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LONDON/BAGHDAD, April 1 (Reuters) - Iraq's federal government and the Kurdistan Regional Government (KRG) are close to striking a deal aimed at resuming northern oil exports, four sources familiar with the discussions told Reuters on Saturday. Revenues will be deposited in an account managed by the MNR and supervised by Baghdad, the KRG official said. Iraq's oil ministry spokesman could not immediately be reached outside regular business hours. Baghdad and the KRG have agreed to continue meetings following the resumption of oil exports to find solutions to other lingering problems. "[These include] the contracts of the foreign companies operating in Kurdistan and the Kurdish debts," the senior Iraqi oil official said.

REUTERS/Umit BektasMarch 31 (Reuters) - An international arbitration ruling on March 23 prompted the shutdown of Iraq's northern crude oil exports through Turkey and sent oil prices back towards $80 a barrel. Iraq's federal government says its state-owned marketed SOMO is the only party authorised to manage crude exports through Ceyhan. Turkey was also asked to pay 50% of the discount at which KRG oil was sold, three sources said. According to a Turkish source, Iraq's initial demand was for about $33 billion. This comprised 370,000 bpd of KRG crude and 75,000 bpd of federal crude, a source familiar with pipeline operations said.

Also supporting prices was a Wednesday report from the U.S. Energy Information Administration that U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low. These factors offset bearish sentiment after a lower than expected cut to Russian crude oil production in the first three weeks of March. The 300,000 bpd production decline compared with targeted cuts of 500,000 bpd, or about 5% of Russian output, sources familiar with the data told Reuters. Meanwhile, OPEC+ is likely to stick to its existing deal on reduced oil output at a meeting on Monday, five delegates from the producer group told Reuters. "If all goes as expected, and we manage to avoid a recession, oil prices will dance around $75-$85/bbl in the coming months," FGE analysts said in a note.

LONDON, March 30 (Reuters) - A suspension of Kurdistan's oil exports has halted repayments via crude cargoes of $6 billion owed to energy traders including Vitol and Petraco by the semi-autonomous Iraqi region, trading sources told Reuters. The suspension means Kurdistan cannot repay debts with crude oil supplies and alternative schemes have not been put in place. "Let's work out a breakthrough to the oil exports issue and then other issues could be addressed under less pressure," he said. An Iraqi oil ministry legal adviser familiar with the discussions with Kurdistan said Baghdad wants to run oil exports via its state marketing firm SOMO and wants oil sales revenues to be deposited in an independent bank account. Another Iraqi oil ministry official said no progress has been yet made on the debt issue.

ANKARA, March 28 (Reuters) - Turkey's Energy Ministry said on Tuesday that Iraq had been ordered by the International Chamber of Commerce (ICC) to pay compensation to Ankara in a longstanding arbitration case related to oil exports from northern Iraq via Turkey. The Turkish energy ministry statement was released after Iraq's oil ministry said on Saturday the ICC had ruled in its favour in the case. The Turkish statement said the ICC had recognised a majority of Turkey's demands, without saying how much compensation Iraq had been ordered to pay. "(The ICC) ordered Iraq to pay a compensation to Turkey," the ministry said, without revealing the amount of compensation. "This case is in fact a reflection of disagreement between Iraq's central government and Iraq's Kurdish Regional Administration," the Turkish ministry said.

☆ Iraqi Kurdistan region's oil output at risk after Turkey halts pipeline exports
▼ + stars: | 2023-03-27 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

[1/2] The Iraqi- Turkish pipeline is seen in Zakho district of the Dohuk Governorate of the Iraqi Kurdistan province, Iraq, August 28, 2016. REUTERS/Ari JalalMarch 27 (Reuters) - Oil production in Iraq's semi-autonomous Kurdistan region (KRI) is at risk after a halt in northern exports has forced firms operating there to divert crude to storage, where capacity is limited. Oil firms operating in the region have been left in limbo as they await the outcome of ongoing discussions between Ankara, Baghdad and the KRG to find a way to resume exports. The two firms hold stakes in the Tawke and Peshkabir fields, which produced 107,000 bpd of oil last year. Production at the Khurmala oil field run by Kurdish group Kar is currently unaffected at around 135,000 bpd and heading into tank, a source familiar with the field operations told Reuters.

March 25 (Reuters) - Iraq halted crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields on Saturday, an oil official told Reuters, after the country won a longstanding arbitration case against Turkey. Turkey informed Iraq that it will respect the arbitration ruling, a source said. Turkey subsequently halted the pumping of Iraqi crude from the pipeline that leads to Ceyhan, a separate document seen by Reuters showed. "A delegation from the oil ministry will travel to Turkey soon to meet energy officials to agree on new mechanism to export Iraq's northern crude oil in line with the arbitration ruling," a second oil ministry official said. Turkey would need to source more crude from Iran and Russia to make up for the loss of northern Iraqi oil, the letter said.

