Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Iraqi Oil Field Halts as Reform-Driven Protests Escalate

Published 19/01/2020, 22:22
© Reuters.  Iraqi Oil Field Halts as Reform-Driven Protests Escalate
GAZP
-

(Bloomberg) -- Iraq temporarily stopped work on an oil field on Sunday and supply from a second production site is at risk as widespread unrest escalates in one of OPEC’s biggest producers.

Protesters also shut down border crossings with Iran, according to local media.

Security guards seeking permanent employment contracts have blocked access to the Al Ahdab field, prompting a halt in production, according to an official who couldn’t be identified. The Badra field is at risk of closure from Monday.

Around 600 people have died and thousands of others have been wounded in clashes between security forces and protesters since Oct. 1. Iraqis, mostly from the Shiite majority population, are protesting against government corruption, poor services, and are calling for an overhaul of the ruling class. The protests led to a brief halt of the Nasiriya field and refinery in December.

Al Ahdab, which was developed by China’s CNPC, produces about 70,000 barrels of oil a day. Badra, whose shareholders include Russia’s Gazprom (MCX:GAZP) Neft, has output of about 50,000 barrels a day.

Iraq pumped about 4.65 million barrels a day of crude in December, putting it second behind Saudi Arabia among members of the Organization of Petroleum Exporting Countries.

Separately, protesters closed the Badrat Mehran and al-Sheib border crossings with Iran as part of the intensifying demonstrations against the Iraqi government and Iranian influence in the country, the Saudi Al Arabiya television network reported.

At least 30 protesters were wounded Sunday, some critically, as police used tear gas grenades in Baghdad, said Iraq’s al-Sumaria News, citing security officials.

(Updates with closure of Iran border crossing from second paragraph.)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.