Iraq and Lebanon sign Fuel Barter Deal

By John Lee.

Iraq and Lebanon have finalised an agreement under which Iraq will provide the Lebanese Electricity Corporation with 1 million tonnes of heavy fuel oil over a one-year period.

Lebanon's caretaker Energy Minister, Raymond Ghajar, signed the deal in Baghdad at the weekend.

The oil will be paid for in goods and services.

(Sources: Govt of Iraq, NNA)

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Transporter Named for Iraqi Oil Exports to Jordan

By John Lee.

The Jordanian Ministry of Energy and Mineral Resources has announced that Burj Al Hayat Transport and Trading Company has been awarded a tender to transport Iraqi crude oil to Jordan.

The company will be responsible for transporting 10,000 barrels of crude oil per day from Iraq's Baiji oil refinery to Jordan's Petroleum Refinery Company in Zarqa, covering 7 percent of the Kingdom's daily demand with a discount of $16 from the price of Brent crude per barrel.

"The door-to-door shipping process begins in the coming two weeks, with 50 percent of daily imports transported via Iraqi and Jordanian tanker trucks," according to a statement by the Ministry.

(Source: Govt of Jordan)

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Iraq Confirms Oil Exports for June Exceeded $6bn

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for June of 86,765,589 barrels, giving an average for the month of 2.892 million barrels per day (bpd), slightly down from the 2.899 million bpd exported in May.

The exports from the oilfields in central and southern Iraq amounted to approximately 83,690,352 barrels, while exports from Kirkuk amounted to 3,075,237 barrels.

Revenues for the month were $6.143 billion at an average price of $70.801 per barrel.

May's export figures can be found here.

(Source: Ministry of Oil)

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China Buys “nearly Half” of Iraq’s oil

By John Lee.

An advisor to Iraqi Prime Minister Mustafa al-Kadhimi has said that nearly half of the country's oil exports go to China, making China the number one market for Iraqi oil.

Speaking on Thursday, Mazhar Muhammad Salih said that China accounts for about 40-44 percent of Iraqi oil exports, equating to about 800,000 barrels of oil per day.

(Source: INA)

(Pictured: Former Prime Minister Adil Abdul Mahdi with China's Premier Xi Jinping, in September 2019)

The post China Buys "nearly Half" of Iraq's oil first appeared on Iraq Business News.

Iraq Oil Exports for June Exceed $6bn

By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for June of 86,765,589 barrels, giving an average for the month of 2.892 million barrels per day (bpd), slightly down from the 2.899 million bpd exported in May.

The exports from the oilfields in central and southern Iraq amounted to approximately 83,690,352 barrels, while exports from Kirkuk amounted to 3,075,237 barrels.

Revenues for the month were $6.141 billion at an average price of $70.778 per barrel.

May's export figures can be found here.

(Source: Ministry of Oil)

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Kurdistan 2020 Oil Business “Crashed due to COVID-19”

The Kurdistan Regional Government (KRG) has released its annual oil and gas audit report for 2020, which revealed several drops in production due to the COVID-19 pandemic.

The region's total exported and consumed oil for the year stood at 165,942,861 barrels, about 5 million barrels less comparing to 2019.

The average price of oil dropped to $28.1 per barrel as global markets crashed during the second quarter, with the gross value of crude oil sold via pipelines standing at $4,443,842,235.

As of Q4 2020, $294,315,126 of KRG funds remained held in a bank account in Lebanon due to restrictions on transferring foreign currency outside the country.

The full 2020 audit report is available here:

https://gov.krd/english/information-and-services/open-data/deloitte-reports/deloitte-report-2020/

(Source: KRG)

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Iraq “Cancels” Oil Deal with China’s Zhenhua

By John Lee.

Iraq has reportedly cancelled its $2-billion pre-paid oil supply agreement with Zhenhua Oil Company.

Under a deal said to have been agreed in January, the state-owned Chinese company would pay Iraq in advance for a year's supply of oil.

S&P Global Platts reported the following month that Iraq had "frozen" the deal, following an increase in oil prices.

The price of oil has continued to rise, with Iraq confirming an average price of $65.842 per barrel exported in May, considerably higher than the $53.294 per barrel it received in January.

More here.

(Source: S&P Global Platts)

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Iraq Oil Revenues almost $6bn in May

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for May of 89,881,268 barrels, giving an average for the month of 2.899 million barrels per day (bpd), slightly down from the 2.947 million bpd exported in April.

The exports from the oilfields in central and southern Iraq amounted to approximately 86,820,355 barrels, while exports from Kirkuk amounted to 3,060,913 barrels.

Revenues for the month were $5.918 billion at an average price of $65.842 per barrel.

April's export figures can be found here.

(Source: Ministry of Oil)

The post Iraq Oil Revenues almost $6bn in May first appeared on Iraq Business News.

Iraq Finalises Oil Exports for April

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for April of 88,398,319 barrels, giving an average for the month of 2.947 million barrels per day (bpd), effectively the same as the 2.946 million bpd exported in March.

The exports from the oilfields in central and southern Iraq amounted to approximately 85,534,916 barrels, while exports from Kirkuk amounted to 2,863,403 barrels.

Revenues for the month were $5.550 billion at an average price of $62.779 per barrel.

March's export figures can be found here.

(Source: Ministry of Oil)

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