Iraq: Oil Prices Plunge as Kirkuk's Production Comes Back on Line

Nov 16, 2018 | 20:17 GMT

Rising supply has caused oil prices to plunge in the past seven weeks. And thanks to Iraq, that growth in supply will not let up. On Nov. 16, a temporary deal between Iraq's federal government and the Kurdistan Regional Government (KRG) enabled the export of oil from the disputed province of Kirkuk through the Kurdistan-Turkey pipeline for the first time since June 2017. For now, the amount of oil is about 50,000 barrels per day (bpd), but the deal aims to boost it to 100,000 bpd. However, if Kirkuk's export levels return to normal, then 200,000 to 400,000 barrels of Iraqi oil could make its way to export markets each day....

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