Oil split reduces pricy delays, company says, after disappointing first quarter Iraq’s decision to split crude oil export flows into lighter and heavier grades has removed logistical problems and allowed several producers to lift self-imposed output curbs, according to Lukoil (ticker: LKOH) Deputy President for E&P Ravil Maganov. Maganov told reporters that the move to split crude grades helped the
Crude oil imports from the Americas reducing share of Iraqi crude imports by the U.S. Imports of Iraqi crude oil fell to 77 MBOPD in the week ended June 12, 2015, down 170 MBOPD from the previous week. Increased imports of medium- and heavy-grade crude oil from Canada and Latin America is putting more pressure on imports of Iraqi oil,
Iraq continues to increase production ahead of OPEC meeting Iraq’s oil production reached record levels in May. The country produced an average of 3.87 MMBOPD, the highest levels in decades, according to Bloomberg. This news comes just days before OPEC’s June meeting, in which the cartel is expected to maintain its current policy of defending market share. Iraq’s oil exports
The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill their respective end goals in the oil market. Brent oil prices at the time of the meeting are expected to
Russian oil major Lukoil seeking change in compensation from OPEC producer Lukoil (ticker: LKOH) will continue negotiations with the Iraqi government about the continued development of the Nasiriya project. The Iraqi government is trying to develop a 300 MBOPD refinery in the Nasiriya oil field, which is estimated to have over 4 billion barrels of oil in place. Vagit Alekperov,
Lukoil confirms plans to increase oil production in the West Qurna-2 oil field in Iraq Lukoil (ticker: LKOH) President Vagit Alekperov visited Iraq to discuss further development in the West Qurna-2 field. Iraqi Prime Minister Haider al-Abadi and Minister of Oil Adel Abdul Mahdi both expressed appreciation in the continued work by the company in their country, according to a
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
