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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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    Pipeline policy forces Kurdistan to sell oil at discounted prices

    Rocky
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    • Post n°1

    Pipeline policy forces Kurdistan to sell oil at discounted prices Empty Pipeline policy forces Kurdistan to sell oil at discounted prices

    Post by Rocky Sat 31 Aug 2024, 4:57 am

    Pipeline policy forces Kurdistan to sell oil at discounted prices

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    Economy News - Baghdad
    [rtl] Crude oil production in the Kurdistan region of Iraq currently stands at around 350,000 barrels per day, but all of that goes to local buyers at steep discounts as the main export route via a pipeline to Turkey's Mediterranean coast remains closed.[/rtl]
    [rtl]Crude production in Iraqi Kurdistan is now down by about 50,000 barrels per day compared to production levels before March 2023, when the pipeline to Ceyhan in Turkey was shut down due to an international dispute, according to figures provided by Miles Caggins, spokesman for the Kurdistan Petroleum Industry Association (APICOR).[/rtl]
    [rtl]The flow of Kurdish oil through the pipeline to Turkey, which amounts to about 450,000 barrels per day, stopped last year after it was closed in March 2023 due to a dispute over who should authorize Kurdish exports.[/rtl]
    [rtl]The impasse follows a March 2023 ruling by the International Chamber of Commerce in a dispute between Turkey and Iraq over Kurdish oil. The ICC ruled in favor of Iraq, which argued that Turkey should not allow Kurdish oil to be exported via the Iraq-Turkey pipeline and the Turkish port of Ceyhan without the approval of the Iraqi federal government.[/rtl]
    [rtl]APICORP member companies continue to produce oil in the Iraqi region, but they are forced to sell their crude to local buyers at significant discounts of $45 to $50 a barrel below global crude prices, according to APICORP’s Caggins.[/rtl]
    [rtl]“Production volumes have generally increased since the pipeline was shut down in March 2023. All APICORP members remain focused on eventually reopening the pipeline for exports,” the company spokesperson said.[/rtl]
    [rtl]The Kurdistan region has not been able to export its oil via pipeline for more than a year now, but crude is still flowing from the semi-autonomous Iraqi region in smuggling operations, on tanker trucks to the border with Iran.[/rtl]
    [rtl]More than 1,000 such tankers are estimated to transport at least 200,000 barrels per day of Kurdish oil to Iran and Turkey, according to a  [You must be registered and logged in to see this link.] investigation .[/rtl]


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