• 2 hours LNG Glut To Continue Into 2020s, IEA Says
  • 4 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 7 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 9 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 10 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls

Breaking News:

LNG Glut To Continue Into 2020s, IEA Says

Oil Quality Issues Could Bankrupt Venezuela

Oil Quality Issues Could Bankrupt Venezuela

Falling Venezuelan oil quality could…

The Natural Gas Market Is Set To Boom

The Natural Gas Market Is Set To Boom

With the new lower-for-longer oil…

Iraq Aims To Restart Oil Fields Attacked By ISIS

Iraq

Iraq hopes to restore to production oil fields in the Nineveh area around Mosul over the “next few months”, after rehabilitating the sites that Islamic State militants had set on fire to try to hamper the U.S.-backed offensive on Mosul.

Iraq’s oil ministry has ordered the state-held North Oil Company to draft “an urgent plan” for rehabilitating the oil fields in Nineveh, Reuters reported on Tuesday.

The two biggest fields in Nineveh—Qayyara and Najma—were pumping up to 30,000 bpd of sour heavy crude oil before they were seized by ISIS terrorists in the middle of 2014. In August 2016, the army recaptured the Qayyara oil-producing regions south of Mosul from forces loyal to the Islamic State, cutting access to ISIS’ main source of revenue in the region.

Two months later, Iraq’s army and U.S.-led coalition allies launched the offensive to free Mosul from ISIS. The battle for Mosul lasted longer than expected, but in July this year, Iraq’s Prime Minister Haider al-Abadi declared victory and said that Mosul was liberated.  

Iraq’s oil production and exports from the semi-autonomous Kurdistan region, which overwhelmingly voted for independence last week in a referendum not recognized by Iraq’s central government, were the main drivers of the oil market last week, with concern over possible disruptions sending Brent prices to more than two-year highs.  

Related: Russia, China To Benefit From U.S. Sanctions On Venezuela

According to a Reuters survey and tanker data, Iraq’s crude oil production in September increased by 40,000 bpd on the back of higher exports from Kurdistan. Higher Iraqi exports and a slight recovery of production in Libya—exempt from the OPEC cuts—combined to boost the cartel’s September output by 50,000 bpd, according to the Reuters survey.

A Bloomberg survey showed that OPEC output was up last month by more than double the figure Reuters has estimated—120,000 bpd—as Saudi Arabia, Kuwait, and Libya boosted output.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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