Iraqi Oil Minister Jabbar Allaibi said on Sunday his country plans to reach an agreement with Iran on exploitation of the joint oil fields. He made the remarks during his speech at the Iraq Energy Forum 2017. The official said Baghdad is in serious talks with Tehran on joint use of oil fields in the two country’s borders. He called for improvement of relations with neighboring countries to diversify the country’s oil and gas revenues.
Taiwan is increasing oil imports from Iraqi Kurdistan as local refiners take advantage of an open arbitrage to buy high-sulphur crude that can replace supplies cut by OPEC. State-owned CPC Corp bought 1 million barrels of Kurdish KBT crude for the first time in the second quarter, and Formosa Petrochemical Corp has resumed purchases of this grade after a near nine-month break, company officials said.
The turnaround in the Oil Crescent has created some doubts across international community. Indeed, it sounds strange that LNA has lost against BDB and has retaken all the Oil Crescent few days after. “But how did an air force, reduced to five old MiGs and a few helicopters, manage this feat only 10 days after losing the territory? How could a fleet of old-as-hell aircraft have been able to hold such a pace without requiring heavy maintenance which would have taken warplanes out of operation?”. One solution could be the sustain from United Arab State or Egypt or both.