Brent crude futures fell by 82 cents, or 1%, to $85.79 per barrel by 0132 GMT, while U.S. crude futures fell by $1.04, or 1.3%, to $79.10 per barrel. The U.S. Department of Energy (DOE) said after the previous session ended that it would sell 26 million barrels of oil from the SPR, a release that had been mandated by Congress in previous years. The DOE had considered cancelling the fiscal year 2023 sale after U.S. President Joe Biden's administration last year sold a record 180 million barrels from the reserve. Ceyhan is for endpoint for pipelines that carry oil from Azerbaijan and Iraq and about 1 million barrels per day (bpd) of crude can be exported from there. Crude production in the shale basins will rise by about 75,000 bpd in March to a record 9.36 million bpd, the EIA projected.

☆ Ceyhan loadings of BTC pipeline oil could begin within two days, sources say
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +1 min

Summary Manual loadings while BTC control room repaired -officialKirkuk loadings resumed on TuesdayISTANBUL, Feb 11 (Reuters) - Turkey's Ceyhan port could resume loading oil from the Baku-Tbilisi-Ceyhan (BTC) pipeline in one or two days using "manual" procedures, a Turkish official and a shipping source said on Saturday. It is the storage and loading point for the BTC pipeline which carries oil from Azerbaijan as well as the Kirkuk pipeline from Iraq. The Kirkuk pipeline resumed flows on Tuesday evening and a tanker docked at Ceyhan to load that day. The control room for BTC pipeline loadings there was damaged, the Turkish official said, but added loadings were expected to resume "manually" while the control room is repaired. Loadings could begin within a day or two days, a shipping source said, quoting information received from the terminal.

☆ Oil falls as earthquake impact on crude eases, rate hike fears rise
▼ + stars: | 2023-02-09 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude settled at $84.50 a barrel, losing 59 cents, or 0.7%. U.S. crude stocks rose last week to 455.1 million barrels, their highest since June 2021, the Energy Information Administration reported on Wednesday, which also pushed oil prices lower. The prospect of stronger demand from China provided some support to oil prices, as the world's second largest oil consumer ended more than three years of stringent zero-COVID policy. "Overall, this should push global demand up by 2.1 million barrels a day in 2023." A weaker U.S. dollar, which typically trades inversely with oil, also helped limit losses in crude prices.

LONDON, Feb 9 (Reuters) - Oil prices dipped in U.S. trading hours on Thursday after the country's oil inventories hit their highest in months and on signs that the Federal Reserve could keep raising interest rates. "Relentlessly rising U.S. commercial inventories and potentially entrenched inflation limit any immediate upside potential," said PVM analyst Tamas Varga. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China provided some support to oil prices, as the world's second largest oil consumer ended more than three years of stringent zero-COVID policy.

LONDON, Feb 9 (Reuters) - Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China lent some support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy. "We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1," analysts from ANZ bank wrote in a note.

☆ Oil prices steady amid China demand revival, high U.S. inventories
▼ + stars: | 2023-02-09 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

"U.S. crude oil ... inventories have continued to exceed expectations, which to some extent erodes the bullish sentiments brought from China's demand recovery hopes," said analysts from Haitong Futures. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said on Wednesday. U.S. gasoline and distillate inventories also rose last week as demand remained weak. read moreBut the prospect of stronger demand from China lent support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy involving city-wide lockdowns and mass testing in December. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan.

☆ Oil rises for 4th day as supply disruptions, China demand supports
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +1 min

Freight wagons carrying oil and fuel at a petroleum products terminal in Riga, Latvia, on Feb. 2, 2023. Oil edged up in early trade on Thursday, extending gains for a fourth consecutive day, as crude loading disruptions in Turkey and optimism over China's recovering demand continued to buoy sentiment. Brent crude futures rose 14 cents, or 0.2% to $85.26 a barrel by 0239 GMT, while U.S. West Texas Intermediate (WTI) crude futures firmed 11 cents, or 0.2% higher, to $78.58 a barrel. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan. However, increasing crude inventories in the United States put pressure on oil gains.

Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47. Investors hope less aggressive U.S. interest rate increases will help the world's biggest economy dodge a sharp economic slowdown or recession that would hit oil demand. "A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM. The earthquake that struck Turkey and Syria on Monday stopped crude oil flows from Iraq and Azerbaijan out of the Turkish port of Ceyhan. U.S. Energy Information Administration data showing U.S. oil production rose last week to the highest level since April 2020, however, limited oil's gains.

Companies Bp Azerbaijan FollowBp Plc FollowLONDON/BAKU, Feb 8 (Reuters) - BP Azerbaijan has declared force majeure on loadings of Azeri crude from the Turkish port of Ceyhan, after a series of earthquakes on Monday, the company said on Wednesday. The notice was issued to oil shippers following a temporary suspension of loading operations from the Ceyhan Marine Terminal (CMT), BP Azerbaijan spokeswoman Tamam Bayatly told Reuters by email. BP Azerbaijan operates the Azerbaijan and Georgia sections of the Baku-Tblisi-Ceyhan (BTC) pipeline. Azerbaijan uses the Turkish port of Ceyhan as its main crude export hub, with a flow of about 650,000 barrels per day (bpd). The Iraqi crude pipeline to Turkey's Ceyhan oil export hub resumed flows on Tuesday evening and a tanker docked to load Iraqi crude at Ceyhan earlier in the day.

