Iraq increases oil exports from south to make up for Kirkuk shortfall

The increase in Basra exports keeps Iraq’s total output within the quota agreed with the OPEC. (Reuters)
Updated 21 October 2017
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Iraq increases oil exports from south to make up for Kirkuk shortfall

BAGHDAD: Iraq said it was increasing oil exports on Saturday from the southern Basra region by 200,000 barrels per day to make up for a shortfall from the northern Kirkuk fields.
The output from the northern Kirkuk region fell this week in the course of military operations to take it back from Kurdish fighters who have been there since 2014.
The increase in Basra exports keeps Iraq’s total output within the quota agreed with the Organization of Petroleum Exporting Countries, the oil ministry said in a statement citing Oil Minister Jabar Al-Luaibi.
He said 200,000 barrels per day will be shipped from southern Basra export terminal on top of the usual volumes exported daily which exceed 3.2 million barrels.
“These additional volumes will be produced until the northern oil output goes back to its previous level,” he said.
Iraq won’t be able to restore Kirkuk’s oil output to last week’s levels before Sunday because of missing equipment at two of the largest fields of the region, Avana and Bai Hasan, an oil ministry official told Reuters on Thursday.
Until these shutdowns, the northern oil region exported about 530,000 barrels per day, of which about half came from the semi-autonomous Kurdistan region and the rest from the disputed Kirkuk province, claimed by both the Kurds and the Iraqi central authorities.
Kurdish Peshmerga forces deployed in Kirkuk in 2014, when the Iraqi army fled its positions in the face of an advance by Daesh militants. The Kurdish move prevented the militants from taking control of its oilfields.


Saudi minister Al-Falih says Aramco IPO likely in 2019

Updated 25 May 2018
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Saudi minister Al-Falih says Aramco IPO likely in 2019

  • Energy Minister Khalid Al-Falih: “We are ready, the company (Saudi Aramco) essentially has ticked all the boxes. We’re simply waiting for a market readiness for the IPO.”
  • Khalid Al-Falih: “Most likely it will be in 2019 but we will not know until the announcement has been made. All I could say is stay tuned.”

RIYADH: Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid Al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.

“The timing I think will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia,” Khalid Al-Falih, who’s also the company’s chairman, said at the St. Petersburg International Economic Forum in Russia on Friday.

“We are ready, the company essentially has ticked all the boxes,” he said. “We’re simply waiting for a market readiness for the IPO.”

For almost two years, Saudi officials said the IPO was “on track, on time” for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019.

“Most likely it will be in 2019 but we will not know until the announcement has been made,” Al-Falih said. “All I could say is stay tuned.”

The Aramco IPO would be a once-in-a-generation event for financial markets. Saudi officials said they hope to raise a record $100 billion by selling a 5 percent stake, valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese retailer Alibaba Group Holding Ltd. in 2014.