• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 10 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 31 mins OPEC will consider all options. What options do they have ?
  • 4 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 41 mins Recession Jitters Are Rising. Is There Reason To Worry?
  • 54 mins What to tell my students
  • 14 hours With Global Warming Greenland is Prime Real Estate
  • 2 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 5 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 16 mins Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 47 mins CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 21 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 17 hours Get First Access To The Oilprice App!
  • 6 hours Flaring is at Record Highs in Texas

Iraqi Oil Exports to Jump by 150,000 Bpd

Flaring Iraq

Iraq has reached an agreement with the Kurdistan Regional Government to resume crude oil exports from three fields in the Kirkuk region, which will add some 150,000 barrels per day to the total exported by OPEC’s second-largest producer by the end of this week.

“Pumping operations started with test pumping at 70,000 barrels a day last Thursday and the Northern Oil Co. aims to boost it to its normal rate at 150,000 barrels a day this week,” Fouad Hussein, a member of the oil and energy committee of the Kirkuk provincial council, said on Sunday. “This is a good step and significant initiative to strengthen relations between KRG and the federal government.”

Oil pumped by Iraq’s North Oil Company from the Baba Gorgor, Jambour and Khabbaz fields is exported via a pipeline controlled by the KRG. Baghdad and the KRG ran into a dispute over payments for oil shipped via the pipeline in March, which led to the suspension of shipments. As a result, production at the three fields was suspended.

The agreement was a result of the efforts of Iraq’s new oil minister, Jabbar al-Luaibi, and Prime Minister Haidar al-Abadi. Iraq’s government has been working hard to ramp up crude oil exports, which are a major source of revenue, with July shipments reaching 3.71 million bpd, according to the International Energy Agency.

Related: OPEC Just Triggered The Biggest Crude Oil Short Squeeze In History

Kirkuk is one of the richest oil regions of Iraq and it’s unofficially controlled by the Kurdish Regional Government. Early in August, ISIS chose the biggest field in the region as a target for an attack but it was neutralized by the KRG armed forces, the Peshmerga.

Control over Kirkuk is extremely important for Kurdistan, as it is overwhelmingly dependent on oil for its livelihood, just like Iraq. Currently, the Kurdistan Regional Government has control over some 45 billion barrels of oil (BP estimates), which is about a third of Iraq’s total. Now that KRG has won the right to market its own oil independently of Baghdad, it will likely do everything in its power to get access to more oil and that oil is in Kirkuk.

By Irina Slav 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