Any oil analyst worth his salt will tell you the reason why shares of Gulf Keystone Petroleum are not trading pounds higher is that its oil is in the politically volatile region of Kurdistan, Iraq.
Iraq: Iraq’s transport minister has said that the government has refused a railway project linking the country with the Gulf states in order to protect Iraqi ports, Aswat al-Iraq has reported. “The reason behind Iraq’s refusal of the railway link with the Gulf states is to protect Iraqi ports, because if the country is linked [...]
Iraq: The Iraqi oil ministry will today sign the final contract over West al-Qarna-2 oilfield with Russia’s Lukoil and Norway’s Statoil, Aswat al-Iraq has reported. “The two companies pledged to up production to a peak of 1.8 million barrels per day at a rate of $1.15 per barrel of additional produced barrel,” oil ministry spokesman, [...]
Iraq: Iraq’s oil minister has said he expects the country to become the world’s top oil producer within six to seven years, Reuters has reported. “We can’t find a reason to prevent Iraqi production becoming higher than any other Opec state or even states outside Opec,” Hussain al-Shahristani said. Unlike Opec’s 11 other members, Baghdad [...]
Iraq: Falah Alamri, head of Iraq’s State Oil Marketing Organisation has said the supergiant Rumaila oilfield will begin producing an extra 100,000 barrels per day by the beginning of July, Reuters has reported. Oil major British Petroleum and China’s CNPC had signed a 20-year development contract last year for the field, which has 17 billion [...]