd from the north of the country via the […]
The flow of crude oil from the Kurdistan Region to Ceyhan was halted on Thursday following theft from the export pipeline in Turkey. The thieves struck the pipeline near Urfa at 0545 am on the first day of the Eid holiday. No repair crews were on duty. A crew was due to start work on […]
By John Lee. An American court has dismissed an attempt by the Kurdistan Regional Government (KRG) to overturn a previous decision against its planned sale of oil to a US-based customer. The case arose when Iraq’s central government sued to seize a tanker loaded with crude oil from Iraqi Kurdistan -- the United Kalavryta (pictured) […]
By Simon Kent. Iraq's Common Seawater Supply Facility, the project originally intended to supply 12 million barrels a day of treated sea water for injection to maintain pressure at oil wells, may be delayed until 2020. Originally scheduled for 2013 after planning began in 2009, the project stalled when Exxon (who had the original contract […]
By Simon Kent. The director of licensing at Iraq's Ministry of Oil, Abdul Mahdy Al-Ameedi, has written a letter to IOCs asking them for conservative spending plans for 2016 in light of the ongoing oil price rout. The low oil prices seen since last year have limited Iraq's ability to pay companies to meet production […]
By Simon Kent. Iraq is planning a 26% rise in exports of Basra Light and Basra Heavy grades of oil, according to data seen by Bloomberg. The targets are 55 cargoes of Basra Light and 26 cargoes of Basra Heavy respectively. This would mean an increase from 90.5 million barrels exported in September, up to 114 […]
KRG continues direct oil export despite sabotage attempt on pipeline In August, direct oil export from Kurdistan Region continued despite sabotage and attempted theft on the export pipeline inside Turkey borders, which occurred on 27 July and extended to the first week of August. According to the Kurdistan Regional Government, KRG, Ministry of Natural Resources […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has said that oil exports amounted to 95.447 million barrels in August, which equates to 3.079 million barrels per day. According to a report from Shafaaq, this generated revenue of approximately $3.874 billion, at an average price of $40.59 per barrel. Exported from the southern port of […]
A new report suggests that Israel has bought more than three-quarters of its oil from the government of Iraq’s semi-autonomous Kurdistan Region. According to the Financial Times, Israeli firms and refineries imported over 19 million barrels of oil worth one billion dollars between May and August 20-15. That’s almost 77 percent of the crude exported […]
By John Lee. The KRG’s Ministry of Natural Resources (MNR) has issued a statement which it claims will "set the record straight on oil export and revenue:" The full text of the statement is shown below: In 2014, Dr. Maliki’s government cut the entire Kurdistan budget creating a financial crisis for the people of the […]
