• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 13 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 6 mins Saudi Fund Wants to Take Tesla Private?
  • 2 days Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 56 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 9 hours Starvation, horror in Venezuela
  • 18 hours Venezuela set to raise gasoline prices to international levels.
  • 2 days Batteries Could Be a Small Dotcom-Style Bubble
  • 12 hours Are Trump's steel tariffs working? Seems they are!
  • 1 day Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 2 days Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
WTI Set For Longest Weekly Losing Streak Since 2015

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

Crude-By-Rail Could Save The Permian Boom

Crude-By-Rail Could Save The Permian Boom

Crude-by-Rail (CBR) has been a…

Iraq Oil Exports Pick up Pace

New production coming online may allow Iraq to claim the mantle as the fastest growing oil exporter in the world. For 2014, Iraq may post one of the biggest supply additions in its history, fueling optimism both the country’s trajectory and about global oil supplies.

The violence in Anbar province over the last few months has largely gone unnoticed in Iraq’s huge southern oil fields, where BP and ExxonMobil are hoping to boost production. In February, Iraq’s oil sales reached 2.8 million barrels per day (bpd), a 500,000 bpd increase from January. Analysts think that Iraq could average 2.9 million bpd for all of 2014, up from 2.4 million bpd last year. Iraq had originally set a goal of 4 million bpd in production for this year, with 3.4 million of that total meant to be exported. Despite the lift in output, that target appears too ambitious for this year.

Related Article: Pipeline to Turkey Intensifies Dispute Over Iraqi Oil

With its oil production quickly climbing, Iraq may contribute to rising tensions among other OPEC members. Iraq is still exempt from OPEC quotas due to years of war, but it has surpassed neighboring Iran in production. For now, OPEC has welcomed Iraq’s return as a major oil exporter, as it is making up for lost supply in Libya, whose oil exports have slowed to a trickle after years of instability dating back to its revolution in 2011. Reuters reports that one OPEC official said that “as long as Brent is $100-$110 there is no problem for OPEC and the higher volumes from Iraq are welcome.”

Iraq has several very large oil fields coming online in the next several months, including BP’s Rumaila, ExxonMobil’s West Qurna-1, and Lukoil’s West Qurna-2 field.

However, Iraq’s resurgence is not assured. 2013 was its most violent in over five years, and the first few months of this year have not shown much improvement. The central government in Baghdad is also in a row with Kurdistan over exporting oil, which could also hold back quicker growth.

By James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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