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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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    International oil companies involved in oil smuggling network in Kurdistan Region

    Rocky
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    • Post n°1

    International oil companies involved in oil smuggling network in Kurdistan Region Empty International oil companies involved in oil smuggling network in Kurdistan Region

    Post by Rocky Wed 17 Jul 2024, 4:59 am

    International oil companies involved in oil smuggling network in Kurdistan Region

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    Economy News - Follow-up
    More than a year has passed since the Kurdistan Region was banned from exporting its oil through oil pipelines, but crude oil is still flowing from the region on tanker trucks towards the border with Iran.
    She told Reuters, in a report translated by "Al-Eqtisad News", that "there are more than 1,000 tanker trucks transporting at least 200,000 barrels per day of Kurdish oil to both Iran and Turkey."
    Although the price of crude oil smuggled from the semi-autonomous northern region is reportedly around $40 a barrel in these shady deals, the trade is lucrative, especially when compared to the difficulties the Kurdistan Regional Government has experienced after being deprived of oil revenues over the past year. 
    Reuters estimates that oil smuggling generates revenues for the region of about $200 million per month.
    These estimates came after the World News Agency correspondents contacted more than 20 people, including oil engineers, oil industry sources, traders, government officials, politicians and diplomats.
    Some of them said that the oil smuggling was likely taking place with the knowledge of the provincial and federal governments. When the oil reaches Iran, it is loaded onto ships at Iranian ports in the Gulf, such as Port Imam Khomeini and Bandar Abbas, or transported by land to Afghanistan and Pakistan.
    The ban on oil exports to Turkey, which amounted to about 450,000 barrels per day, from the territory of the Kurdistan Region of Iraq via the pipeline, came in March 2023 due to disagreements over who should issue permission to export Kurdish oil.
    The ruling, issued by the International Chamber of Commerce in March 2023 after a dispute between Turkey and Iraq over Kurdistan’s oil, deepened the region’s wounds. It ruled in Iraq’s favor, and prevented Turkey from allowing Kurdish oil to be exported through the Iraq-Turkey pipeline and the Turkish port of Ceyhan without the approval of the Iraqi federal government.
    After this decision, the Iraqi Oil Marketing Company SOMO became the sole owner of the right to sell crude oil produced anywhere in Iraq.
    Reopening the pipeline to Ceyhan on Turkey's Mediterranean coast does not appear to be a priority for politicians in Baghdad.
    Norway’s DNO, a six-member oil company in the Kurdistan Petroleum Industry Association (APIKUR), said in November 2023 that international companies operating oil fields in Kurdistan would not produce oil for export until payments and future terms of sales and purchases were clarified.
    While some companies have started to resume oil production for the local market, oil industry sources told Reuters that local buyers, who are allowed to buy crude, are selling the oil through middlemen who then export it without the knowledge of international companies about the resale.
    Estimates from various Reuters sources range from 200,000 barrels per day (bpd) to more than 300,000 bpd. The smuggled oil is being added to Iraq’s oil supply. Iraqi officials have privately suggested that the trade is one of the reasons why Iraq, OPEC’s second-largest producer, has so far failed to cap its output under the OPEC+ deal.
    The Iraqi government has not committed to the current cuts, despite its continued pledge that it will show better commitment in the future.
    Compensation plans have been put in place for both Iraq and Kazakhstan, which also failed to meet their quotas. In the period from January to March 2024, Iraq produced 602,000 barrels per day above its quota, according to OPEC estimates.
    Iraq has been capped at 4 million barrels per day (bpd). But Iraq pumped 4.189 million bpd in June, down 25,000 bpd from May, OPEC secondary sources said in their latest monthly report this week. That’s still about 200,000 bpd above the OPEC+ target.


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