The General Director of the Industry, Mine and Trade Organization of the Iranian province of East Azerbaijan, Mohammad Jafar Ozmaei, stated that during the first 8 months of the current Iranian year, the province exported non-oil products amounting to over 960 million dollars, Mehr reports. According to Ozmaei, between March …
Read More »Russia and China Tighten Grip on Iraqi Oil Crescent
In line with Moscow and Beijing’s objective of keeping the West out of energy deals in Iraq to keep Baghdad closer to the new Iran-Saudi axis and to “end [the] Western hegemony in the Middle East [that] will become the decisive chapter in the West’s final demise,” Russia has struck …
Read More »Iraq Signs Agreement with ExxonMobil for Exit from West Qurna 1 Field, PetroChina to Take over
The Iraqi Ministry of Oil confirmed on Saturday the finalization of a settlement agreement with ExxonMobil, paving the way for the American energy giant’s departure from the West Qurna 1 oil field. Simultaneously, the ministry announced that Chinese company PetroChina would assume the field’s leading operator role. Hassan Muhammad, deputy …
Read More »Iraq Backs more OPEC+ Output Cuts as Basra Crudes Post Heavy Losses this Week
Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4%, their third straight weekly decline. Despite gaining $0.41 …
Read More »Lukoil Seeks to Double Output at Iraq’s West Qurna 2 Oilfield
Lukoil signed a supplementary agreement with state-owned Basra Oil Co. to extend the oil service contract for West Qurna 2 field in Iraq by 10 years to 2045 and to double oil production to 800,000 b/d, Lukoil said in a release. The field development plan envisages bringing new multi-well pads …
Read More »TotalEnergies Project in South Iraq to be Completed by 2028
According to Iraq’s Oil Minister Hayyan Abdul-Ghani, a $27 billion agreement between Iraq and France’s TotalEnergies inked in July 2023 will generate almost 600 million cubic feet per day (mcf/d) of gas, enough to fuel power plants with a capacity of 5,000 megawatts (MW). According to recent statements made by …
Read More »Iraq, UAE’s Crescent Launch 3 Deals to Develop Oil and Gas Fields
Iraq launched three energy contracts with UAE’s Crescent Petroleum to develop three oil and gas fields in Iraq, Iraq’s oil ministry said on Sunday. Earlier this year, Crescent Petroleum signed three 20-year contracts to expand oil and natural gas fields in Iraq’s Basra and Diyala. The contracts are set to …
Read More »Turkmenistan Eyes Lucrative Gas Deal with Iraq
Turkmenistan is on the cusp of securing a major new buyer for its natural gas: Iraq. On October 8, the Turkmen Foreign Ministry reported on a four-day visit to Baghdad by the head of the Turkmen state gas company for meetings revolving around this prospect. The plan is for Iraq …
Read More »Iraq and 5 Countries Renew Commitment to Supporting Oil Stability
In a joint statement released on Monday, Iraq, Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain reaffirmed their commitment to “voluntary collective and individual production adjustments” for oil, according to the Reuters style news report. The statement followed a meeting of the oil ministers of the six countries on the …
Read More »Talks Ongoing to Restart Iraq Oil Exports via Turkish Pipeline
Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters, one day after Turkey said operations would start again this week following a near six-month stoppage. “We have further meetings soon and things will be more …
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