Iraq To Stop Oil Exports To Iran In Compliance With U.S. Sanctions

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With a week to go until U.S. sanctions on Iran’s oil snap back, it’s not only Iranian crude exports that the United States looks to cut.

Iran’s neighbor Iraq currently trucks small volumes of crude oil from its northern Kirkuk oil field to Iran in exchange for Tehran delivering the same amount of its oil to Iraq’s southern ports.

In November, Iraq will halt trucking of oil to Iran to comply with the U.S. sanctions, five sources with knowledge of Iraqi oil export plans told Reuters last week.

Although Iraq’s current export volume to Iran is quite low—less than 30,000 bpd, according to Reuters sources—the move to halt even this amount signals that Iraq won’t be risking the wrath of an ally which provides security and training…

Read more : OilPrice, 30.10.2018