The federal government in Baghdad and the autonomous Kurdish region pledged Saturday to “increase dialogue” to ease a simmering oil dispute that has been playing out in the courts in recent months. The announcement came during a rare visit to the Iraqi capital by the Kurdish region’s prime minister. Masrour …
Read More »Iraq Set to Buy ExxonMobil $350 Million Share of Basra Oilfield
Oil giant ExxonMobil has received an offer for its share of the West Qurna 1 oilfield in Basra, by Iraq, according to reports by Reuters. The head of the state-run oil operating company said on Monday that a formal offer, priced at $350 million, to buy the share had been …
Read More »Saudi Aramco in $12.4 Billion Oil Pipeline Deal with EIG-Led Group
Energy giant Saudi Aramco said it has struck a 12.4-billion-dollar deal to sell a minority stake in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners. The deal comes as Aramco – the kingdom’s cash cow – seeks to monetise its once-untouchable assets …
Read More »US Extends Sanctions Waiver for Iraq to Import Iranian Gas
Washington has granted Iraq a shortened 45-day sanctions waiver to import Iranian gas that will expire days before US President Donald Trump’s term ends, an Iraqi official said Saturday. Baghdad buys gas and electricity from its neighbor Tehran to supply about a third of its power sector, worn down by …
Read More »OPEC Cooperation on Oil Protects Our Children’s Future
On 14 September 1960, the five Founding Fathers of the Organization of the Petroleum Exporting Countries (OPEC), Juan Pablo Pérez Alfonzo of Venezuela; Abdullah al-Tariki of Saudi Arabia; Dr Tala’at al-Shaibani of Iraq; Dr Fuad Rouhani of Iran; and Ahmed Sayed Omar of Kuwait gathered together in the Al-Shaab Hall …
Read More »Oil Dips Near $40 with OPEC+ Starting to Unwind Output Cuts
OPEC+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output slightly last month. The increase in supply comes as virus cases accelerated in California, a lockdown is being reimposed in …
Read More »New Oil Storage Hub in UAE to Open by End of 2020
Brooge Energy Ltd. expects new tanks at its oil-storage terminal in the United Arab Emirates to be fully operational by the end of the year, with a single customer booked to lease all the additional capacity. The US-listed storage operator is adding eight tanks at the site in the UAE …
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