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After the absence of a year .. The return of Iraqi Kurdistan oil for export

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 After the absence of a year .. The return of Iraqi Kurdistan oil for export Empty After the absence of a year .. The return of Iraqi Kurdistan oil for export

Post by claud39 Mon Nov 19, 2018 9:02 am

http://www.uabonline.org/en/news/arabicnews/15761593158315941610157515761587160615771593160815/57758/1


After the absence of a year .. The return of Iraqi Kurdistan oil for export




19/11/2018



 After the absence of a year .. The return of Iraqi Kurdistan oil for export Rc_154261126379_23


Iraq resumed exports of Kirkuk oil, which was suspended a year ago because of a dispute between the central government in Baghdad and semi-autonomous Kurdistan region. 
This comes after a new government in Baghdad agreed to an interim agreement with Erbil. 
This development is a victory for the US government, which was urging both sides to resolve the dispute and resume flows to help address the shortage of Iranian crude in the region after Washington imposed new sanctions on Tehran. 
"The resumption of Kirkuk oil exports is another important step in our efforts to reduce Iran's oil exports," State Department spokeswoman Heather Naort said in a Twitter posting. 
Sources in the sector said the flows resumed at a modest level of 50-60 thousand barrels per day compared with a peak of 300 thousand barrels per day last year, although it is unclear when and to what extent will increase supplies.
Kirkuk crude is being exported to the Turkish port of Ceyhan on the Mediterranean Sea using a pipeline running through the Kurdistan region. 
Asim Jihad, a spokesman for the Iraqi Ministry of Oil, reiterated the resumption of oil exports, adding that an agreement was reached to resume flows at 50-100 thousand barrels per day. 
Jihad said the resumption of shipments of Kirkuk between 50-100 thousand barrels per day will not enhance the total exports of Iraq. 
Oil prices rose, with Brent crude gaining more than $ 1 a barrel, supported by factors including less-than-expected flows from Kurdistan. 
The agreement points out that Iraq's new Prime Minister Adel Abdul Mahdi and Oil Minister Thamer Ghadhban are ready to work with Erbil despite previous tensions and a failed referendum on independence in September 2017.
The suspension of exports from Kirkuk in October 2017 stopped the flow of about 300,000 barrels per day from Iraq towards Turkey and the international markets, causing a net loss of revenues of about 8 billion dollars last year. 
Most of Iraq's exports come from the southern fields, but Kirkuk is among the largest oil fields and the oldest in the Middle East and is estimated to contain recoverable reserves of about nine billion barrels. 
Exports have been suspended since Iraqi government forces regained control of Kirkuk from the Kurdish authorities in 2017. 
The Kurdistan region produces about 400,000 barrels per day exported through the pipeline. The resumption of flows from Kirkuk to increase this amount to between 450 thousand and 500 thousand barrels per day, but that less than the amount of 700 thousand barrels per day, which was issued by the region at some point last year.
Iraqi authorities say they still need to feed local refineries, to which Kirkuk's production has been diverted over the past year. The sources said the refineries will receive about 185 thousand barrels per day under the latest agreement. 
Baghdad and Erbil have yet to reach a compromise on maximum flow levels as well as budget transfers from the central government to Erbil, something the two sides have had difficulty agreeing on for several years.
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