Russia set a post-Soviet production record and Iraq exported the most oil since the 1980s in the month of December, according to a report from Bloomberg. The information, which was acquired from an email by the Russian Energy Ministry, said Russia’s total production for December was 10,667 MBOPD – a month-over-month increase of 0.3%. The United States is the only
ISIS Loses Oil Production In the aftermath of last month’s U.S. air strikes that damaged the Islamic State’s (ISIS) captured oil field operations in Syria and Iraq, news outlets have reported that the attacks disrupted the group’s ability to make gasoline and diesel to power its military operations. More importantly, the damage to the field took away oil production it was using to
After security concerns in the region prompted a mid-August suspension of operations on its Hawler license in the Kurdistan Region of Iraq, Oryx Petroleum Corporation (ticker: OXC) announced that it has now resumed crude oil production and sales into the domestic market at the Demir Dagh field at rates in excess of those prior to the temporary halt in August.
Reuters reported that both ExxonMobil Corporation (ticker: XOM) and Chevron Corporation (ticker: CVX) evacuated their staffs from Iraqi Kurdistan this morning. The employees of the oil giants join several thousand civilians attempting to escape violent Islamic State terrorists, also known as ISIS, who are now within a 30 minute drive of Abril, the Kurdish regional capitol. On June 13, Rupert
Russia and Iraq are giants in the hydrocarbon industry. The two powerhouses were the third and sixth greatest oil producers in 2012, and Iraq’s oil reserves rank fifth in the entire world. Russia’s natural gas reserves are the highest on the planet, and its 2012 production average of 63.4 Bcf/d allowed it to export 76% of its natural gas across
It is no coincidence that ISIS is using the oil fields and pipelines it captured in Iraq and Syria to sell crude oil for the purpose of funding its activities, according to a report in Istanbul’s Daily Sabah, dated July 10, 2014. In the report, Erdal Tanas Karagöl, economy director at the Ankara-based non-profit SETA Foundation for Political, Economic and Social
CNN reported today that ISIS has taken over six Syrian oil and gas fields, as well as al-Omar, “Syria’s largest oil facility that can produce 75,000 barrels of oil a day.” Pakistan’s Dawn News reported that one of the oil fields taken over was Tanak, located in the Sheiytat desert area in the east of Deir Ezzour province, according to
Source: Hindu Business Line India has extended approval by six months, beginning June 28, for two Iranian ship underwriters to provide insurance for container, tanker and bulk vessels calling at Indian ports, the Wall Street Journal reported yesterday. The decision to relax sanctions against Iran by the West has enabled tankers to transport oil and petroleum products from Iran. The
Yesterday energy analysts warned of a significant global price jump for oil if Iraq’s southern oil fields are captured and shut down, but commodity prices appear to be disconnected this week from the potentially serious threat to Iraq’s oil production, after posting a four percent gain during last week’s escalation of hostilities. Raymond James’ Managing Director Marshall Adkins said that
According to a recent survey by Reuters, OPEC’s oil output dipped to a two-year low, falling from 30.32 MMBOPD in August 2013 to 30.07 MMBOPD in September 2013. The survey comes despite the fact that Saudi Arabia, the world’s largest oil exporter, has not weaned its production and continues to export more than 10 MMBOPD. The September 2013 OPEC output
Afren plc (ticker: AFR) is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange. Afren is currently producing from its assets offshore Nigeria and Côte d’Ivoire and holds further interests in the Kurdistan region of Iraq, Ghana, Nigeria, Côte d’Ivoire, Congo Brazzaville, the Joint Development Zone of Nigeria -São
CRUDE OIL INVENTORY/’000 bbls (Week Ended 10/5/12) Current: 366,370 Actual Build/(Withdrawal): 1,672 Economist Average Estimate: 773 Previous: 364,698 Click here for the chart with five year averages. CRUDE OIL IN THE MEDIA *Continental Resources says Oklahoma discovery may add 1.8 billion barrels – Tulsa World Continental Resources Inc. says a shale-oil discovery in Oklahoma may add the equivalent of 1.8 billion
