Asim Jihad News
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West Texas Intermediate crude rose to a one-month high after supplies fell at Cushing, Oklahoma, the delivery point for the contract. Brent oil’s premium to WTI shrank below $8 for the first time since January 2011.
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Iraq has increased its own estimate for its crude reserves by almost 5 percent to 150 billion barrels, Oil Minister Abdul Kareem al-Luaibi said.
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OPEC’s biggest oil producers are in talks to supply extra crude to India as the nation prepares to halt purchases from Iran because of global sanctions, four people with knowledge of the matter said.
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The Iraqi government will pay foreign oil companies producing in the country’s northern Kurdish region under a deal reached to resume crude exports from the area, Oil Ministry spokesman Asim Jihad said.
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One crude unit that was in maintenance at Iraq’s biggest refinery will restart ahead of schedule to compensate output lost in a sabotage attack two days ago, said Asim Jihad , a spokesman for the Oil Ministry.
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Iraq, which is seeking to boost crude exports to rebuild its economy, said oil shipments climbed 3.7 percent in December to 66.5 million barrels, generating the highest revenue in four months, $7.06 billion.
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Iraq’s crude exports are set to rise to an average of 2.6 million barrels a day this month, the highest level in more than two decades, said Asim Jihad, a spokesman for the Oil Ministry.
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Iraq, with the fifth-largest oil reserves, will load a tanker in the next few days from a southern offshore terminal halted because of unfavorable weather, said Asim Jihad, an oil ministry spokesman.
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Iraq’s crude oil exports in March rose to the highest level since 1980, a year after former President Saddam Hussein came to power, an Oil Ministry spokesman said.
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Iraq will lose the capacity to export 1.7 million barrels of crude a day if Iran blocks the Strait of Hormuz, the transit point for about two thirds of its production, an Oil Ministry spokesman said.
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