• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 5 mins Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 37 mins The Inconvenient Truth Of Electric Cars
  • 6 hours California and Oil
  • 5 hours The Plastics Problem
  • 9 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 6 mins NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 8 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 3 hours Hydrogen FTW... Some Day
  • 3 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 1 hour Oil Demand Needs to Halve: Equinor
  • 9 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 20 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
  • 18 hours Solar Panels at 26 cents per watt
  • 13 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
The Big Unknown In OPEC’s New Deal

The Big Unknown In OPEC’s New Deal

Russian oil minister Alexander Novak…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Taiwan Purchases High Sulfur Crude Oil From Kurdish Sources

Oil and Pipeline

Taiwan has begun purchasing high sulfur crude oil from Kurdistan to replace grades out of production due to the Organization of Petroleum Exporting Countries’ (OPEC) recent output cuts, according to a new report by Reuters.

Government-run CPC Corp purchased one million barrels of KBT from the Kurdish Regional Government (KRG) for the first time in 2017 Q2. In addition, Formosa Petrochemical Corp. bought crude of the same grade after a nine-month pause, according to company officials.

Formosa is set to receive the cargo shipped through the Ceyhan port in Turkey in April. More shipments will arrive in the following months.

"Kurdish? Yes, we bought quite a lot," Formosa Petrochemical spokesman KY Lin told Reuters.

Kurdistan’s KBT has been key in combatting the reduced availability of heavy crudes from countries that have pledged to cut 1.8 million barrels of output per day. Saudi Arabia, the de facto leader of OPEC, which negotiated the deal, is one of the most prolific providers of heavy crude. The Gulf giant has cut output by twice as much as it had promised in November.

In December, a KRG official told Reuters that he did not expect to see the OPEC deal affect the region’s production, even though the Baghdad government agreed to downsize production during the agreement’s six-month term.

Related: The Upcoming Surge In U.S. Oil Demand Explained In One Chart

"Exports look similar to February," an industry source who monitors shipments from southern, non-Kurdish Iraq, told Reuters. "To be fair, the market wasn't expecting them to cut."

Iraq’s oil minister said this month that his country plans on boosting oil production capacity to 5 million barrels per day this year, up from around 4.5 million barrels per day in November. The comments could affect OPEC’s ability to rollover the production cuts to the second half of 2017.

By Zainab Calcuttawala 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