• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 1 hour Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 4 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 9 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 7 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 11 hours Japan carmakers admits using falsified emissions data
  • 2 hours Starvation, horror in Venezuela
  • 25 mins Corporations Are Buying More Renewables Than Ever
  • 29 mins Saudi Fund Wants to Take Tesla Private?
  • 8 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 9 hours Western Canada Select price continues to sink
  • 9 hours China goes against US natural gas
  • 6 hours Are Trump's steel tariffs working? Seems they are!
  • 2 hours The Discount Airline Model Is Coming for Europe’s Railways
Oil Markets Are In For A Bumpy Ride

Oil Markets Are In For A Bumpy Ride

After a somewhat quiet summer,…

Oil Demand Growth Starts To Weaken In Asia

Oil Demand Growth Starts To Weaken In Asia

Oil demand from Asia’s key…

Protestors Demand Kurdish Officials To Step Down

Flag

Tension in Kurdistan is again high as Kurdish protestors have been demanding for two days that the Kurdistan Regional Government (KRG) quit, in the latest fallout from the independence referendum in September, which angered Iraq’s federal government that moved on to reclaim Kurdish-held Kirkuk and the oil fields around it.  

Protesters have set fire to offices of Kurdish parties, demanding the KRG pay the wages of public servants, some of whom have not received their salaries in years.

Last week, the KRG and the Kurdistan Parliament agreed that “priority should be given to securing the salaries of the public-sector employees, conducting reforms and auditing in the payroll systems of the Region.”

According to Kurdish outlet Rudaw, casualties have been reported in Sulaymaniyah, where the protests began on Monday, after protesters clashed with riot police. In a town northwest of Sulaymaniyah, party buildings of the five biggest Kurdish parties were set on fire.

Hoshawi Babakr, a representative of the Kurdistan Democratic Party (KDP) in Russia, told Russian outlet Sputnik:

“Not only the offices of the KDP, but also the offices of other parties have suffered… The economic situation is complicated enough. The oil exports from Kurdistan have decreased manifold and Baghdad is not transferring any money to the autonomous region.” 

Related: Blockchain And The $3.6 Trillion Infrastructure Crisis

At the end of November, crude oil flows from Kurdistan were still nearly half the volumes compared to the levels before the Kurds voted on September 25 to break away from Iraq. Baghdad—which never recognized the legitimacy of the referendum—moved on in October to take control over the oil-rich area around Kirkuk.  

In the middle of October, Iraqi government forces seized the oil fields around Kirkuk, which had been under Kurdish control since 2014. The military maneuver knocked some 350,000 bpd of crude oil production offline, and led to oil prices spiking on concerns of unstable supply from the region. The Iraq-Kurdistan conflict was the first of a series of geopolitical events in the Middle East (the other being the Saudi purge) that pushed Brent oil prices above $60 a barrel at the end of October.

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