As Traders Tussle Turkmenistan Cuts Exports
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks, six traders involved in operations said.That happened after Turkmen producers decided to export oil via Russia with the help of Swiss trader Vitol and ditch the previous Azeri route…
Oil Steady as U.S. Rig count, Middle East Issues Support
U.S. oil rig count drops to lowest since June as Iraq, Saudi Arabia hail OPEC cooperation. Oil prices held on to last week's gains on Monday, supported by supply disruptions in Iraq and a drop in U.S. drilling. But analysts said the reduction in drilling rigs in the United States could prove temporary as activity had been restrained by hurricane threats. The number of U.S. rigs drilling for new oil fell by seven to 736 in the week to Oct. 20, the lowest level since June, energy services firm Baker Hughes said on Friday.
Rosneft Takes First Shipment of Kurdish Oil
Russian state oil giant Rosneft will buy its first shipment of oil from Iraq's Kurdistan in early April, becoming the first oil major to take Kurdish crude directly into its refining system, trading sources said on Friday. The shipments aboard tanker Minerva Sophia will sail from the Turkish Mediterranean port of Ceyhan to Italy's Triest, from where the oil can be taken by pipeline to Rosneft's refineries in Germany. (Reporting by Dmitry Zhdannikov)
Glencore Raises Money for Kurdish Oil Deal, Likely Short of Target
Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil, with investors exercising caution despite the offer of a 12 percent bond yield, industry sources told Reuters. Two sources familiar with the plans said that commodities giant Glencore will price the bond at 12 percent on Tuesday, having received investor commitments for between $200 million and $400 million. Glencore would have to cover the rest itself, though there is obligation to hit the full $550 million.
Iraq Sept Oil Exports from Southern Ports rise slightly
Iraq's oil exports from the southern ports rose to an average of 3.245 million barrels per day (bpd) in September, from 3.230 million in August, the oil ministry said on Saturday. OPEC's second-largest producer also exported 935,270 barrels - an average of 31,176 bpd - via pipeline to the Turkish Mediterranean port of Ceyhan in September, the first full month for exports since the North Oil Company resumed pumping crude from fields it operates in Kirkuk, which the Kurdistan Regional Government (KRG) controls.
Iraq exported 935,270 barrels of oil in Sept via Ceyhan
Iraq exported 935,270 barrels of oil in September via pipeline to the Turkish Mediterranean port of Ceyhan, the oil ministry said on Saturday. September was the first full month for exports since the North Oil Company resumed pumping crude from fields it operates in Kirkuk, which the Kurdistan Regional Government controls, following a four-month dispute over revenue sharing. (Reporting by Stephen Kalin; Editing by Alexander Smith)
Iraq Blacklists Tankers Lifting Kurdish Crude
Iraqi state oil firm SOMO has blacklisted three tankers involved in shipping crude from Kurdistan, stepping up pressure on the semi-autonomous region amid tense talks on sharing oil revenue. Kurdistan has been exporting crude independently via Turkey since mid-2015 after saying Baghdad had failed to respect an oil revenue-sharing deal and transfer enough money to Erbil. Baghdad, which exports most of its oil from the Gulf, has said Erbil was not exporting enough crude under the deal.
Kurdish Oil Loadings at Turkey's Ceyhan Delayed
Loadings of oil from Iraqi Kurdistan at the Turkish Mediterranean port of Ceyhan, which were halted on Feb. 17, remained suspended on Monday due to bad weather, shipping agents told Reuters. Pumping via the pipeline which feeds the port had resumed on Friday and were back to normal, with a pumping rate of close to 600,000 barrels per day, shipping agents said. The storage in the port was being filled during the weekend and was around 1.4 million barrels as of Monday, they added.
Kirkuk Oil Pumping Halted since Monday
Pumping of oil along Iraqi Kurdistan's pipeline carrying Kirkuk and Kurdish crude to the Turkish Mediterranean port of Ceyhan has been halted since Monday due to repairs necessitated by theft, Turkish officials and an industry source said. "There has been a theft on the pipeline and repairs are required, which will take around one to two days," an official at Turkey's state pipeline operator Botas said. "The pipeline could reopen tomorrow," the official said.
Iraqi Kurdish Pipeline Stopped; Tanker in Limbo off Texas
Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the autonomous region's pipeline to the Mediterranean has been shut for the past week. The Kurdistan Regional Government (KRG) has not launched any oil tankers from the Turkish port of Ceyhan in over a month as Baghdad has moved to block the vessels from unloading at foreign ports. The latest…
First Cargo of Iraqi Kurdistan Pipeline Oil Sold to Europe
European markets bought the first load of oil to be carried by pipeline from Iraqi Kurdistan, the autonomous region said in a statement on Friday, adding that the revenue will be deposited in Turkey's Halkbank . The Kurdistan Regional Government (KRG) said sales from the Turkish port of Ceyhan would continue despite opposition from the federal government in Baghdad, which has threatened legal action against any company involved in exporting Iraqi oil.
