Home Daily Blitz Iraq Will Boost Oil Exports After Agreement on Kirkuk Fields
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Iraq Will Boost Oil Exports After Agreement on Kirkuk Fields

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bloomberg articleThe following is an excerpt from Khalid Al Ansary and Sam Wilkin | August 21, 2016 | Bloomberg.com |

Iraq, OPEC’s second-biggest producer, will increase crude exports by about 5 percent in the next few days after an agreement to resume shipments from three oil fields in Kirkuk.

Shipments will increase by about 150,000 barrels a day as exports resume from the Baba Gorgor, Jambour and Khabbaz fields, Fouad Hussein, a member of the oil and energy committee of the Kirkuk provincial council, said by phone Sunday. The three oil fields are operated by the state-run Northern Oil Co. but their export pipeline is controlled by the semi-autonomous Kurdistan Regional Government.

The NOC halted exports from those fields in March due to a payment dispute with the KRG. Iraq’s new oil minister Jabbar al-Luaibi, on his first day in the job, said last week he saw ways to resolve the dispute with the self-governed Kurds, and Prime Minister Haidar Al-Abadi ordered the oil ministry to resume oil pumping into the pipeline.

Iraq has struggled to boost oil exports this year, with shipments from the northern part of the country hampered by the dispute with the KRG. Iraq’s exports were 3.71 million barrels a day in July, according to the International Energy Agency, including oil sold by the KRG. Calls to the KRG for comment weren’t answered and text messages weren’t immediately returned.

For more visit: Bloomberg.com

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