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Kurdistan Region of Iraq's oil exports 'have doubled'

Industry

The autonomous government of the Kurdistan Region of Iraq has announced that its oil exports to world markets have doubled since the start of the year

The crude and condensates delivered via trucked over border via Turkey, bypassing Iraq’s federal pipeline system, had risen to nearly 60,000 bpd this month, industry sources said. Exports are expected to reach 70,000 bpd next month.

Small amounts of condensate, or light oil, set off Kurdistan Region of Iraq’s direct trade with international markets in October 2012.

The first cargo of crude from the Taq Taq oilfield was exported earlier this month.

A second cargo from Taq Taq has been bought by Germany’s Select Energy and is expected to sail from Turkey to markets in first week of May, sources said.

Roughly one-third of Kurdistan Region of Iraq’s current production — 170,000 bpd of crude and 15,000 bpd of condensates — is currently being exported.

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