Oil Exports Slightly Down in December

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for November of 106,265,307 barrels, giving an average for the month of 3.428 million barrels per day (bpd), down from the 3.500 million bpd exported in November.

These exports from the oilfields in central and southern Iraq amounted to 103,090,550 barrels, while exports from Kirkuk amounted to 2,827,050 barrels. Exports to Jordan were 347,707 barrels.

Revenues for the month were $6.700 billion at an average price of $63.051 per barrel.

November export figures can be found here.

(Source: Ministry of Oil)

What is the fate of Baghdad-Erbil’s Oil-for-Budget Agreement?

By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

What is the fate of Baghdad-Erbil’s oil-for-budget agreement amid ongoing protests?

The Kurdistan Region of Iraq has vast proven oil and gas resources; however, mismanagement, corruption and ruling parties’ monopoly on power have brought the region to the brink of financial collapse amid longstanding controversies with the Iraqi government over the region’s share of federal budget.

Following extensive negotiations, the Kurdistan Regional Government (KRG) announced Nov. 27 that a final oil-for-budget deal with the Iraqi federal government had been reached in which the KRG agreed to submit 250,000 barrels per day of crude oil to Iraqi State Oil Marketing Company in return for receiving a fair share of the country’s budget for 2020.

The KRG currently produces 500,000 barrels per day, and has been exporting most of its oil independently through Turkey since 2013.

Click here to read the full story.

What is the fate of Baghdad-Erbil’s Oil-for-Budget Agreement?

By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

What is the fate of Baghdad-Erbil’s oil-for-budget agreement amid ongoing protests?

The Kurdistan Region of Iraq has vast proven oil and gas resources; however, mismanagement, corruption and ruling parties’ monopoly on power have brought the region to the brink of financial collapse amid longstanding controversies with the Iraqi government over the region’s share of federal budget.

Following extensive negotiations, the Kurdistan Regional Government (KRG) announced Nov. 27 that a final oil-for-budget deal with the Iraqi federal government had been reached in which the KRG agreed to submit 250,000 barrels per day of crude oil to Iraqi State Oil Marketing Company in return for receiving a fair share of the country’s budget for 2020.

The KRG currently produces 500,000 barrels per day, and has been exporting most of its oil independently through Turkey since 2013.

Click here to read the full story.

KRG Delays Payments to Oil Firms

By John Lee.

The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks.

In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November and December, will be received in January 2020.

(Sources: Genel Energy, Gulf Keystone Petroleum (GKP), Shamaran Petroleum)

KRG Delays Payments to Oil Firms

By John Lee.

The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks.

In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November and December, will be received in January 2020.

(Sources: Genel Energy, Gulf Keystone Petroleum (GKP), Shamaran Petroleum)

Oil Exports Slightly Up in October

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for November of 105,014,772 barrels, giving an average for the month of 3.500 million barrels per day (bpd), up from the 3.447 million bpd exported in October.

These exports from the oilfields in central and southern Iraq amounted to 102,005,095 barrels, while exports from Kirkuk amounted to 2,381,065 barrels, and from Qayara 293,962 barrels. Exports to Jordan were 334,650 barrels.

Revenues for the month were $6.282 billion at an average price of $59.821 per barrel.

October export figures can be found here.

(Source: Ministry of Oil)

Oil Exports Slightly Up in November

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for November of 105,014,772 barrels, giving an average for the month of 3.500 million barrels per day (bpd), up from the 3.447 million bpd exported in October.

These exports from the oilfields in central and southern Iraq amounted to 102,005,095 barrels, while exports from Kirkuk amounted to 2,381,065 barrels, and from Qayara 293,962 barrels. Exports to Jordan were 334,650 barrels.

Revenues for the month were $6.282 billion at an average price of $59.821 per barrel.

October export figures can be found here.

(Source: Ministry of Oil)

Iraq, China launch ‘Oil for Reconstruction’ agreement

By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

When Iraqi Prime Minister Adel Abdul Mahdi led a delegation to China in September, Baghdad and Beijing activated an “oil for reconstruction” and investment program. Under the arrangement, Chinese firms work in Iraq in exchange for 100,000 barrels per day.

Iraq has said it needs more than $88 billion to develop and mend its rickety infrastructure after three years of combating the Islamic State (IS).

Speaking to the press, Abdul Mahdi said that, including this new deal, about 20% of Iraq’s daily oil production is being exported to China.

Click here to read the full story.

Iraq, China launch ‘Oil for Reconstruction’ agreement

By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

When Iraqi Prime Minister Adel Abdul Mahdi led a delegation to China in September, Baghdad and Beijing activated an “oil for reconstruction” and investment program. Under the arrangement, Chinese firms work in Iraq in exchange for 100,000 barrels per day.

Iraq has said it needs more than $88 billion to develop and mend its rickety infrastructure after three years of combating the Islamic State (IS).

Speaking to the press, Abdul Mahdi said that, including this new deal, about 20% of Iraq’s daily oil production is being exported to China.

Click here to read the full story.

Oil, Budgets, Kirkuk still nag Baghdad-Erbil Relations

By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News

 Oil, budgets, Kirkuk still nag Baghdad-Erbil relations

Meetings last month between representatives of Iraq’s federal government in Baghdad and the Kurdistan Regional Government (KRG) in Erbil failed to produce any clear resolutions of their ongoing differences.

A high-level delegation from the Baghdad government visited Erbil on July 25 for talks with the newly elected government there. Discussions focused on KRG oil exports, its share of the federal budget and control of disputed, oil-rich Kirkuk.

The Baghdad representatives included Oil Minister Thamer Ghadhban and Finance Minister Fouad Hussein, national security adviser Faleh al-Fayadh and the director of the prime minister’s office, Mohammed al-Hashemi.

Click here to read the full story.