Iraq is committed to all OPEC+ production cut agreements that help contain the volatility in oil prices because OPEC’s second largest oil producer seeks higher prices for its crude exports, the country’s oil minister said Dec. 6. Ihsan Ismaael said in an oil ministry statement that oil prices are expected …
Read More »OPEC Meeting in Baghdad Postponed Due to COVID-19 Vaccine Updates
The Iraqi Ministry of Oil announced on Sunday that the meeting and the celebration marking the establishment of OPEC and OPEC + would be postponed until next February, after positive developments regarding the COVID-19 vaccine. “The ministry decided to postpone the meeting and the celebration marking the 60th anniversary of …
Read More »Iraq to Export 3 Types of Oil for the First Time in Its History
The Iraqi Oil Minister, Ihsan Abdul-Jabbar, announced on Sunday that the country will, for the first time, export three types of oil. Abdul-Jabbar said during a conference, “the price of 42 dollars per barrel was approved in the budget for next year”, noting that oil prices began to recover after …
Read More »Iraq’ Oil Exports to the United States Dropped to Zero bpd
The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq did not export oil to the United States in the past week. EIA stated in a report, “Iraq oil exports dropped to zero bpd in the fourth week of November, compared to 197 thousand bpd in the week before.” …
Read More »Dana Gas Announces Record Gas Deliveries for Khor Mor
UAE-based Dana Gas has announced that the production of sales gas from Pearl Petroleum’s Khor Mor Gas Plant in the Kurdistan Region of Iraq (KRI) reached a record level of 418MMscf/d on 18 November 2020. Dana Gas, which owns a 35% stake in Pearl Petroleum, registered a 6% year on …
Read More »Iraq Isn’t Seeking Exemptions from OPEC+ Output Cuts
Iraq isn’t seeking exemption from OPEC+ production cuts because it does not want crude prices to drop, Alsabaah newspaper reported Nov. 29, citing the country’s oil minister Ihsan Ismaael. Oil ministers are set to meet Nov. 30-Dec. 1 to discuss a potential delay in plans to increase output as of …
Read More »OPEC and the Pandemic has Broken the U.S. Shale Market
OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years, the U.S. shale boom won’t be at the top of the list. The global coronavirus pandemic continues to play havoc with the world’s economic sector, and oil prices …
Read More »Iraq Amends Oil Density Compensation Plan Starting with 2021 Exports
Iraq’s Oil Marketing Company (SOMO) has revised the price mechanism used to compensate buyers for fluctuations in the density of its crude exports, starting with shipments in 2021, according to a Nov. 23 notice to clients reviewed by Reuters The announcement follows SOMO’s plan to launch a third crude oil …
Read More »Iraq must Negotiate with OPEC if the Reduction Period was Extended
Member of the Parliamentary Oil and Energy Committee, MP Ghalib Muhammad, called on Sunday to conduct negotiations with OPEC+ to reduce Iraq’s percentage of production cuts, in case it is decided to extend the reduction period again. Muhammad said in an interview with Shafaq News agency, “Iraq is one of …
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 …
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