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Gulf Keystone Latest Iraqi Kurdistan Producer Set to Cut Production

OIL

Gulf Keystone Petroleum will become the latest oil producer in Iraqi Kurdistan to cut production due to the dispute between regional leaders.

  • The issues blocking around 450,000 bpd of Kurdish crude this week has been a key driver of higher oil prices this week.
  • Gulf Keystone said it expects to shut-in Shaikan field flows processed at Production Facility 1 on Friday. Those that go to Production Facility 2 will continue to be sent to storage tanks for around another two weeks before being closed off.
  • Kurdish and Iraqi officials are set for further discussions next week to try and resolve the issues to allow the oil to flow out of Turkey.
  • Other companies including DNO ASA and HKN Energy have already started to lower production in Kurdistan.
  • Oil prices remain flat Friday.
  • Brent MAY 23 down 0% at 79.25$/bbl
  • WTI MAY 23 up 0.3% at 74.61$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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