A brief overview of oil price developments, supply and demand and significant market movers.
Articles Tagged "iraq"
Iraq's oil production dropped sharply in October to 3.035 million b/d, a 200,000 b/d decline from September output of 3.235 million b/d although oil exports rose slightly to 2.624 million b/d, a new post-1990 record, oil ministry figures obtained Wednesday by Platts showed.
Reuters reported that Kurdistan has made independent export deals for its oil and in doing so has pitted itself against Baghdad, which believes it should have total control over Iraq's oil and asserts that deals made with Kurdistan are illegal.
Reuters reported that ExxonMobil (NYSE:XOM) does not want to continue with its massive Iraq-based West Qurna-1 project. The company is reportedly concerned that the project will be less profitable than expected.
CNBC reported that Iraq has abandoned its plan to more than triple its oil production by 2017, but Hussain al-Shahristani, the country's deputy prime minister on energy, still believes Iraq could produce 9 million to 10 million barrels of oil per day by 2020. It currently pumps about 3.4 million barrels per day.
ShaMaran Petroleum Corp. (TSXV:SNM) announced the results from its Atrush-2 (AT-2) appraisal well, located in the Kurdistan region of Iraq, commenting that the well produced rates totaling 42,212 barrels of oil per day.
Reuters reported that Iraq and Kurdistan ended a dispute about oil payment, with Kurdistan pledging to continue producing its share of oil exports and Iraq's Baghdad agreeing to pay foreign companies working in Kurdistan.
ExxonMobil has been removed from a list of bidders for Iraqi energy exploration rights amid political tensions between the Middle Eastern state and the Kurdistan Regional Government (KRG).
The political uprisings in the oil-rich region of the Middle East and North Africa are pushing oil prices to a dangerous level that threatens to force many still recovering economies into another recession. Wayne Atwell, Managing Director of Casimir Capital, spoke with Oil Investing News, a part of The Resource Investing News Network, about the possible implications for the resource markets.
Iraq has agreed to sell more oil in the second half of this year than it was able to deliver in the first, leaving some customers concerned about expensive delays in their supplies. For full story, click here