• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 16 mins Emissions Need To Be Halved To Avoid 3C Warming
  • 7 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 58 mins Coal Boom in Asia is Real and a Long Trend
  • 16 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 17 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 3 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 5 hours Solar Panels at 26 cents per watt
  • 10 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 10 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 10 hours US to become net oil exporter in November: EIA
  • 15 hours Trudeau approves Trans Mountain Pipeline
  • 17 hours The Plastics Problem
  • 9 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 7 hours US Shale Drilling lacks regulatory body.
Alt Text

The Oil Company Investors Fear Most

This is arguably the most…

Alt Text

OPEC Discord Grows As Saudis Hint At ‘Delayed’ Meeting

Saudi Energy Minister Khalid Al-Falih…

Alt Text

Oil Markets Ignore A World On The Brink Of War

As tensions continue to rise…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Geopolitical Tensions Rise As Iran-Iraq Oil Swap Begins

A crude oil swap deal between Iran and Iraq, which was supposed to begin in mid-April, has started, Iran’s Shana agency reported yesterday, as quoted by Reuters. Under the deal, Iraq will send oil from the Kirkuk fields to Iran by truck, to be refined in Iran, and Iran will send the same amount of crude it receives to Iraq’s southern ports for export.

The deal is seen by some as a major influence push by Iran in Iraq, after Tehran helped Baghdad quash an emerging independence movement in Kurdistan that culminated in an independence referendum, the results of which Baghdad refused to recognize. After the referendum, Iraq, helped by Iran, sent troops to Kurdistan and retook control of Kirkuk and the oil fields around the northern Iraqi city.

In earlier reports on the swap deal, an Iraqi oil official had said the initial flow of Kirkuk oil to Iran would be 30,000 bpd, but could rise to 60,000 bpd within a year—the initial duration of the deal—which the sides agreed could be extended.

In the future, the partners plan to build a new pipeline from the Kirkuk field to the border with Iran, to replace the tanker trucks. This suggests that although the initial term of the deal is just one year, there are plans to make it a longer-term deal. Related: Why Oil Markets Should Fear Trump’s Trade War

This new pipeline, Reuters noted last December, could replace the current Kirkuk-Ceyhan infrastructure, which is the main channel for exporting Kirkuk crude oil to Turkey and the Mediterranean. Iraq will also build a new pipeline along the Kirkuk-Ceyhan route to replace a badly damaged section of the existing infrastructure.

The oil swap could also strain the relations between Saudi Arabia and Iraq—OPEC’s number-one and number-two producers, respectively. Baghdad has had good relations with OPEC’s de facto leader, but warming relations with Tehran is unlikely to sit well with Riyadh.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





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