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2017-03-03 18:40:00

KURDISH - IRAQI OIL

KURDISH - IRAQI OIL

FTCrude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat to Iraq's attempts to comply with Opec's agreed cuts.

Officials from the Patriotic Union of Kurdistan (PUK), one of the oldest political parties within the Kurdistan Regional Government (KRG), said its forces had stormed the Baghdad-controlled facility and would shut down operations again unless they were given greater control over Kirkuk oil sales.

The protest highlights growing tensions as Baghdad tries to find ways to curtail the amount of oil flowing into the market under an agreement with the Opec cartel and major producers such as Russia to restrain production and increase prices.

In recent weeks up to 50,000 barrels a day of Kirkuk crude has been diverted away from export markets under a loose agreement between Baghdad and the semi-autonomous KRG government in Erbil.

KRG officials have said the crude is being refined before being sent to support Iraqi forces fighting to liberate Mosul from Islamic State, but analysts say rival factions in north of the country believe they are not being compensated for the crude.

Aso Mamand, the head of PUK's office in Kirkuk, said on Thursday that Baghdad was exploiting Kirkuk's oil "for the rest of Iraq while our people are in desperate need for it".

"We will give Baghdad one week to retract its decision" Mr Mamand said. "If Baghdad does not meet our demands within one week, we will expel North Oil Company's officials. The Kurdistan Regional Government also exploits the people of Kirkuk."

The PUK is one of the main rivals to the Kurdistan Democratic Party, which has had an uneasy truce with Baghdad over northern exports of crude for the past two years.

An agreement in 2015 saw Baghdad's North Oil Company produced crude from Kirkuk exported on the Kurdish-controlled pipeline to the Turkish port of Ceyhan, bolstering supply from the north of the country to well more than 500,000 barrels a day.

Despite industry doubts, Iraq has tried to comply with Opec's production targets that began at the start of this year to try to help the market recover, but its decision to redirect exports from Kirkuk is stoking tensions in the north of the country, analysts say.

"This [protest] is about local oil sales and who gets the NOC local oil diverted from Ceyhan," said Alan Mohtadi of T&S Consulting, which advises oil companies operating in the semi-autonomous region.

While flows from Kirkuk, which produces about 150,000 barrels a day, resumed after a few hours on Thursday, analysts are cautioning that further disruptions cannot be ruled out.

Further tensions between both Kurdish factions and Baghdad could fracture the fragile detente that has allowed crude produced in the semi-autonomous region to become a growing part of international oil markets through the KRG's pre-pay deals with traders such as Vitol, Trafigura, Glencore and Russia's Rosneft.

"I think this is just the beginning," said Kamal Chomani, a political analyst in Erbil. "The PUK and the people of Kirkuk feel they are being exploited by the two governments."

-----

Earlier:

IRAQ: 

IRAQ PLANS 3.6 MBD 

IRAQ'S OIL RECORD: 4.051 MBD 

IRAQ'S OIL BENEFITS 

IRAQ: OUT OF DEAL 

IRAQ WANTS 9 MBD

 

KURDISTAN: 

IRAQ & KURDISTAN DEAL 

IRAQ & KURDISTAN OIL 

IRAQ KURDISTAN: MORE OIL 

KURDISTAN OIL: NO VIOLATIONS 

KURDISTAN: DOUBLE OIL

 

 

 

 

Tags: KURDISTAN, IRAQ, OIL, OPEC, RUSSIA

Chronicle:

KURDISH - IRAQI OIL
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

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.

KURDISH - IRAQI OIL
November, 15, 15:20:00

IEA COOLS THE MARKET

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.

KURDISH - IRAQI OIL
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

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.

KURDISH - IRAQI OIL
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

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.

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