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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Oil smuggling in Iraq from stealth drilling, and pipeline theft is estimated at about 60kbbl/d according to University of Dallas associate professor Ali Dadpay and is exacerbated by local fuel shortages.
- Total Iraq crude oil production in October was estimated at 4.58mb/d according to the latest Platts survey.
- The theft equates to approximately $1.4 billion in lost annual revenues based on a traded discount of about $20/bbl to Platts Dated Brent.
- Most illicit traded volumes involve refined products due to industrial fuel subsidies and consumers market prices. Iraq produces about 40k mt/d of fuel oil, of which about 26k mt/d is supplied to local power stations, cement factories and other local customers at a subsidised price of around $200/mt, compared to the recent Platts assessment of $326.61/mt.
- Iraq has to import gasoline and diesel to meet local demand, and the power sector has been reliant on Iran for supplies of gas and electricity.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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