The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
By John Lee. Oil ministry spokesman Assem Jihad said on Tuesday that the country's oil exports averaged 2.62 million bpd in November, the same rate as in October. 78.6 million barrels were exported for the full 30-day month at an average price of $104.35 per barrel, giving total revenues of about $8.2 billion. This was […]
By John Lee. Reuters reports that oil exports from Iraqi Kurdistan have halved to around 100,000 bpd in recent days. An Iraqi oil official said on Monday that the Kurdistan Regional Government had told Baghdad's State Oil Marketing Organization (SOMO) that exports were reduced because operators were "facing some technical problems that will take some […]
By John Lee. Sri Lanka is to purchase oil from Iraq after the US imposed new sanctions on Iran. According to a report from AFP, the US Senate unanimously approved new economic sanctions on Friday aimed at further crippling Iran's energy, shipping and port sectors, a year after Congress passed tough restrictions against Tehran. Sri […]
By John Lee. Iraq's oil ministry spokesman, Assem Jihad, said the country exported 81.3 million barrels of oil in October -- an average of about 2.62 million bpd -- compared with about 2.6 million bpd in September. At an average price of $105.51 per barrel, revenues hit $8.578 billion, up from $8.4 billion the previous […]
Iraqi Deputy Prime Minister for Energy Hussain Shahristani speaks to Reuters about crude production in the country and the global oil market outlook. (Source: Reuters)
By John Lee. Bad weather on Sunday forced Iraq to cut exports from its southern oilfields from 2.35 million barrels to just 792,000 barrels. Port officials have said that things should start to pick up again on Monday, according to the report from Agenzia Giornalistica Italia. The same thing happened last week when adverse weather […]
By John Lee. Bloomberg reports that Iraq will keep the number of shipments of Basrah Light crude from the Persian Gulf unchanged in November compared to October, but will increase the total volume. According to the loading program, Iraq will ship 46 cargoes from the al-Basrah Oil Terminal (ABOT) (pictured). Exports will total 73.9 million […]
By John Lee. Reuters reports that Kurdistan has begun shipping oil to international markets in independent export deals that some see as paving the way to greater Kurdish autonomy. The move is likely to further enrage the central government in Baghdad, but the involvement of two of the world's largest trading houses, Trafigura and Vitol, […]
By John Lee. Reuters reports that bad weather has halted oil exports from Iraq's southern oilfields, with rough seas preventing tankers reaching port. The stoppage may continue through Tuesday, Iraqi oil port sources said on Sunday. "Because of bad weather oil exports have been completely stopped... Tankers cannot reach port because of rough seas and […]
By John Lee. Reuters reports that Iraq's crude oil exports from its southern ports have risen by 120,000 bpd so far in October compared to last month, suggesting the country is on course to reach its highest export rate in decades. According to shipping data, exports from Basra have averaged 2.30 million bpd in the […]
By John Lee. The Trade Bank of Iraq (TBI) has denied a report it had received cash or letters of credit from Syria for fuel supplies from Iraq, according to a report from Bloomberg. Chairwoman of the bank, Hamdiyah Al-Jaff, said in an emailed statement: "The Trade Bank of Iraq has not conducted such transaction(s)." […]
By John Lee. Bloomberg reports that Iraq will ship 25 cargoes of Basrah light crude from the Persian Gulf in the second half of October, compared with 21 in the previous two-week period. According to the loading program, Iraq will export a total of 36.6 million barrels from the al-Basrah Oil Terminal (ABOT) (pictured), 2.2 million […]
