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-- Iraq Crude Flows Again.

Iraq Crude Flows Again.

...this time thru Turkey.

quote:

Iraq crude oil flows through Turkey Tue Sep 4, 4:31 PM ET AMMAN, Jordan - Iraq's oil minister said Tuesday that crude oil began to flow from his country's northern oil-rich Kirkuk to a Turkish export terminal last week � for the first time since Saddam Hussein was toppled in 2003. "We're pumping between 300,000 to 400,000 barrels a day of Kirkuk crude to the Turkish export terminal of Ceyhan," Hussain al-Shahristani told Dow Jones Newswires in a telephone interview from Baghdad. The pipeline � Iraq's main export route from Kirkuk to the Turkish Mediterranean port of Ceyhan � has been mostly closed because of constant sabotage since the U.S.-led war. Two weeks ago, Iraq agreed with Syria to repair and subsequently reopen another key pipeline, a 550-mile-long link connecting Kirkuk and the Syrian port of Baniyas. Once the Baniyas line � built in the 1950s but bombed by U.S. forces during the invasion that ousted Saddam � is reopened, Iraq would be using two terminals on the Mediterranean Sea. Currently, Iraq exports nearly all its oil through the Persian Gulf. Al-Shahristani told Dow Jones that Iraq's current production capacity from its northern oil fields stands at 700,000 barrels a day, of which about 300,000 barrels a day are destined for a refinery in the nearby northern industrial city of Beiji for domestic use. The remainder is for export. Last week, Iraq's State Oil Marketing Organization announced a tender to sell 5 million barrels of Kirkuk crude through Turkey's Ceyhan port � the third tender of its kind this year. "As far as I know, we have over 5 million (barrels) of crude stocks in Ceyhan," al-Shahristani said. He said he expected Iraq to maintain the same level of exports from its northern fields, citing new measures to prevent sabotage of pipelines. He said the measures include dispatching a security force, made up of tribesmen from the area and affiliated with his ministry, to guard the pipelines. >LINK<

Wish the same could happen in the south.

Question here is that would this actually effect the Iraqi economy?

quote:

Originally posted by hardcore trancer Question here is that would this actually effect the Iraqi economy?

i believe their goal by the end of next year is 4 or 5 million barrels per day.

right now they are at 2.5 or 2.7 million per day.

they are easily capable matching the Saudis current output if given the chance. but the Saudis have had a clean 20 year head start.

Has the Iraqi national government passed any oil profit distribution laws? Where are the profits going? If they havn't passed a oil profit law yet, and I'm expecting they havn't because of their political bickering, then the Kurds are the ones who will benefit most from this export. Great, they've got a pipeline going, but if there is no deal to share in the profits nationally, then who cares if they build 5 pipelines.

quote:

Originally posted by Krypton Has the Iraqi national government passed any oil profit distribution laws? Where are the profits going? If they havn't passed a oil profit law yet, and I'm expecting they havn't because of their political bickering, then the Kurds are the ones who will benefit most from this export. Great, they've got a pipeline going, but if there is no deal to share in the profits nationally, then who cares if they build 5 pipelines.

are you saying they will NEVER ratify oil distribution?

flood the market already.

talk about instant reduction of the financial/political influence of both Hugo Chavez and the state of Texas.

wonder if the administration will be in a hurry to harm its friends to kill its enemy

No, I'm saying that while opening this pipeline is great, the political realities mean the exports won't make a difference for anyone but the group that controls the pipeline or crude.

quote:

Originally posted by ResonantDrag flood the market already. talk about instant reduction of the financial/political influence of both Hugo Chavez and the state of Texas.

Chavez is fairly irrelavent of what concerns us in the larger picture. oil is oil no matter where it coms from. but i agree that if Iraq had the ability and capability to flood the market forcing, say $45/50 bbl, he'd be a little less than irrelavant and in a financial world of hurt.

all that shit is controlled by the cartel though. it's about what you are capable of producing that affects price and i don't think anyone knows right now. or want to know it seems like. it's crazy and i don't understand it.

and we don't make a whole lot of oil anymore here in Texas. we refine a lot of oil from the gulf though.

quote:

wonder if the administration will be in a hurry to harm its friends to kill its enemy

if the "enemy" acts like a total asshole then, yeah. what are ya gonna do, act like France?

quote:

Originally posted by Krypton the exports won't make a difference for anyone but the group that controls the pipeline or crude.

sounds like incentive to me.

how long are these things supposed to take you think?

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