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Iraq raises capacity of southern oil exports

Iraq raises capacity of southern oil exports

Oil prices rally after Saudi Arabia's announcement on exportsBaghdad : The Iraqi Oil Ministry on Sunday announced it has increased the capacity to export oil from the southern port of Basra to 4.6 million barrels per day (bpd) after building a new floating terminal.

“The increase in export capacity to unprecedented levels was achieved after the completion of the fifth floating terminal, which added a new export capacity of 900,000 bpd,” Iraqi Oil Minister Jabbar Luaybi said in a statement, Xinhua reported.

According to him, “the oil exports capacity means that Iraq has the ability to export 4.6 million bpd, not necessary to mean that Iraq will export such quantities of oil”.

Iraq had plans to build five single-point mooring (SPM) with an export capacity of 850,000 to 900,000 bpd in an attempt to increase oil exports through the oil-hub of Basra.

The new terminal is one of five floating terminals with similar oil capacity the Iraqi oil ministry has been building to increase its oil export capacity via Basra port to more than 5 million bpd.

Iraq’s oil exports average was about 3.13 million bpd in the first 22 days of October from Basra. The country depends on oil revenues for nearly 95 percent of its budget.

In 2010, Iraq announced its proven oil reserves had increased to 143.1 billion barrels from the previous estimation of 115 billion barrels.

—IANS

Iraq raises capacity of southern oil exports

Oil prices rally after Saudi Arabia’s announcement on exports

Oil prices rally after Saudi Arabia's announcement on exportsNew York : Oil prices extended gains with the US crude posting best daily gain in two weeks, after Saudi Arabia said it would cut oil exports in November.

The West Texas Intermediate for November delivery on Tuesday increased $1.34 to settle at $50.92 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose $0.82 to close at $56.61 a barrel on the London ICE Futures Exchange.

According to media reports, Saudi Arabia would cut its November crude oil allocations to customers by 560,000 barrels a day, according to Andrew Lipow, president of Lipow Oil Associates.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers have cut production by about 1.8 million barrels per day since the start of 2017.

Lipow said the potential impact of maintenance season on demand for Saudi supplies, but said any drop in exports from OPEC’s biggest producer is bullish to the extent it takes oil off the market.

—IANS

China to restrict oil exports to N.Korea

China to restrict oil exports to N.Korea

China to restrict oil exports to N.KoreaBeijing : China on Saturday announced that it would restrict oil exports to North Korea from October 1 and also suspend textile imports from Pyongyang.

The Ministry of Commerce will implement UN Security Council Resolution 2375 by halting the export of liquified natural gas and gas condensate and limit exports of refined oil, reports Xinhua news agency.

However, the ban on textile imports will be effective from Saturday, it said.

Refined oil exports to North Korea from all UN members is capped at 500,000 barrels from October 1 to the end of the year and 2 million barrels annually from January 1, 2018.

China will suspend such exports once the total exports approaches the ceiling.

Exported refined oil products must be used fully on civil purposes, not for North Korea’s nuclear and ballistic missile programmes, or other activities banned by the UN Security Council, the ministry said.

Last week, the Council unanimously adopted resolution 2375, imposing fresh sanctions on North Korea over its nuclear test on September 3, which violated previous UN resolutions.

—IANS