A new proposal from SOMO asks crude buyers to pay up front for a year's worth of exports to secure a 5-year supply — part of Iraq's response to a cash-flow crisis.
SOMO is using the launch of its new Basra Medium crude grade as an occasion to revamp the specifications for its flagship Basra Light and Basra Heavy, too.
Iraqi crude output increased by 150,000 bpd as the Oil Ministry struggles to balance between meeting OPEC obligations and addressing a severe cash shortage.
Now that Shell personnel have returned, BGC is focused on resuming delayed projects to turn more flared gas into electricity and revenue for Iraq.
An attack near the Swara Tika and Atrush oil fields comes a week after a pipeline explosion blamed on the PKK, and as Turkey pressures leaders in Erbil and Baghdad to confront the guerrilla group.
Federal Iraq exports increase by more than 250k bpd and KRG posts slight decline.
Iraq is expanding existing refineries, but greenfield projects in the south are not moving forward.
Plan could earn KRG revenue and save electricity, but requires elusive public buy-in.
Surge in production comes as Iraq attempts to navigate the opposing pressures of a financial crisis and quota commitments to OPEC-plus.
Under pressure from the OPEC-plus coalition to compensate for past over-production, Iraq makes painful cuts mainly from IOC-operated fields.
