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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Increased closure of the region's oil fields and expectations of exporting 400,000 barrels next week

    rocky
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    • Post n°1

    Increased closure of the region's oil fields and expectations of exporting 400,000 barrels next week Empty Increased closure of the region's oil fields and expectations of exporting 400,000 barrels next week

    Post by rocky Sat 01 Apr 2023, 4:30 am

    Increased closure of the region's oil fields and expectations of exporting 400,000 barrels next week

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    Baghdad Today - Follow-up
    Gulf Keystone Petroleum will become the latest oil producer in the Kurdistan Region of Iraq to cut production, with the continuing legal dispute between the regional government and Baghdad that has led to higher global crude prices.
    The London-listed company said it expects to close Shaikan flows being processed at its Production Facility 1 on Friday. As for the oil sent to Production Facility 2; It will continue to be sent to storage tanks for about two weeks before closing, according to the company's statement.
    Gulf Keystone added that it "continues to believe the suspension of exports will be temporary."
    It is scheduled that the Iraqi government and officials from Kurdistan will hold a next round of talks in Baghdad next week. 
    An official in the Kurdistan Regional Government told Bloomberg that this could lead to the resumption of more than 400,000 barrels per day of Iraqi oil exports passing through Turkey.
    Other companies including DNO ASA and HKN Energy have already started cutting production in Kurdistan.
    Turkey closed a pipeline extending from the Kurdistan region to the Mediterranean port of Ceyhan on Saturday. This was after an international court issued a ruling preventing the KRG from exporting oil without Baghdad's approval.
    The ruling by the Paris-based International Chamber of Commerce was largely against Turkey in a case brought by the Iraqi government.
    The move was part of Baghdad's long-term attempt to rein in the KRG and control oil flows.
    Brent crude has risen 5.5% this week to above $79 a barrel, in part due to traders' fears of a long-term pause. 
    The United States urged the KRG and Baghdad to allow exports to resume quickly.
    Baghdad says it is up to the KRG to break the deadlock by accepting that the Iraqi state oil marketing company, known as SOMO, handles Kurdish shipments from the port of Ceyhan.
    Relations between the KRG and Baghdad have improved since Mohammed al-Sudani became prime minister in October, and the international court case was brought by a previous administration.
    “We've seen the talks continue even before the arbitration award came out,” said Richard Bruns, head of geopolitics at Energy Aspects, an advisor to energy traders. “There is a reasonable chance for them to reach some sort of deal that allows the pipeline to restart sooner rather than later.” .
    Shares of "Gulf Keystone" fell 17% this week, while shares of "Norwegian DNO" fell 5.6%.
    Gulf Keystone said the combined storage capacity for the PF-1 and PF-2 at Shaikan is approximately 150,000 barrels. Shaikan produces about 45,000 barrels of crude oil per day.
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