Iraq Looks to Triple Pipeline Oil Exports as Hormuz Remains Closed
Iraq Looks to Triple Pipeline Oil Exports as Hormuz Remains Closed Trump’s Beijing summit produced business… What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Iraq plans to triple within three months its exports of crude oil through Kurdistan to the Turkish Mediterranean port of Ceyhan as OPEC’s second-largest producer is one of the Middle East’s producers worst affected by the closed Strait of Hormuz.
The Iraqi governmenthas approveda plan to hike crude exports to Ceyhan and onto international markets from the Mediterranean as the blocked Strait of Hormuz has cut most of Iraq’s oil shipments.
Iraq is seeing the worst of the Middle East crisis as its heavily oil-dependent economy is now collapsing with the trickling oil revenues amid the blockage of the Strait of Hormuz.
Iraq has done very little in recent decades to diversify its heavy dependence on oil.
Petroleum sales still account for 90% of revenues for state budget.
While other producers in the Middle East also depend on oil sales, none is as dependent as Iraq.
Due to the de facto closure of the Strait of Hormuz, Iraq has been forced to slash its oil production as its exports from Basra need to transit the world’s most vital oil chokepoint.
SetOilPrice.comas a preferred source in Googlehere.
Crude oil production from Iraq’s southern fields hasplunged by 70%since the start of the U.S.
and Israeli war on Iran, with the average production at 1.3 million barrels per day (bpd), compared with 4.3 million bpd before the war began.
Iraq, unlike Saudi Arabia and the United Arab Emirates (UAE), doesn’t have any options to bypass the Strait of Hormuz, forcing Baghdad to slash oil production as storage sites and tankers available in the Gulf filled up.
Iraq movedto restore the northern oil export routeto send crude from the Kirkuk fields directly to Turkey’s Mediterranean port of Ceyhan, as the southern export route via the Strait of Hormuz has been effectively closed for months now.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment