The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
By John Lee. The agreement between the Kurdistan Regional Government (KRG) and the Iraqi central government agreement on budget and oil exports looks set to collapse. Kurdish MP Ardalan Nouraddin told BasNews that a new agreement will be signed, adding, “the details are yet to be revealed.” Under the December agreement, the KRG was to […]
By John Lee. Oil firms expecting to load Kirkuk crude at the Turkish port of Ceyhan have had to cancel tankers, as the Kurdistan Regional Government ramps up independent oil sales at the expense of sales through the State Oil Marketing Organization (SOMO). According to a report from Reuters, tanker cancellations included Eni’s Seanostrum, Socar’s […]
By John Lee. The Kurdistan Region of Iraq has slashed its transfers of oil to the State Oil Marketing Organization (SOMO). According to the monthly report issued by the KRG's Ministry of Natural Resources, the region supplied SOMO in Ceyhan with 149,778 barrels per day (bpd) in June, a drop of almost two thirds from […]
The Kurdistan Regional Government has published its Monthly Export Report for June 2015. The Kurdistan Regional Government (KRG) exported 17,130,639 barrels of crude oil (an average of 571,021 barrels per day (bpd)) in the month of June through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by […]
June oil exports from Iraq hit a record average of 3.187 million bpd, up from 3.145 million bpd in May. An average of 3.02 million bpd was exported from the Southern terminals (up from 2.69 million bpd in May), with exports via Ceyhan averaging just 164,700 bpd (down from 451,000 bpd in May). Southern exports were helped by the splitting of output […]
By Simon Kent. Lukoil, the Russian energy giant with one of the biggest investments in southern Iraq at the vast West Qurna 2 oil field, have issued a statement in support of Iraq's move to split crude grades into Basra Heavy and Basra Light. Previously, different grades arrived at Basra for blending, which not only […]
By Simon Kent. Sources at Ceyhan have told Reuters that there is insufficient oil in the Iraqi State Oil Marketing Organization (SOMO) tanks at the port to fill planned cargoes. Both BP and Spain's Cepsa have cancelled shipments, and no oil has gone to SOMO storage for the past ten days. According to sources, this […]
The Kurdistan Region Council for Oil and Gas Affairs met on Wednesday with the five political parties of the Kurdistan Regional Government, KRG. Recent developments regarding oil and budget issues between the KRG and the Iraq Federal Government were discussed. It was reaffirmed that the KRG has been abiding by the December agreement with Baghdad […]
By John Lee. Reuters reports that exports from Iraq's southern terminals have averaged 3.00 million barrels per day in the first 15 days of June, up from 2.69 million bpd in the month of May. The increase is due in part to the splitting of Basra crude into two grades, Basra Heavy and Basra Light. […]
By John Lee. Iraq has reportedly surprised traders in Asia with a sharp increase in the price of its new Basrah Heavy crude grade. Despite the grade selling at a sharp discount in the spot market last month, the State Oil Marketing Organization (SOMO) raised the Official Selling Price (OSP) for Basrah Heavy by 85 […]
By John Lee. Oil Minister Adel Abdel Mahdi (pictured) has said that the new Basra Heavy crude oil grade will add an additional 100,000 bpd to oil exports this month. Reuters reports that the new grade has allowed Iraq to revive some fields that it had previously shut down to maintain the quality of its […]
By John Lee. Indian state refiners Indian Oil Corporation and Hindustan Petroleum Corporation are holding talks with Iraq’s State Oil Marketing Organization (SOMO) to buy 4 million barrels of Basra light crude oil for India’s strategic petroleum reserves (SPRs). Bombay Stock Exchange had sought clarification from Hindustan Petroleum following press reports; Hindustan subsequently confirmed the […]
