• 25 mins Thanksgiving Gas Prices At 3-Year High
  • 4 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 6 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 10 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 10 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 11 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 13 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

The Dangers Of A Bullish Oil Market

The Dangers Of A Bullish Oil Market

Geopolitical tensions continue to threaten…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Iraqi Kurds Boost Oil Exports to Turkey

Kurdistan oil

Despite compounding obstacles, the Iraqi Kurds have managed to increase oil exports to Turkey, with new April figures showing an average of over 511,000 barrels per day, even without Baghdad’s oil coming through the Kirkuk pipeline.

The average for April was 511,888 barrels per day of Iraqi Kurdish oil going through Turkey, up from 327,371 barrels per day in March.

In February and March, a pipeline was taken offline for reasons that still remain enigmatic. This was followed by a move on the part of the central government in Iraq to suspend its own exports through the Kirkuk-Turkey pipeline. This move was punishment by Baghdad for the Iraqi Kurds’ unilateral exports to Turkey.

Before these complications, Iraqi Kurdistan was exporting 600,000 barrels per day to Turkey.

Related: What OPEC Has To Fear From The New Saudi Oil Minister

In April, revenue from exports to Turkey totaled U.S. $376,395,901, of which $58,895,901 was allocated to oil producers in the region, according to the Iraqi Kurd Ministry of Natural Resources.

An additional cargo of 1,025,828 barrels of oil was allocated to a contractor against its 2015 prepayments.

In the meantime, the renewed conflict in the Kurdish-majority area in southeastern Turkey has trimmed trans-border trade with Iraqi Kurdistan by a whopping 60 percent, officials said.

In a statement carried by Ekurd.net, the Kurdistan Regions Directorate explained trade had been on the wane since 2013, but the resumption of fights between the Turkish military and Kurdish rebels has brought to its lowest levels, especially through the main Ibrahim Khalil (Habur) border crossing.

Related: Libya’s Oil Exports Could To Go To 0 bpd Within One Month

In November 2014, Turkish PM Ahmet Davutoglu said trade volume with Iraq stood at U.S. $12 billion, of which $8 billion was with Iraqi Kurdistan. A year later, trade volume fell to $8.5 billion.

Officials in Baghdad have long warned that Turkey’s military actions, which has now seen deployment of troops to northern Iraq, would affect economic ties. Last year, Iraq responded to such an incursion by placing an embargo on Turkish imports and closing commercial offices in Istanbul.

By James Burgess of 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