The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
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 […]
By John Lee. Iraq has said its oil output could reach up to 10 million barrels per day by 2020, higher than the recent prediction from the International Energy Agency (IEA). Speaking at a ceremony for the publication of the IEA report, Iraq's Deputy Prime Minister for energy, Hussain al-Shahristani (pictured), predicted that the country's […]
By John Lee. Genel Energy has said it that it will continue shipping crude oil from Iraqi Kurdistan, following confirmation from the KRG that it has finally received an initial payment from Baghdad. Despite Iraq's finance ministry issuing an initial payment early last week, by Friday the funds had still not landed in the KRG account, […]
By John Lee. Iraq is to increase export oil exports to Jordan from 10,000 barrels per day to 15,000 bpd at a discounted price, Jordanian Energy Minister Alaa Batayneh said. Following repeated requests by the kingdom, the two countries have agreed that Iraq will sell the additional 5,000 barrels a day at a discount of […]
By John Lee. Iraq's Ministry of Oil has announced that oil exports for September rose to 2.6 million barrels per day, at an average price of $107 per barrel, bringing in revenues of 8.4 billion dollars over the 30-days month. Platts used a more precise figure of 2.598 million bpd. This compares to 2.564 million […]
By John Lee. Iraq and Jordan have agreed to build a pipeline to supply Jordan with crude oil and natural gas, according to Petra, the Jordan News Agency. Iraqi Oil Minister Abdul Karim Luaibi [Elaibi] said that the pipeline would carry crude oil to the Jordanian refinery in Zarqa for use in Jordan, and to […]
By John Lee. The Kurdistan Regional Government (KRG) has extended its deadline for the federal government to pay the money it says it is due in respect of oil exports to 15th September, after which time it will again halt exports of Kurdish crude. Baghdad, on the other hand, has threatened to trim Erbil's budget […]
