May 20, 2024 13:36 GMT
IOC's Boosts Kurdistan Output on Local Supplies
OIL
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.
Source: MEES
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