☆ Azeri BTC crude loadings suspended at a major oil export hub in Turkey after earthquakes
▼ + stars: | 2023-02-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Crude oil loadings from Turkey's Baku-Tbilisi-Ceyhan terminal in the Mediterranean have been suspended following a twin set of earthquakes that devastated Turkey and Syria on Monday, leaving over 9,000 dead. The BTC terminal loads Azeri BTC Blend crude, which is transported to the Ceyhan port through the BTC pipeline. A force majeure notice seen by CNBC — which removes contractual liability from exporters or producers for circumstances outside of their control — was issued on Tuesday evening. The BTC pipeline was not impacted by the earthquakes, the Botas International Company that operates its Turkish section said on Monday. The BTC crude oil loadings schedule that is typically published on the 8th of every month will be delayed, two trade sources said.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ Oil rises on China outlook, supply worries after Turkey earthquake
▼ + stars: | 2023-02-07 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

"Crude prices are rising on expectations that China's recovery will take hold and on supply outages from the earthquake that devastated Turkey," said Edward Moya, analyst at OANDA. The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. Operations at Turkey's 1 million barrel per day (bpd) oil export terminal in Ceyhan were halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. The oil markets will closely watch the U.S. Federal Reserve's chair Jerome Powell's speech on Wednesday, analysts said.

☆ Turkey’s Ceyhan oil port disrupted by weather as earthquake damage assessed
▼ + stars: | 2023-02-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Operations were interrupted at the Ceyhan oil port — a critical hub for the discharge of crude oil and oil products, along with the loading of Azeri crude and a stream of Iraqi crude oil — on Monday, following two earthquakes that devastated Turkey and Syria, leaving over 5,000 dead. It also exports volumes of two crude oil streams — the Azeri crude oil delivered through the Baku-Tbilisi-Ceyhan (BTC) consortium's pipeline, and the Iraqi Kirkuk blend crude oil transferred through the separate Kirkuk-Ceyhan pipeline. Loadings of the two crude oil terminals are undertaken from two different points within Ceyhan port, with BTC crude oil leaving the BTC terminal, while the Kirkuk blend sails from the Botas terminal. An oil trade source familiar with KRG operations told CNBC that the pipeline could likely begin flows later Tuesday. An oil tanker ship is awaiting to berth to load Kirkuk blend crude.

A massive earthquake that struck Turkey and Syria early on Monday had halted operations at Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan. A trading source said the vessel was given the all clear to load Iraqi oil from storage. While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri BTC pipeline was however still working and sending oil to storage in Ceyhan, two sources said. The Alfa Baltica and the Nordlotus tankers were waiting in the area for the Azeri crude BTC terminal at Ceyhan to reopen.

☆ Shipping containers ablaze at Turkey's Iskenderun Port, operations halted
▼ + stars: | 2023-02-07 | by ( Antony Paone | ) www.reuters.com time to read: +3 min

ISKENDERUN, Turkey, Feb 7 (Reuters) - Hundreds of shipping containers were ablaze at Turkey's Iskenderun Port on Tuesday, shutting down operations and forcing freight liners to divert vessels to other ports. Leading global container shipping group AP Moller Maersk said there had been significant damage to logistics and transport infrastructure around the earthquake epicentre, including at the Port of Iskenderun. We are currently planning to divert containers to nearby hubs within operational feasibility or hold at transhipment ports - including Port of Mersin (in Turkey) and Port Said (in Egypt)," it said. [1/3] Smoke rises from burning containers at the port in the earthquake-stricken town of Iskenderun, Turkey, February 7, 2023. German container shipping line Hapag Lloyd said it was taking shipments from Mersin given the closure of Iskenderun.

☆ Turkey oil pipelines undamaged, flows continue after quake -official
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Feb 6 (Reuters) - There is no damage to the Kerkuk-Ceyhan pipeline carrying oil from Iraq to Turkey, or to the Baku-Tbilisi-Ceyhan pipeline, and oil flows are continuing on both after a major earthquake hit Turkey, an energy official told Reuters on Monday. However, operations at the Ceyhan oil terminal in southern Turkey were suspended, the Tribeca shipping agency said, adding that an emergency meeting was being held on the issue. The magnitude 7.8 quake struck southern Turkey and northwest Syria early on Monday, killing more than 500 people and injuring hundreds as buildings collapsed across the region, triggering searches for survivors in the rubble. Earlier state pipeline operator BOTAS said natural gas flows were halted to Gaziantep, Hatay and Kahramanmaras provinces and some other districts as a result of damage to a gas transmission line. Reporting by Orhan Coskun and Can Sezer; writing by Daren Butler; editing by Jonathan Spicer and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

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