• 40 mins Shell Oil Trading Head Steps Down After 29 Years
  • 5 hours Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 8 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 10 hours Venezuela Officially In Default
  • 12 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 14 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 20 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 1 day Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 1 day Rosneft Announces Completion Of World’s Longest Well
  • 1 day Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 1 day Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 2 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 2 days Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 2 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 2 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 2 days Lower Oil Prices Benefit European Refiners
  • 3 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 3 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 3 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 3 days OPEC To Recruit New Members To Fight Market Imbalance
  • 4 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 4 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 4 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 4 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 5 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 7 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Why Oil Prices Will Keep Moving Up

With oil smashing through two-year…

Alt Text

Is $60 Oil Too Tempting For OPEC?

As oil prices gradually increase…

Alt Text

Is OPEC Deal Compliance About To Crash?

OPEC’s victory lap to celebrate…

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

Clashes In Kurdistan Send Oil Prices Higher

Iraqi commandos

Reports of clashes between Iraqi troops and Kurdish armed forces near Kirkuk yesterday sent WTI and Brent higher in Asian trade today. The latest reports coming in say the Iraqi army has seized a refinery in Kirkuk as well as a gas plant in the area. Exports from Kirkuk, however, are flowing normally for the time being.

At 9:10AM, WTI was trading at US$52.31 and Brent was at US$58.44, on supply worries as the Iraqi-Kurdish conflict intensifies.

After last week Kurdistan accused Baghdad of planning a takeover of the oil fields around Kirkuk and an Iraqi general confirmed there was such a plan, now media are reporting that the Iraqi forces have clashed with the Kurdish peshmerga near the oil city.

Earlier reports today based on Iraqi state television said that the Iraqi forces had taken “vast areas” around Kirkuk without opposition from the peshmerga. Still earlier reports from Friday had it that Iraqi PM Haidar al-Abadi denied there was a plan to retake Kirkuk and its oil wealth.

However, the latest news reports say it was on the PM’s orders that the Iraqi troops, along with the Iran-trained Shiite militia Popular Mobilization Forces, were deployed to northern Iraq with the purpose of taking Kirkuk and the oil fields around it.

Meanwhile, Kurdish news outlet Rudaw reports that Iran yesterday closed its border with Kurdistan, quoting a Kurdish customs official. It was unclear how long the closure will last, but for now it only concerned the three official border crossings between the autonomous region and Iran. Several semi-official ones were still open. Related: Trump Just Made Iran A Wildcard

The spike in tensions in Iraq follows an independence referendum that Erbil held in late September. With an overwhelming “Yes” vote, the autonomous region indicated that it will pursue its goal of complete independence from Baghdad despite international opposition, mostly from Iraq’ s neighbors Iran and Turkey, both home to substantial Kurdish minorities.

Kurdistan, according to its government, may hold up to 45 billion barrels of crude and pumps well over 500,000 bpd. In fact, in April this year, Rystad Energy forecast that Kurdistan will lift its daily oil production to more than 600,000 bpd this year. Exports from Kurdistan, as of August this year, averaged 570,000 bpd, according to energy data provider Kpler. A source told Bloomberg that the current oil export rate from Kurdistan was around 600,000 bpd.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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