Tag Archives: Iraq

Last month, OPEC reduced oil production as the group and its allies made fresh efforts to support prices and prevent a global surplus. According to a Bloomberg survey, OPEC decreased its daily oil production by 490,000 barrels last month to reach 26.57 million bpd. About half of the reduction came …

The Ministry of Oil announced on Sunday that the total oil exports and achieved financial revenues for last December surpassed $8 billion, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO). In a statement today, the ministry reported that the quantity of crude oil exports reached …

Basra crude experienced weekly gains as global oil prices increased for the fourth consecutive week. Basra Heavy crude closed its last session with a rise of 1.45 cents, reaching $77.61. It recorded weekly gains of $4.3, equivalent to 5.87%. Basra Intermediate crude closed its last session with an increase of …

There are two key reasons why China, Russia, and the U.S. have long been scrambling to secure control over Iraq’s gas sector, and these are its massive potential size and its huge geopolitical importance. Last week’s awarding of the major build-own-operate-transfer contract to a subsidiary of Chinese flagship gas firm …

Turkey’s main oil refiner Tupras claims that a ship seized by Iran off the coast of Oman was laden with Turkish crude imported from Iraq. Tupras said in a statement that radio communication with the Greek-owned and Tupras-chartered vessel was cut off at around 6:30 a.m. Istanbul time Thursday off …

Iraq has potentially huge gas reserves but its failure so far to properly develop them has led to three key problems for itself and the global energy markets. First, it has left the country dependent on neighbouring Iran for up to 40 percent of its energy requirements, which are imported …

The International Energy Agency (IAE) reported that Iraq ranks second in the Arab world for oil reserves. According to the IEA’s latest report, Saudi Arabia ranked first in oil reserves with 267.19 billion barrels. In comparison, Iraq maintained its position (second) with 145.01 billion barrels, and the UAE showed an …

Iraqi oil exports to the United States declined during the week of December 16-22, according to the U.S. Energy Information Administration (EIA). The EIA’s latest weekly data showed that U.S. imports of crude oil from Iraq averaged 22,000 barrels per day (b/d) during the week, down by 63,000 b/d from …

The US Energy Information Administration (EIA) announced on Sunday that Iraq’s oil exports to the United States exceeded five million barrels during last November. According to a table provided by EIA, “Iraq exported 5.13 million barrels of crude oil to the US in November, averaging 171,000 bpd. This is lower …

Basra crude oil reported weekly losses following a prolonged decline in global oil prices, marking the sixth consecutive week of downturn. During its last trading session on Friday, Basra Heavy crude concluded with a $2.84 drop, settling at $77.52, resulting in weekly losses of $1.08, representing a 1.37% decrease. Basra …