• 1 day Statoil Changes Name
  • 2 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 2 days Tillerson just sacked ... how will market react?
  • 2 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 19 hours Russian hackers targeted American energy grid
  • 16 hours Is $71 As Good As It Gets For Oil Bulls This Year?
  • 2 days Proton battery-alternative for lithium?
  • 2 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 16 hours Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 19 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days I vote for Exxon
  • 2 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 17 hours HAPPY RIG COUNT DAY!!
  • 2 days Why is gold soooo boring?
  • 2 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 16 hours Spotify to file $1 billion IPO
Alt Text

Oil Profits Are Fueling South Sudan’s Civil War

Two years after gaining its…

Alt Text

Alberta Ready To Fight For Trans Mountain Oil Pipeline

The Alberta parliament has voted…

Alt Text

5 Key Takeaways From CERAWeek

CERA Week’s conference attracted huge…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

300,000 Bpd Offline As Kurdistan Conflict Continues


Crude oil flows from Kurdistan to Turkey’s port city of Ceyhan continued at rates of between 200,000 and 250,000 bpd over the weekend, versus a normal flow of between 550,000 and 600,000 bpd, sources from the shipping industry told Reuters.

Last week, Iraq’s Oil Minister Jabbar Al-Luaibi ordered state-held oil and pipeline companies to begin restoring oil flows from Kirkuk to Ceyhan via a pipeline that bypasses Kurdistan, increasing pressure on the breakaway region, but this has apparently not happened yet.

Exports of Kurdish crude began declining last week, after the Iraqi army took over the city of Kirkuk, the oil center of northern Iraq, and surrounding fields. Following the takeover, Kurdistan’s oil minister made a special plea to international oil companies to not quit Kurdish oil, which is essential for the security of the autonomous region.

“I plead with you not to forget Kurdistan. The fight [against ISIS] is over, but our fight is there forever. When we talk about investments and projects, we must bear in mind… that investment cannot flourish if there is no security,” said Ashti Hawrami at a conference in Italy last Thursday.

Also last Thursday, Iraq’s Oil Ministry issued a statement saying that it “warns seriously all the countries and oil companies from contracting or dealing with any authority inside Iraq without taking the approval from the federal government and the ministry of oil.”

Related: Why Petrol Powered Cars Aren’t Going Anywhere

The situation is complicated and likely to continue until the dust from the Kurdistan independence referendum settles. Meanwhile, commodity traders including Vitol, Trafigura, and Glencore, along with Russia’s Rosneft, have tied a total US$3.5 billion in crude-for-cash deals with the Kurdistan Regional Government.

The change in control of the oil fields around Kirkuk threatens the supply of crude to the trading firms, some of which have taken out debt to provide Erbil with the cash, for which it is supposed to pay in crude deliveries.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Back to homepage

Trending Discussions

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News