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IOC's Boosts Kurdistan Output on Local Supplies

OIL
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No progress has been made with international oil companies (IOC) over resuming crude exports from Iraqi Kurdistan Prime Minister Mohammed Shia Al-Sudani said in a televised news conference over the weekend.

  • IOCs in Kurdistan have steadily adapted to the ‘new normal’ and boosted sales within the region according to MEES analysis.
  • Crude oil production in the Kurdistan Region of Iraq continues to rebound from last year’s export pipeline closure as IOCs consolidate local sales it said – reaching 300kbd.
  • The local sales are priced well below international rates but IOC’s are still able to generate a profit.
  • The increasing production pushes higher pressure on Iraq to cut its output in the south due to its persistent overproduction ahead of the groups upcoming June 1 meet.


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No progress has been made with international oil companies (IOC) over resuming crude exports from Iraqi Kurdistan Prime Minister Mohammed Shia Al-Sudani said in a televised news conference over the weekend.

  • IOCs in Kurdistan have steadily adapted to the ‘new normal’ and boosted sales within the region according to MEES analysis.
  • Crude oil production in the Kurdistan Region of Iraq continues to rebound from last year’s export pipeline closure as IOCs consolidate local sales it said – reaching 300kbd.
  • The local sales are priced well below international rates but IOC’s are still able to generate a profit.
  • The increasing production pushes higher pressure on Iraq to cut its output in the south due to its persistent overproduction ahead of the groups upcoming June 1 meet.


Keep reading...Show less