• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 15 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 21 hours NordStream2
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 10 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 1 day "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 days 2019 - Attack on Saudi Oil Facilities.
How To Spot A Carbon-Free Con

How To Spot A Carbon-Free Con

Plenty of companies are pledging…

Oil Prices Projected To Hit $125 In 2022

Oil Prices Projected To Hit $125 In 2022

JP Morgan analysts believe that…

Matt Smith

Matt Smith

Taking a voyage across the world of energy with ClipperData’s Director of Commodity Research. Follow on Twitter @ClipperData, @mattvsmith01

More Info

Premium Content

Oil Pares Gains After Soaring To 2-Year Highs

Brent crude prices were propelled to a two-year high yesterday, triggered by concerns about a Kurdish referendum vote to seek independence from Iraq. Although the vote is non-binding, a yes vote would pave the way for negotiations to secede from Iraq.

Neighboring countries such as Iran and Turkey are against the referendum, fearing that it will stoke separatist sentiment among the Kurdish population in its own countries. The vote prompted Turkey's President Tayyip Erdogan to threaten cutting off the key supply route for Kurdish crude out of northern Iraq.

The Kirkuk-Ceyhan pipeline runs from northern Iraq to the port of Ceyhan in Turkey, and is the main route by which light sour Kirkuk crude leaves the Kurdish region.

We can see from our ClipperData that over 500,000 bpd of Kirkuk crude has been loaded in Ceyhan so far this year, after being delivered via the Kirkuk-Ceyhan pipeline. The crude then heads to destinations predominantly in the Mediterranean:

(Click to enlarge)

This is in contrast to flows out of the south of the country, which predominantly head elsewhere. Iraq's Minister Councilor for Energy Affairs, Dheyaa Jaafar Hajam al-Musawi, said yesterday at the APPEC conference in Singapore that 56 percent of Iraqi exports head to Asia, and that this number will grow to 80 percent by 2020.

The minister's numbers jibe with what we see in our ClipperData, with nearly 59 percent of Iraqi crude loadings from Basrah heading to Asia so far this year through August.

(Click to enlarge)

While Asia remains a key focus for Iraq, flows to the U.S. continue to surpass year-ago levels. Imports so far this year are averaging 580,000 bpd, a third higher than last year (which in itself was nearly double the volume in 2015). Related: Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests

Last month, however, we saw deliveries dip below year-ago levels for the first time since November 2014. But this was more related to hurricane activity limiting imports, as opposed to a supply-side issue from Iraq. Hence, as some semblance of normalcy returns to the U.S. Gulf Coast, imports of Iraqi crude have rebounded above year-ago levels once more:

(Click to enlarge)

By Matt Smith

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News