• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 3 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 1 hour Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 5 hours Cost of oil
  • 36 mins Democrats and Gun Views
  • 15 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 15 hours Trump Orders Biofuel Boost
  • 10 hours Iran says tanker oil sold at sea, buyer sets destination
  • 46 mins US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 19 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 18 hours Green New Deal Preview in Texas Town
  • 16 hours “Who’s going to bail out the Central Banks?”
  • 28 mins Iran in the world market
Alt Text

Weakening Shale Productivity “VERY Bullish” For Oil Prices

After years of increasing productivity…

Alt Text

The U.S. Briefly Overtook Saudi Arabia In Gross Oil Exports

The United States briefly overtook…

Alt Text

Oil Prices May Slump Heavily In 2020

OPEC has decided not to…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Iraq Resumes Oil Exports From Kurdish Fields

The Iraqi government has resumed pumping oil from fields operated by the North Oil Company through a Kurdish pipeline that runs through Turkey, according to remarks from a spokesperson from the oil ministry on Thursday.

Around 70,000 barrels per day are currently being pumped through the pipeline, which has been under the control of Kurdish forces, Asim Jihad told Reuters.

The Iraqi government and the Kurdistan Regional Government have had difficulty agreeing on the terms of oil exportation contracts in recent months.

The disagreements have led Baghdad to hold back 150,000 barrels per day of crude in Kirkuk from being exported to their final destination, blocking revenues for the cash-strapped KRG.

Without the 150,000 barrel-per-day bump, the KRG will likely have to settle for a 100,000 barrel per day flow rate, the revenues of which would not be able to cover the hundreds of millions of dollars it takes to run a government and the Peshmerga.

The KRG has exported 514,236bpd in June at an average price of US$36.43 per barrel, but saw a decline in both volume and price in July in which it managed to export 457,314 bpd against a price of US$32.52 per barrel.

The KRG has been pushing a deal to offer Baghdad full control over oil exports. In return, Iraq would have to guarantee Kurdistan $1 billion in revenues every month. The proposed figure would represent 17 percent of Iraq’s national budget. Related: Will Iraq’s New Oil Minister Be Able To End The Iraqi Oil War

Similar deals in the past have not come to fruition, causing trust between the rival governments to suffer. However, Iraq’s new oil minister, Jabar Ali al-Luaibi, expressed optimism that the matter could be resolved.

"There are solutions to the existing problems between the federal government and the Kurdistan Regional Government about the oil file,” the former South Oil Company executive said, according to Reuters.

Iraq, the second largest oil-producing member of the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, produces 4.6 million barrels of crude oil every day. Most of the supplies come from operations in the southern portion of the country, which are run under the South Oil Company.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play