The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
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 […]
The Kurdistan Regional Government has published its Monthly Export Report for May 2015. The Kurdistan Regional Government (KRG) exported 17,906,242 barrels of crude oil (an average of 577,621 barrels per day (bpd)) in the month of May through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by […]
By John Lee. Iraq exported an estimated 97 million barrels of oil in May through the State Oil Marketing Organization (SOMO), giving a daily rate of 3.13 million bpd. Early statistics indicate that this brought in revenues of $5 billion (6 trillion Iraqi dinars), equating to about $51.5 per barrel. (Sources: AIN)
DNO ASA, the Norwegian oil and gas operator, today announced a new daily record of 170,000 barrels of oil produced from the Tawke field in the Kurdistan region of Iraq, of which 30,000 barrels were sold into the local market and the balance allocated for export. Tawke production in the first quarter of 2015 was […]
