Iraq Oil Exports News


December Oil Exports: Volume Up, Revenue Down

By John Lee.

Iraq’s Ministry of Oil has announced interim oil exports for December of 115,517,974 barrels, giving an average for the month of 3.726 million barrels per day (bpd), a increase from the 3.377 bpd exported in November.

These exports from the oilfields in central and southern Iraq amounted to 112,450,367 barrels, while exports by the North Oil Company amounted to 3,067,607 barrels.

Revenues for the month were $6.100 billion at an average price of $52.803 per barrel.

November export figures can be found here.

(Source: Ministry of Oil)

Kirkuk Oil Exports “to stay Restricted”

By John Lee.

Exports from Iraq’s northern Kirkuk oilfields to the Turkish port of Ceyhan will reportedly remain at between 80-90,000 barrels per day, with most of the crude being used to feed local refineries, according to Iraq’s oil minister.

Current production at the Kirkuk oilfields stands at around 370,000 bpd, the head of Iraq’s North Oil Company (NOC), Farid al-Jadir, told the same news conference.

More here from Reuters.

Oil Ministry Finalises Export Figures for November

By John Lee.

Iraq’s Ministry of Oil has announced final oil exports for November of 101,313,958 barrels, giving an average for the month of 3.377 million barrels per day (bpd), a decrease from the 3.478 bpd exported in October.

These exports from the oilfields in central and southern Iraq amounted to 100,895,342 barrels, while exports from Kirkuk through the port of Ceyhan amounted to 261,466 barrels, and exports from Qayara were 157,150 barrels.

Revenues for the month were $6.195 billion at an average price of $61.150 per barrel.

October export figures can be found here.

(Source: Ministry of Oil)

Oil Exports Revenues Fall in November

By John Lee.

Iraq’s Ministry of Oil has announced interim oil exports for November of 101,156,808 barrels, giving an average for the month of 3.372 million barrels per day (bpd), a decrease from the 3.478 bpd exported in October.

These exports from the oilfields in central and southern Iraq amounted to 100,895,342 barrels, while exports by the North Oil Company amounted to 261,466 barrels.

Revenues for the month were $6.180 billion at an average price of $61.090 per barrel.

October export figures can be found here.

(Source: Ministry of Oil)

SOMO “Squeezing Out” Oil Resellers

By John Lee.

Iraq’s State Oil Marketing Organization (SOMO) is reported to be restricting companies from reselling Basra crude oil on the spot market.

Oil traders have told S&P Global Platts that SOMO wants to keep a greater share of the lucrative spot market for itself.

The report adds that SOMO is merely implementing restrictions already embedded in its contracts with customers.

(Source: S&P Global Platts)

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)

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)

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)

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.

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)