The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
By Patrick M. Schmidt. In statements made to the Financial Times, Turkish officials have encouraged the United States to allow American businesses to import Kurdish oil. They argued that the United States should support the Kurdish Regional Government (KRG) economically as Islamic State of Iraq and the Levant (ISIL, ISIS) has been able to directly […]
By Patrick Schmidt. On Monday, August 11, Axeon Specialty Products announced that they would no longer accept any shipments of crude oil from the Kurdistan Regional Government (KRG). The tanker Minerva Joy arrived at a New Jersey port with the intention of delivering their cargo to Axeon; however, the tanker has not offloaded any of […]
The KRG's Ministry of Natural Resources has said it attaches the highest priority to the safety and security of all oil industry workers and their operations in the Kurdistan Region. MNR remains in constant contact with KRG security forces regarding the deterioration of security on the Region’s borders and it continues to share all relevant […]
By Patrick M Schmidt. Despite the ongoing violence in the north of Iraq, the southern half of the country has remained relatively peaceful over the past few months, especially in the southern city of Basra. Crude output for southern oilfields remains at about 3.15 million barrels of oil per day. The Iraqi government estimates that […]
By John Lee. Axeon Specialty Products said on Friday that it received a cargo of crude oil from of Kurdistan's Shaikan oilfield in June, despite the Iraqi government's attempts to block independent exports of crude by the Kurdistan Regional Government (KRG). The oil was delivered to the company's refinery in Paulsboro, New Jersey (pictured). A […]
By John Lee. Iraq has exported 75.8 million barrels of crude oil in July Shipments averaged 2.442 million bpd, bringing in revenues of $7.8 billion at an average price of $102.8 per barrel. (Source: Ministry of Oil)
By Patrick M Schmidt. For over a week, the oil pipeline from Kurdistan to Turkish port facilities has been shut off. Government officials have stated that all the available storage tanks are full of Kurdish oil and remain in holding for when shipment continues. "The flow has stopped. It's been around a week. The tanks […]
After months of remaining out of public knowledge, the buyer of Kurdish oil in America has been revealed. The chemical firm LyondellBasell purchased two tankers worth of Kurdish oil in May. The shipments totaled nearly 533,000 barrels of oil and at the time did not result in any legal action. Data retrieved from the U.S. […]
A crude carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) arrived today (Wednesday) in South Iraq's port of Basra to receive the first batch of oil as part of the recovery of LUKOIL's costs from phase one (“Early Oil”) of the West Qurna-2 project. The vessel will spend several days in the port […]
The KRG Minister of Natural Resources, Ashti Hawrami (pictured), commented today (Wednesday) on the Iraqi federal government’s petition to a US court to seize crude oil produced in the Kurdistan Region. “The KRG’s lawyers sent a letter to a court in Texas to explain the misrepresentations of the Iraqi federal government. The Iraqi federal government […]
By Patrick M Schmidt. Despite a ruling yesterday that allowed United States Marshals to seize Kurdish oil onboard the United Kalavrvta, a federal judge overturned their own decision. Given the distance of the tanker from American shores, the United States Marshals could not have legally seized the cargo. The judge instead suggested that the dispute […]
By Patrick M Schmidt. The Iraqi Ministry of Oil has successfully obtained the documentation needed to seize oil from the United Kalavrvta and place it under the protection of the United States Marshals. The value of the ship’s payload is approximately $100 million dollars (1.2 billion Iraqi dinars). The oil onboard had been “illegal” piped […]
