• 21 mins ConocoPhillips Sets Price Ceiling For New Projects
  • 2 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
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 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
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 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
  • 5 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
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 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
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 10 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 10 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
The War That Would Transform Oil Markets

The War That Would Transform Oil Markets

Tensions between Saudi Arabia and…

Chinese Crude Inventories Fall For First Time In 12 Months

Chinese Crude Inventories Fall For First Time In 12 Months

Chinese crude oil inventories have…

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