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27.05.26 - 00:54
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Iraq′s Oil Collapse Sparks Race For New Export Routes (ZeroHedge)
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Iraq's Oil Collapse Sparks Race For New Export Routes
Authored by Simon Watkins via OilPrice.com,
Iraq's oil production has collapsed to just 1.39 million bpd after the Strait of Hormuz blockade stranded exports.
Baghdad is urgently trying to revive northern export routes through Turkey, including the Kirkuk-Ceyhan system and a new Kirkuk-Nineveh pipeline.
China is re-emerging as a major strategic player in Iraq's energy infrastructure, with Chinese firms heavily involved in Baghdad's new north-south pipeline expansion.
April was indeed the cruellest month for decades for Iraq's crude oil production, with an average of 1.389 million barrels per day (bpd) over the period. This compares to a monthly average of 3.47 million bpd from January 2002 to the end of March this year, and an average of over 4.1 million bpd in the three months leading up to the onset of the U.S./Israel-Iran War on 28 February. The last time oil production fell to the current level in the country was in th...
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05.05.26 - 22:33
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Iraq Offers Huge Discounts Up To $33 Per Barrel For Oil Shipments Via Hormuz (ZeroHedge)
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Iraq Offers Huge Discounts Up To $33 Per Barrel For Oil Shipments Via Hormuz
By Charles Kennedy of OilPrice.com
OPEC's second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz.
Iraq's oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which is the only way to move Iraqi Basrah crude grades.
Iraq was one of the first Gulf producers to slash upstream production and now exports a small part of its crude via a pipeline to the Turkish Mediterranean coast. But its key export port at Basrah, which handled the bulk of exports prior to the war, is constrained due to the unpassable Strait of Hormuz. Iraq has shipped some cargoes eastward out of the Strait thanks to bilateral agreements with Iran's forces, but tankers now have to move empty westward of the Strait and travel deep into the P...
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