• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 7 hours Starvation, horror in Venezuela
  • 2 hours The EU Loses The Principles On Which It Was Built
  • 9 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 hours Crude Price going to $62.50
  • 14 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 7 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 18 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 7 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 19 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day WTI @ 69.33 headed for $70s - $80s end of August
  • 18 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 20 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 1 day California Solar Mandate Based on False Facts
Why Is Big Oil So Excited About Alaskan Crude?

Why Is Big Oil So Excited About Alaskan Crude?

Alaskan officials have just published…

Southern Company Just Raised Cost Estimates For This Megaproject Again

Southern Company Just Raised Cost Estimates For This Megaproject Again

Southern Company's subsidiary announced yet…

South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop

Oil

Between November 1 and 20, Iraq’s crude oil exports from the south averaged 3.5 million bpd, up by 150,000 bpd from October and close to record highs, as Baghdad tries to offset the drop in exports from the northern route from Kirkuk to Ceyhan after Iraqi forces reclaimed control of Kirkuk oil fields from Kurdish forces in mid-October.

According to shipping data tracked by Reuters and to an industry source tracking, the southern Iraqi exports so far this month have been just below the 3.51 million bpd record of December last year, when Iraq exported the highest volume out of the south before the OPEC production cuts kicked in from January this year.

“It seems they managed to get there,” the industry source told Reuters, referring to Iraq’s ability to boost oil exports from the south to compensate for lost shipments in the north.

Still, so far this month, the loss from the northern route has not been fully offset by the southern exports. Shipping data tracked by Reuters and its industry source showed that exports from the north have so far averaged 250,000 bpd in November, down from 450,000 bpd in October and from more than 500,000 bpd before the independence referendum in Kurdistan at the end of September. 

Related: Can Oil Majors Continue To Beat Estimates?

Following the referendum which Baghdad did not recognize, Iraq’s government forces completed in mid-October an operation to seize control of all oil fields that Iraqi state-held North Oil Company operates in the oil-rich Kirkuk region from Kurdish forces. A day later, disruptions in oil flows started, with reports that the flow of crude oil from Kirkuk to Ceyhan had plummeted to some 225,000 bpd, from around 500,000 bpd the previous day. In the second half of October, frequent reports out of the region put disruptions at 250,000 bpd of oil off the market.

Exports from Ceyhan averaged 540,000 bpd in the first nine months this year, but loadings of Kirkuk crude dropped to 430,000 bpd in October, and are lower once again in November, according to ClipperData. So far in November, Basrah Light exports from the south are at their highest pace since September 2016, lifting total southern Iraqi exports so far this month to the highest since March, ClipperData tracking shows.

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