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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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    Iraq's oil exports are threatened with a decline, with the non-resumption of exporting Kurdistan cru

    Rocky
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    Iraq's oil exports are threatened with a decline, with the non-resumption of exporting Kurdistan cru Empty Iraq's oil exports are threatened with a decline, with the non-resumption of exporting Kurdistan cru

    Post by Rocky Tue 11 Apr 2023, 5:35 am

    Iraq's oil exports are threatened with a decline, with the non-resumption of exporting Kurdistan crude



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    2023-04-11 03:10

    Shafaq News/ Iraq's oil exports from the Kurdistan Region are still suspended, in addition to the pumping date being unclear, despite the Iraqi government signing an agreement with the Kurdistan government on April 4 to resume exporting crude through the Turkish port of Ceyhan.
    These developments came after a decision by the Arbitral Tribunal of the International Chamber of Commerce in Paris, regarding the arbitration case filed by the former Iraqi government against Turkey, regarding the "Iraqi-Turkish pipeline agreement", in which it ruled the illegality of the Kurdistan Region's export of its oil without Baghdad's approval.



    For his part, economist Muhammad al-Hassani confirmed in an interview with Shafaq News agency, "The stoppage will lead to a decline in Iraq's monthly oil exports, and it will negatively affect Iraq's general budget and increase the budget deficit, which is estimated at 63 trillion dinars, which may reach more than 100 trillion dinars."
    He added, "Delaying the export of oil through Ceyhan will cost the Iraqi state's general budget losses of more than 30 million dollars per day," stressing that "approving the oil and gas law will solve all problems related to the oil file between the federal government and the Kurdistan Region."
    Al-Hassani also indicated that "Iraqi oil exports are expected to decline throughout the months of this year after Baghdad agreed to join other producers in the OPEC + alliance in reducing production to support oil prices."
    Iraq decided to voluntarily reduce its oil production by about 211 thousand barrels per day, starting from May until the end of 2023.
    A temporary agreement was signed on April 4 between the Federal Ministry of Oil and the Ministry of Natural Resources in the regional government, according to which the export of crude oil abroad from the region and from the Kirkuk governorate will resume.
    During this agreement, Prime Minister Muhammad Shia' al-Sudani said, "Any delay in export will clearly affect the total revenues in the 2023 budget, on which we designed the total expenditures and the operational and investment budget, and thus the deficit will rise and cause severe damage."
    Pumping has not resumed yet, as Iraq is still awaiting a response from Turkey regarding the re-pumping of nearly 500,000 barrels per day from Kirkuk to Ceyhan, which represents about 0.5% of global oil supplies.
    Sources indicate that Turkey wants to resolve this issue before re-pumping through the pipeline, and it also has conditions and requests for approval to resume exporting Kurdistan Region's oil through its territory.
    The continued stoppage forced the international oil companies in the region to stop production in several fields or reduce it after storage tanks were full.
    Several oil companies have stopped operating in the region, including DNO and Genel Energy. The two companies own shares in the Tawki and Bishkabir fields, which produced 107,000 barrels per day of oil last year. Genel also owns stakes in the two fields. "Taq Taq and Sarta", which produced 4,710 barrels per day last year, in addition to the "Gulf Keystone Petroleum" company that operates the Sheikhan field with a production capacity of 55 thousand barrels per day, in addition to other companies such as the Canadian "Forza Petroleum" that operates the "Hewler Concession" and the "Hawler" company. US HKN Energy, which operates the Sarsink fields, said they had shut down operations as their storage facilities were full.
    Iraqi oil flows decreased for the month of March through the Turkish port of Ceyhan to reach one million and 727 thousand barrels, compared to February, which amounted to two million and 834 thousand barrels.
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