Saudi Press

Saudi Arabia and the world
Saturday, Sep 23, 2023

Iraq eyes deal on Kurdistan oil exports within weeks

Iraq eyes deal on Kurdistan oil exports within weeks

Iraq’s oil minister expressed hope on Wednesday his government can reach an agreement soon on the resumption of crude exports from the autonomous Kurdistan region to Turkiye.
Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in Baghdad was the only entity authorized to manage exports.

Baghdad and the Kurdish authorities in Irbil signed last month a provisional agreement establishing an export mechanism that would be supervised by the federal government, but some issues remain unresolved.

“Regarding the agreement with Iraqi Kurdistan, within a week or two maximum we will reach a final agreement for the resumption of crude exports,” Iraqi Oil Minister Hayan Abdel Ghani said, adding the indications were “positive.”

Abdel Ghani said tests had been carried out on Turkish pipelines to avoid potential oil leaks, after a deadly and devastating earthquake hit Turkiye on Feb. 6.

Under the terms of the agreement announced in April, sales of Kurdish oil are to go through the Iraqi National Oil Co., and no longer exclusively through the authorities in Iraqi Kurdistan.

In addition, revenues from Kurdish exports are to be paid into an account managed by Irbil and supervised by Baghdad.

US inventories

US crude oil inventories fell for a third week in a row, while gasoline stockpiles unexpectedly rose last week as demand weakened, the Energy Information Administration said on Wednesday.

Crude inventories fell by 1.3 million barrels in the week ending April 28 to 459.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.1-million-barrel drop.

Crude in the Strategic Petroleum Reserve declined 2 million to 364.9 million barrels, its lowest since October 1983. Levels dropped for the third week in a row as part of a congressionally mandated sale of 26 million barrels. “Overall, hydrocarbon inventories are declining at the same time that the US continues with its Strategic Petroleum Reserve release,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

Gasoline stocks rose by 1.7 million barrels to 222.9 million barrels, the EIA said, compared with forecasts for a 1.2-million-barrel drop.

Demand for the motor fuel ahead of the peak summer driving season fell significantly, down 9.4 percent to 8.6 million bpd.

Crude prices extended their losses after the data showed weakness in the fuel sector.

US crude oil futures fell $2.93, or 4.1 percent, to $68.73 a barrel by 11 a.m. ET (1600 GMT). Brent crude fell $2.70, or 3.6 percent, to $72.64.

Distillate stockpiles, which include diesel and heating oil, also fell by 1.2 million barrels to 110.3 million barrels, versus expectations for a 1.1-million-barrel drop, the EIA data showed.

Related Articles

Saudi Press
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Muslim Tycoon Asif Aziz Receives Approval for the Transformation of the iconic London Trocadero Landmark into Mosque
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
Israeli Prime Minister Netanyahu Hospitalized Due to Dehydration Amidst Summer Heatwave
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Saudi Arabia Joins the Treaty of Amity and Cooperation in Southeast Asia
The Renowned Crown Prince Camel Festival Set to Return to Taif on Aug. 1
Why Do Tech Executives Support Kennedy Jr.?