• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 51 mins Rioting and Protesting
  • 2 hours Trump waves a Bible
  • 2 hours Anti-Lynching Bill
  • 10 hours Model 3 cheaper to buy than BMW 3 series.
  • 5 hours Thugs in Trumpistan
  • 11 hours Sudan Rice claims Russians are behind recent US riots
  • 12 hours National Guard kills again
  • 10 hours China to Impose Dictatorship on Hong Kong
  • 11 hours Coronavirus hype biggest political hoax in history
  • 11 hours We Are Better Than This
  • 20 hours China’s Oil Thirst Draws an Armada of Tankers
  • 8 hours Let’s Try This....
  • 11 hours Obamagate Is Not a Conspiracy Theory
  • 1 day WHY was George Floyd Murdered and Why Publicly

Baghdad Loses its Grip as Kurdistan Starts to Sell Oil on International Markets

In a move that will undoubtedly enrage the government in Iraq, and at the same time open the doors further for Kurdistan’s way to full autonomy from Baghdad, the Kurds have begun to independently sell their oil on international markets.

The trading houses that have purchased Kurdistan’s oil are Trafigura, and Vitol, two of the world’s largest, making it very difficult for Baghdad to retaliate.

Trafigura bought the first shipment of light Kurdish oil, which will be shipped in October via Powertrans trucks through Turkey. Vitol bought the second shipment of 12,000 tonnes, which will be ready at the end of the month. Each shipment is worth about $890 a tonne, meaning that the orders are in the region of $10 million.

Related Article: Clinton Thinks Azeri Gas is Important and so Should You

Officials in Baghdad are still claiming that independent deals agreed with Kurdistan are illegal and are no different from smuggling, however no one seems to be paying much attention to these threats.

The fact is that Kurdistan’s potential to become a major oil producer, is more attractive than Baghdad’s threats to cancel contracts held with them for oil extraction in the south, especially as Kurdistan offer far more favourable terms.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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