Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Iraq's oil exports mostly unaffected by violence so far

Smoke rises Thursday from an oil refinery in Beiji, in northern Iraq. A battle is raging for control of the refinery.

Associated Press

Smoke rises Thursday from an oil refinery in Beiji, in northern Iraq. A battle is raging for control of the refinery.

Part of Iraq's biggest oil refinery was in flames Wednesday. The forces under the banner of the Islamic State in Iraq and Syria have been fighting with the Iraqi military for control of the oil refinery in Beiji, which can refine up to 310,000 barrels a day.

How important is this refinery?

It is the biggest supplier of motor fuel for the northern part of Iraq and accounts for about one-third of the nation's refining capacity.

Has the fighting in Iraq disrupted its oil exports?

Very little. About three-quarters of Iraq's oil production is in the southern part of the country, where foreign oil companies have been helping to rehabilitate and expand output at giant oil fields that were discovered as long as half a century ago. Iraq's oil output in February reached 3.6 million barrels a day, the highest level since before Saddam Hussein came to power in 1979. Most of Iraq's oil still flows out of the Basra terminals, in southern Iraq, and onto tankers in the Persian Gulf.

Will this affect the price of gasoline in the United States and other parts of the world?

The fighting over the Beiji refinery has had no significant impact on international oil markets. The refinery did not export any oil products. But the intensified fighting has made oil traders and oil companies nervous; though far from the fighting, BP, which is working in the Rumaila field, has evacuated nonessential personnel. And international prices have increased since the ISIS advance accelerated. In the United States, the average price of $3.68 per gallon is the highest price for this time of year since 2008, the year gasoline hit its all-time high. The good news is that gasoline is not likely to spike above $4 as it did six years ago, experts say. Or even cross $3.90, as in 2011 and 2012.

Information from Washington Post and Associated Press was used in this report.

Iraq's oil exports mostly unaffected by violence so far 06/19/14 [Last modified: Thursday, June 19, 2014 9:20pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Washington Post.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Heights Public Market to host two Tampa Bay food trucks

    Business

    TAMPA — The Heights Public Market announced the first two food trucks for its "rotating stall," which will feature new restaurants every four months. Surf and Turf and Empamamas will be rolled out first.

    Heights Public Market is opening this summer inside the Tampa Armature Works building.
[SKIP O'ROURKE   |   Times file photo]

  2. Mariners lose lefty Drew Smyly to Tommy John surgery

    Ml

    SEATTLE — Drew Smyly was the centerpiece to one of Seattle's many offseason moves by general manager Jerry Dipoto. He was a priority acquisition as a proven lefty for the rotation the Mariners believed would thrive pitching at Safeco Field.

    Drew Smyly will undergo Tommy John surgery after being diagnosed with a torn ulnar collateral ligament. Seattle announced the diagnosis on Wednesday, ending Smyly's hopes of returning during the 2017 season. [AP photo]
  3. Author Randy Wayne White could open St. Pete's biggest restaurant on the pier

    Food & Dining

    ST. PETERSBURG — The story begins with Yucatan shrimp.

    St. Petersburg Deputy Mayor Kanika Tomalin, pilot Mark Futch, Boca Grande, St. Petersburg Mayor Rick Kriseman, and author and businessman Randy Wayne White,  Sanibel, exit a Maule Super Rocket seaplane after taking a fight around Tampa Bay off the St. Petersburg waterfront, 6/28/17.  White and his business partners are in negotiations with the City of St. Petersburg to build a fourth Doc Ford's Rum Bar & Grille on the approach to the St. Petersburg Pier with a second event space on the pier according to White. The group met near Spa Beach after a ground breaking ceremony for the new pier. "We want to have our business open by the time the pier opens," said White. Other Dr. Ford restaurants are located on Sanibel, Captiva and Ft. Myers Beach. SCOTT KEELER   |   Times
  4. Busted: How a Times photographer captured Donald Trump's fake news

    Blogs

    Tampa Bay Times photojournalist Scott Keeler was on assignment last summer for a story about Donald Trump’s presence in Palm Beach, a tale of glamour and conflict. Along the way he inadvertently captured evidence of a …

    Near the main entrance at Mar-a-Lago, the fake Time magazine cover is on display in July 2016.
  5. Jones: Steve Yzerman's plan for getting the Lightning back into the playoffs

    Lightning Strikes

    BRANDON — Seems like forever since the Lightning played a hockey game.

    If the Lightning season started right now, would Steve Yzerman be happy with what he has? "We're still a couple of players short,'' Yzerman said.. [DIRK SHADD   |   Times]