Tag Archives: Iraq

Iraq is reassessing contracts to pump crude at fields where production costs are high as it tries to contain expenses while curbing output, the oil minister said, according to a report on Sunday in Al-Sabah newspaper. OPEC’s second-biggest producer has an interest in cooperating with other global suppliers in reducing …

Iraq has raised estimates for its oil income and export prices for May, the oil ministry said on June 24, as OPEC’s second-largest producer benefits from the uptick in global crude prices. Its May income was $2.136 billion, up from the previous estimate of $2.091 billion, the ministry said in …

Iraq expects higher crude revenues in July and is currently selling its oil at around $34-$35/b, the al-Mirbad news organization quoted the oil minister as saying on June 22. Iraq in some cases has sold its oil as high as $39/b, Ihsan Ismaael said, al-Mirbad reported. The minister reiterated the …

Iraq plans to increase its generating capacity by September and restart a 755 MW solar tender, an electricity ministry spokesman said on June 18, as OPEC’s second-largest oil producer comes under increased US pressure to wean itself off Iranian electricity and natural gas imports. Iraq plans to add 635 MW …

Iraq appears to be cutting oil production to meet its OPEC+ quota, though it may still fall short of full compliance with the group’s target this month. The nation’s crude exports have fallen by 2% so far in June, according to tanker-tracking data compiled by Bloomberg. That suggests it’s not …

Iranian Oil Minister Bijan Namdar Zangeneh in a phone call with his Iraqi counterpart Ihsan Abdul Jabbar called for more cooperation between the two brotherly and friendly neighbors. Zangeneh congratulated Abdul Jabbar on his designation as the new Iraqi oil minister in Mustafa al-Kadhimi’s administration. During the phone call, both …

Iraq’s Oil Marketing Company (SOMO) has notified clients in Asia that they will be loading less Basra crude in July as the producer complies with an OPEC+ pact to cut output, six sources with knowledge of the matter said on Tuesday. Iraq’s supply cuts come on the back of similar …

Saudi Arabia and Iraq have agreed to coordinate with all oil producing countries to restore balance to the oil market, according to the official Saudi Press Agency (SPA). SPA said the accord came during a meeting between Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Deputy Prime Minister …

The Doroud oil field, which is located in Kharg Island and northwest of the Persian Gulf, is among developed oil fields which the Iranian Offshore Oil Company (IOOC) presented to foreign investors within the framework of the new model of oil contracts – the Iran Petroleum Contract (IPC).

The Russian Ambassador to Iraq, Maxim Maksimov said that Russia is seeking to invest heavily in Al-Mansouriya gas field, in the Diyala governorate. Maksimov said in a press statement yesterday that “Russian companies are willing to mobilise significant funds and have submitted an investment tender for Al-Mansouriya gas field in …