IRAQ KURDISTAN: MORE OIL
In early August, militant action in the semi-independent Iraqi region of Kurdistan forced many oil producers to suspend operations and now, some companies are resuming production.
Islamic State militants moved closer to the region's capital Arbil, causing safety and operational concerns in the first and second weeks of August, according to Reuters. President Barack Obama's announcement in August that he'd given permission for U.S. airstrikes on the region increased oil and gas producer's worry. Many companies evacuated nonessential personnel and drastically lowered oil output.
After nearly a month, companies such as ShaMaran Petroleum Cop. are resuming drilling operations in the Kurdistan region. ShaMaran will pick back up production in the Atrush block at the Chiya Khere-8 development well. Drilling operations at the well were suspended for 21 days following the regional safety issues, according to an official company statement.
Kurdistan has 12 billion barrels of oil and 22 trillion cubic feet of natural gas reserves, according to Bidness ETC, and these figures do not account for unproven oil and gas reserves in the region.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.