Tag Archives: Iraq

On Friday, Basra crude oil prices declined in their last trading session. Basra Heavy crude closed at $72.03, down 6 cents, while Basra Intermediate crude closed at $75.18, also down 6 cents. Despite the daily decrease, both crudes recorded weekly gains. Basra Heavy crude saw a weekly gain of $1.29 …

The Iraqi Minister of Oil, Hayan Abdul-Ghani, called on international companies on Monday to participate in developing 13 oil fields and exploration sites in northern, central, and southern governorates, the state news agency (INA) reported. Abdul-Ghani explained that the step aims to enhance oil and gas production and reserves, and …

The International Monetary Fund (IMF) believes that Iraq needs to sell oil at a price of $75.8 per barrel to achieve budget equilibrium and avoid deficit. A table presented by the Fund indicated that the balance in Iraq’s budget for 2023 will be achieved if the oil is sold at …

French giant TotalEnergies is set to kick start promised multi-billion dollar oil, gas and renewables investments in Iraq by finalising key contracts with state-owned Basrah Oil Company. Basim Mohammed, Iraq’s deputy oil minister for upstream affairs, said the two players “are now in the process of finalising some contractual procedures …

The Iraqi Oil Minister, Hayan Abdul-Ghani, stated that Iraq wants to resume oil exports from the Kurdistan region of Iraq to the Turkish port of Ceyhan, starting from Saturday, but it is waiting for Turkey’s approval, Reuters reported. Experts say that Turkey’s presidential elections taking place on Sunday might postpone …

According to Iraq’s oil minister, Hayan Abdel-Ghani, Iraq does not anticipate further oil output cuts by OPEC+ at its next meeting in June. In an interview with Reuters, Abdel-Ghani stated that Iraq could not reduce its oil production further and expects no additional reduction during the upcoming meeting. Iraq is …

Iranian Oil Minister Javad Owji said on Saturday that Tehran and Baghdad have agreed to extend the gas export contract for five years. The oil minister, who is on a visit to Baghdad, made the remarks following a meeting with Iraq’s Minister of Electricity Ziad Ali Fazel, saying that the …

While the Iraqi oil minister has said that 450,000 barrels per day of shut-in oil exports from Iraqi Kurdistan would restart exports on Saturday, Kurdish and Turkish officials both said on Friday that it is unlikely the pipeline would be turned back on in that timeframe. The pipeline was closed …

The US Energy Information Administration (EIA) has reported a decrease in Iraq’s oil exports to the United States. According to the administration’s report, Iraq’s average oil exports to the US reached 148,000 barrels per day during the past week, marking a decrease of 74,000 barrels per day compared to the …

News last week from Iraq Oil Ministry sources that the first stage of a gas processing facility at the Halfaya oil field is now expected to come online ahead by early 2024, ahead of schedule, is crucial for the country’s future in three respects. First, it will go some way …