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Iraq to Increase Oil Share to Asia in 2019

By John Lee.

Iraq has allocated 67 percent of its oil exports for 2019 to Asia, with 20 percent going to the Europe and 13 percent to the United States (or to according to Reuters, to North and South America).

In a statement, the Ministry of Oil said the allocation was made based on the importance of each market in terms of the volume of demand, and the price per barrel.

It added that Oil Minister Thamer al-Ghadhban directed a balanced policy in dealings with the global oil market, to maintain the stability of the markets and to achieve the best interest of Iraq’s economy.

Reuters reports that Asia received around 60 percent of Iraq’s oil exports in March 2018.

(Sources: Ministry of Oil, Reuters)

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Oil Ministry Finalises Export Figures for October

By John Lee.

Iraq’s Ministry of Oil has announced final oil exports for October of 107,821,261 barrels, giving an average for the month of 3.478 million barrels per day (bpd), a slight decrease from the 3.560 bpd exported in September.

These exports from the oilfields in central and southern Iraq amounted to 107,530,008 barrels, giving $7.898 billion in revenue, while exports by the North Oil Company amounted to 291,253 barrels, giving revenues of $10,339,481.

Revenues for the month were  $7.908 billion at an average price of $73.348 per barrel.

September export figures can be found here.

(Source: Ministry of Oil)

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SOMO Restarts Export of Kirkuk Oil via Turkey

By John Lee.

Baghdad has reached an agreement with Kurdish authorities to resume exports from the Kirkuk oilfields, via the Turkish port of Ceyhan (pictured).

In a statement on Friday, the Ministry of Oil said between 50,000 and 100,000 barrels per day would be exported through the pipeline on behalf of the Baghdad-controlled State Oil Marketing Organization (SOMO).

S&P Global Platts says SOMO has not exported any crude oil from Ceyhan since June 2017.

(Sources: Ministry of Oil, S&P Global Platts)

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Sanctions Halt Iraqi Oil Exports to Iran

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

Iraq’s new Prime Minister Adel Abdul Mahdi has opted for the policy of his predecessor, Haider al-Abadi, by committing himself to the US sanctions on Iran.

A few hours after he was sworn in, Abdul Mahdi stated Oct. 26 that when it comes to said sanctions, priority will be given to Iraq’s interests and independence.

Nevertheless, Iraq is seemingly incapable of doing without Iran, given their close bilateral economic ties. For this reason only, Iraq demanded that the United States allow the country to continue to import vital Iranian gas and energy supplies and food products. Washington consented Nov. 2, provided that payments not be made in US dollars.

Oil exports from the Kirkuk field, however, are excluded. Iraq’s new Oil Minister Thamer Ghadhban stressed that his country will “review” its current oil exports to Iran.

Click here to read the full story.

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Oil Exports Revenues Rise in October

By John Lee.

Iraq’s Ministry of Oil has announced interim oil exports for October of 107,530,008 barrels, giving an average for the month of 3.469 million barrels per day (bpd), a slight decrease from the 3.560 bpd exported in September.

These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan.

Revenues for the month were  $8.055 billion at an average price of $74.912 per barrel.

September export figures can be found here.

(Source: Ministry of Oil)

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Iraq Plans Big Increase in Oil Production

By John Lee.

The Basra Oil Company (BOC) reportedly plans to increase production  from 3.2 to 5 million barrels per day over the next seven years.

According to Platts, BOC directror Ihsan Ismaael told the CWC Basra conference in Istanbul that the increased production would be sustained for at least 20 years after that.

Among the projects being considered are three new subsea pipelines replacing the old pipelines leading to the Khor al-Amaya Oil Terminal (KAAOT) and the al-Basra Oil Terminal (ABOT), adding up to 3 million bpd of new export capacity.

ABOT is currently operating at just under half its capacity of 3.5 million bpd due to the risk of pipeline rupture, while the 350k-bpd KAAOT (pictured) has been offline because of oil leaks when the pipeline is pressurised high enough for loading to be economical.

New pipelines and storage pumping at the Fao terminal would also allow the four installed single point mooring buoys (SPMs) to reach their capacity of 900,000 bpd each — up from about half that now — and potentially add a fifth SPM.

More here from Platts.

(Source: Platts)

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Iraq targets major Basra Gulf Expansion

Iraq is pursuing major infrastructure projects to add millions of barrels per day of export capacity, in an effort to keep pace with ambitious plans to raise production.

In the short term, the Oil Ministry is looking to jump-start work on a long-delayed pipeline contract with the Australian company Leighton Offshore.

Beyond that, Iraq is looking to commission new offshore pipelines and to build an artificial island, the latter of which is likely to be contracted to the Dutch firm Boskalis.

More details here from Iraq Oil Report (subscription required)

(Source: Iraq Oil Report)

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Oil Exports Revenues Rise in September

By John Lee.

Iraq’s Ministry of Oil has announced interim oil exports for July of 106,795,022 barrels, giving an average for the month of 3.560 million barrels per day (bpd), a slight decrease from the 3.583 bpd exported in August.

These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan.

Revenues for the month were  $7.913 billion at an average price of $74.091 per barrel.

August export figures can be found here.

(Source: Ministry of Oil)

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SOMO may buy Oil Storage in Asia

By John Lee.

Iraq’s State Oil Marketing Organization (SOMO) is reportedly trying  to acquire storage tanks in Asia.

According to Reuters, any deal may involve a profit-sharing arrangement.

(Source: Reuters)

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Oil Exports Rise in August

By John Lee.

Iraq’s Ministry of Oil has announced interim oil exports for July of 111,016,618 barrels, giving an average for the month of 3.583 million barrels per day (bpd), an increase from the 3.543 bpd exported in July.

These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan.

Revenues for the month were  $7.729 billion at an average price of $69.593 per barrel.

July export figures can be found here.

(Source: Ministry of Oil)