Oil exports from Iraq's Kurdish north to resume

Oil exports from Iraq's Kurdish north to resume ; Iraq's newly appointed oil minister said on Saturday that oil exports from the country's northern self-ruled Kurdish region would soon resume as part of the country's national oil export policy. The Kurds have sought greater control over oil in their crude-rich region while Baghdad has argued that the oil is a national resource, under the central government's control.

Iraqi Kurds have unilaterally signed more than two dozens oil deals with Western companies that are deemed illegal by Baghdad. Exports were halted a few months after they started in June 2009 amid a disagreement over payments. Abdul-Karim Elaibi told The Associated Press the exports from the Kurdish region would be resumed "in the coming few days." He didn't set a date or elaborate on how the exports would be part of the nation's export strategy.

Earlier this month, Elaibi's predecessor, Hussain al-Shahristani, said a dispute over how private companies accounted for equipment costs and other expenses for reimbursement has been settled, clearing the way for the exports to resume.

Al-Shahristani, who now holds the post of vice president for energy issues in the new government of Prime Minister Nouri al-Maliki, said in comments December 6 the Kurds were committed to exporting 150,0000 barrels a day by next year Iraq plans to raise exports to 2.25 million barrels a day in 2011, up from 1.9 million at present.

The current oil exports account for nearly all of Iraq's foreign currency revenues. The increase is as important psychologically for Iraq as it is economically and practically. The oil-rich nation, which was the birthplace for the Organisation of the Petroleum Exporting Countries, has struggled to raise its oil production and exports after years of sanctions and wars left much of the vital sector in poor shape.

With Saddam Hussein's ouster in the 2003 US-led invasion attention turned again to revamping the sector. Two international oil licensing rounds last year opened the door for international oil firms to re-enter the Iraq market. Among the tasks they undertook were new seismic surveys of the fields which they were awarded-efforts that have contributed to raising the overall reserve estimate. For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

Commodity

• Wheat, Gold, oil, Corn, Copper Prices dec 11 2012
• Greek worries weigh on shares, commodities market today nov 13 2012
• MCX commodities prices expected october 23 2012
• Corn, soybeans market forecast week october 22-27 2012
• U.S. grain futures down october 10 2012
• corn, soybeans futures prices 10-2-2012
• London copper futures outlook october 1 2012
• soybeans, wheat , Corn futures prices for 9/27 2012
• How will Wheat Crop Insurance in 2013
• soybeans futures prices down 9-24-2012
• Wheat, corn, soybeans prices down 9/24/2012
• Grain futures prices forecast september 24-28 2012
• Corn, soybeans futures prices 9/21/2012
• food prices expectation 2013
• Corn, soybeans, wheat prices september 17 2012
• corn, soybeans futures prices september 11 2012
• grain futures prices september 10 2012
• grain futures prices forecast september 10-14 2012
• Corn, soybeans futures prices sept 5 2012
• U.S. soft futures prices 9/5/2012
• Grains prices forecast sept 3-7, 2012
• USDA forecast Agricultural Exports 2013
• Grain futures prices outlook 8/31/2012
• Ahead Russian Agriculture Ministry meetings 8/31/2012
• Grain futures prices 8/30/2012