News on Iraq.
Oil exports from southern Iraq have increased by 150,000 barrels per day in November and are now approaching record levels, reports Reuters. OPEC's second-largest oil producer is balancing with lower production in the north.
There is a risk that exports will be impacted by the conflict in northern Iraq, where the Iraqi army has taken over several oil fields in the Kirkuk region, says Vitol's CEO to Financial Times.
Iraq is teaming up with Saudi Arabia, Kuwait, and the United Arab Emirates to create a shipping company that will transport, trade, and store oil, reports Reuters.
Bloomberg reports that Maersk Oil is close to signing a development contract with Iraqi oil company NIOC.
The second-largest oil producer in OPEC wants to rebuild a large tanker fleet, which the country has not had for more than 25 years and since military forces bombed the country.
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