Iraq Struggles To Keep Oil Exports Elevated

18 Nov 2017   Iraq

Since the Kurdish referendum in late September, when Iraqi Kurds overwhelmingly voted for independence from Iraq, there has been a drop in crude flows through the Kirkuk-Ceyhan pipeline, as tension has ratcheted up in the region. After exports from Ceyhan averaged 540,000 bpd through the first nine months of the year, loadings of Kirkuk crude dropped to 430,000 bpd in October, and are lower once again in November, after Iraqi government forces reclaimed Kurdish oil fields last month. The Iraqi oil minister, Jabar al-Luaibi, announced last week a preliminary agreement to export oil from the Kirkuk oil fields to Iran . Until a pipeline is constructed to move the crude, the oil will be transported via tank trucks. The leading destinations for Kirkuk crude are Israel, Italy, Greece, Croatia and Spain, which account for eighty percent of flows (hark, below). (Click to enlarge) Jabar Al-Luaibi also announced last week […]

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