• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 14 hours PETROLEUM for humanity 
  • 14 hours Why don't the other GOP candidates get mention?
  • 3 hours China's Blueprint For Global Power
  • 13 hours Brexit agreement
  • 4 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 14 hours Disenfranchised people are angry people - map of global electoral systems
  • 13 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 3 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 3 mins Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 19 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 2 hours Idiotic Environmental Predictions
  • 21 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Trump’s Impossible Biofuel Dilemma

Trump’s Impossible Biofuel Dilemma

The Trump administration has been…

Oil Jumps on Trade Hopes and Tanker Attack

Oil Jumps on Trade Hopes and Tanker Attack

Oil prices rose on Friday…

Iraq Itching To Boost Oil Exports, Seize Iranian Market Share

flaring Iraq

Iraq is waiting in the wings, ready to increase its crude oil exports in anticipation of slipping Iranian oil exports waiting only on the go-ahead from OPEC, acting director-general of Iraq’s state-run Oil Marketing Co. (SOMO), Alaa al-Yasiri, said on Wednesday during an interview with Reuters.

OPEC’s Joint Ministerial Monitoring Committee is expected to discuss an increase in oil production during the next meeting, which is now expected to take place on September 11, after it cancelled its Monday conference call, according to S&P Global Platts. There is also another OPEC meeting scheduled for September 23. OPEC’s Joint Technical Committee did hold a conference call on Monday.

The Ministerial Monitoring Committee’s production plans will likely include a plan for how to divvy up the increased production by country, and Iraq wants to make sure it is included in those plans.

Iran’s crude oil and condensate’s exports have tapered off to 1.68 million barrels per day from August 1 to August 16, which is 600,000 barrels per day off the July average of 2.32 million barrels per day, according to Platts cFlow software.

This shortfall, al-Yasiri, contends, will have a negative impact on oil prices.

And Iraq is not without customers. For starters, SOMO currently has on its desk for review a request from neighboring Jordan for truckloads of oil to the tune of 10,000-15,000 barrels per day, Yasiri said, cited by Reuters. And Iraq’s oil shipments from Kirkuk to Iran has also resumed after a few days off due to logistical issues, and hopes to ship a total of 1 million barrels to Iran before sanctions kick in in November.

Iraq’s oil production has been increasing according to OPEC’s Monthly Oil Market Report, averaging 4.476 million bpd in the first quarter of 2018, increasing to 4.556 million bpd for July, the last month for which there is data.  But OPEC observed weak crude oil demand in Iraq during the first six months of 2018, as natural gas was used to some extent in place of fuel.

By Julianne Geiger 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
Download on the App Store Get it on Google Play