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OIL: Talks to Resume Kurdish Oil Flows via Turkey Have Stalled

OIL
BulletEnergy BulletsCommodities

Iraq oil export talks to resume flows via the northern pipeline through Turkey have stalled, said Myles Caggins, spokesman for an association of international producers cited by Bloomberg.

  • International producers operating in the Kurdish region are willing to modify their production contracts with the Kurdish region to restart exports, Caggins said.
  • The producers are willing to sell crude via Iraqi state marketer SOMO but Iraq’s government hasn’t made concrete contract proposals yet amid aims to centralize all oil sales.
  • In any new deals, firms want to “preserve financial terms” of current contracts and want guarantees of payment for past sales.
  • The federal administration’s budget allows it to pay $8 for every barrel of oil produced, but Kurdistan Regional Government contracts pay $26, Iraqi Prime Minister Mohammed Shia Al-Sudani previously said.
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Iraq oil export talks to resume flows via the northern pipeline through Turkey have stalled, said Myles Caggins, spokesman for an association of international producers cited by Bloomberg.

  • International producers operating in the Kurdish region are willing to modify their production contracts with the Kurdish region to restart exports, Caggins said.
  • The producers are willing to sell crude via Iraqi state marketer SOMO but Iraq’s government hasn’t made concrete contract proposals yet amid aims to centralize all oil sales.
  • In any new deals, firms want to “preserve financial terms” of current contracts and want guarantees of payment for past sales.
  • The federal administration’s budget allows it to pay $8 for every barrel of oil produced, but Kurdistan Regional Government contracts pay $26, Iraqi Prime Minister Mohammed Shia Al-Sudani previously said.