Nearly 96% of an oil investment project in Iraq has been completed
The project nearing completion suggests new or expanded oil output capacity will soon enter supply.
Source →The trace
How it reaches your house.
Starting from Canadian crude oil imports, we walked the supply graph hop by hop to the goods you buy and the companies you own. Each step is the engine’s reasoning, scored for confidence and cited where a source backs it.
First impact
BP plc →supply upCrude oil productionBP
BP is tied to the Kirkuk venture, and Reuters says Iraq transferred the fields to a BP-linked operator as part of plans to raise crude production to 450,000 bpd, so completion should soon add oil supply.
“Iraq has transferred operational management of four oilfields in Kirkuk province of northern Iraq to a joint operating entity with British energy major BP, as part of plans to increase crude production to 450,000 barrels per day (bpd).”
91% confidenceCited →Canadian crude oil imports →supply upIraq accounts for 3.3% of Canadian crude oil imports, and the nearly completed Iraqi oil project should increase Iraqi output and availability from that source.
88% confidenceCrude Oil Feedstock →supply upCrude oil feedstock is a critical, one-to-one input for gasoline and diesel, so more crude supply should raise downstream fuel availability.
79% confidenceCrude Oil Feedstock →supply upHome heating oil is also marked as a critical downstream input of crude oil feedstock, so additional crude supply should increase its availability.
78% confidenceCrude Oil Feedstock →Stands to benefitPBF EnergyPBF
PBF Energy is dependent on crude feedstock, so expanded crude supply should benefit its refining operations through easier sourcing.
60% confidenceCrude Oil Feedstock →Stands to benefitAs a company linked to crude oil feedstock supply, more upstream crude should ease its input constraint and support refinery throughput.
60% confidenceHop 2
Gasoline and diesel →supply upThe nearly completed Iraqi project adds crude output to supply, directly making the crude oil feedstock input to gasoline and diesel more available.
94% confidenceIrving Oil →supply upNear-completion of the Iraqi project should add crude supply, directly increasing the availability of Irving Oil's crude feedstock; the input is somewhat substitutable but not instantly replaceable (0.3 substitutability, ~6-month lead time).
87% confidenceIraq →supply up