Oil prices’ headed to a second weekly loss in a row, as fears of economic slowdown persisted and offset hopes of rising oil demand from China. But crude is gaining support from a looming European Union ban on Russian oil, as well as the recent 2 million-barrels-per-day output cut agreed …
Read More »Iran Enhances Gas Exports to Iraq
Director of Dispatching of the National Iranian Gas Company (NIGC) Mohammad Reza Joulai announced that Iran’s gas exports to Iraq increased in the current year. Joulai met and held talks with senior officials of the Iraqi Ministry of Electricity in Isfahan province, Iran on Tuesday. Joulai highlighted in this meeting …
Read More »Iraq’s Oil Exports to the United States Decreased to 222 bpd in the Past Week
The Energy Information Administration (EIA) Data showed that Iraq exported 222 bpd of oil to the United States in the past week. EIA stated in a report, “U.S. imports oil 5.782 million bpd in the past week.” The top three source countries for U.S. import oil are Canada (3.538 million …
Read More »Iraq Yields 9.784 Billion Dollars from Crude Sales in August
Iraq collectively grossed 9.784 billion dollars from oil sales in August 2022, according to a survey by the state oil marketer, SOMO. Crude oil exports amounted to 101,959,528 barrels, yielding 9,784,000,000 dollars, the SOMO survey said. Exports from oilfields in Mid and south Iraq amounted to 100,750,000 barrels, while Kirkuk …
Read More »Iraqi Company Buys a Romanian Power Plant
Iraq’s Mass Group Holding has bought Romania’s Mintia thermal power plant (TPP) from Hunedoara Energy Complex (CEH) for 91.2 million euro ($91 million) in a public auction, and plans to invest over 1 billion euro in the plant in the coming years, the company’s judicial administrator Expert Insolventa said on …
Read More »Iraq is Planning to Increase Crude Oil Production
Iraq is planning to increase its crude oil production to phased targets of 5 to 8 million barrels per day (bpd) over time, according to the first vice president of the Iraq National Oil Company (INOC), Hamid Younis, last week. The director general of the Iraq Oil Exploration Company (IOEC), …
Read More »Iraq Agrees to Provide Lebanon with Fuel for another Year
Lebanon and Iraq renewed their fuel agreement today. Lebanese Prime Minister Najib Mikati said in a statement that the agreement has been renewed for one year, with the same conditions as the previous deal. Iraq and Lebanon signed an agreement last July for Iraq to provide Lebanon with 1 million …
Read More »Iraq seeking to Increase Import of Gas from Iran
Spokesman for Iraq’s Ministry of Electricity said that the country was negotiating for more electricity to be imported from Iran. Ahmed al-Ebadi said in an interview with the Iraqi news outlet Middle East News on Saturday that Baghdad was negotiating with Iran to import more electricity. Al-Ebadi said that the …
Read More »Iraq Played Smart by Reducing Its Oil Price for India
India is among the top importers of crude oil, depending on foreign fuels to meet 85% of its requirements. And it seems to have put its overdependence on imported oil to its advantage when the Ukraine war pushed the fuel prices in the global markets. Saudi Arabia seems to have …
Read More »Iraq to Achieve Self-Sufficiency in Oil Derivatives by 2025
The Iraqi Minister of Oil, Ihsan Abdul Jabbar, announced on Sunday that Iraq is the only country capable of producing the largest amount of crude oil among the crude oil producing countries in the coming years, according to the AlSabaah newspaper. Jabbar confirmed that Iraq has surplus production ready to …
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