Iraq: Exports Hold Up As ISIS Advances On Oilfields

Official Iraqi crude exports edged up to 2.44mn b/d for July, 116,000 b/d up on a year ago. All official exports are now from Iraq’s southern ports; federally-controlled northern exports have been halted since Islamic State jihadists (IS, formerly known as ISIS) grabbed the area around Mosul in mid-March. Northern exports averaged just 85,000 b/d for the first half of 2014, a mere 30% of year-ago levels (see table). Iraq’s key southern fields appear under little immediate threat from IS advances, but the jihadists have in the past week had several clashed with KRG fighters. IS has taken several small towns close to the Syrian border, albeit ones outside the ‘KRG proper’. Whilst all firms operating in the KRG say operations are, as yet, unaffected, several have withdrawn staff.


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