Iraq is negotiating with Turkey to resume pumping oil exports from the Kurdistan region, confirmed by Iraqi Oil Minister Hayan Abdul-Ghani on Friday. He also emphasized that the OPEC+ coalition is committed to making decisions that achieve balance in the oil market and serve the interests of consumers, producers, and …
Read More »Iraq Slips to 14th Place in Global Fuel Affordability Rankings
Iraq has slipped one spot to the 14th position in the ranking of countries with the lowest petrol prices, the latest data from Global Petrol Prices, a prominent international resource tracking fuel costs, showed this weekend. The website’s May 2023 report revealed that Iraq’s descent was prompted by a slight …
Read More »Iraqi Crude Exports to US Witness a Decline for a Second Running Week
Iraq’s oil exports to the United States have seen a marked contraction, dropping to an average of 136,000 barrels per day (bpd) in the preceding week, data from the US Energy Information Administration (EIA) showed on the weekend. This echoed a trend in the United States’ broader crude oil intake …
Read More »Iraq: Kurdish Region Loses $1.5bn since Oil Exports to Turkey Stopped
The Kurdistan Regional Government in northern Iraq has lost more than $1.5 billion since oil exports to Turkey were stopped, according to a report published on Tuesday by the US financial website Zero Hedge. Oil production in the region under KRG rule has continued to decline, extending a stoppage that …
Read More »Shell Starts up Long-Delayed Iraq Gas Capture Project
The Shell-led Basrah Gas Co. (BGC) will start up a long-delayed project in Iraq next week that should slash the high volumes of associated gas flared at the country’s giant southern oil fields and move it a step closer to ending costly gas imports from Iran. The $3 billion project …
Read More »Iraq Says Waiting on Final Answer from Turkey to Resume Oil Exports
Iraq is waiting on a final answer from turkey to resume its northern oil exports through the Mediterranean port of Ceyhan, the country’s oil minister said Tuesday. Hayan Abdel-Ghani’s remarks come as oil production in Iraq’s semi-autonomous Kurdistan Regional Government (KRG)-ruled region continues to drop as export flows to Turkey’s …
Read More »Basra Crude Oil Prices Dip in Last Trading Session, Record Weekly Gains
On Friday, Basra crude oil prices declined in their last trading session. Basra Heavy crude closed at $72.03, down 6 cents, while Basra Intermediate crude closed at $75.18, also down 6 cents. Despite the daily decrease, both crudes recorded weekly gains. Basra Heavy crude saw a weekly gain of $1.29 …
Read More »Iraqi Oil Minister Calls on Companies to Develop 13 Oil Fields
The Iraqi Minister of Oil, Hayan Abdul-Ghani, called on international companies on Monday to participate in developing 13 oil fields and exploration sites in northern, central, and southern governorates, the state news agency (INA) reported. Abdul-Ghani explained that the step aims to enhance oil and gas production and reserves, and …
Read More »IMF: Iraq Requires Oil at $75.8 per Barrel for Budget Equilibrium in 2023
The International Monetary Fund (IMF) believes that Iraq needs to sell oil at a price of $75.8 per barrel to achieve budget equilibrium and avoid deficit. A table presented by the Fund indicated that the balance in Iraq’s budget for 2023 will be achieved if the oil is sold at …
Read More »TotalEnergies Ready to Kick Start Multi-Billion Dollar Iraq Projects
French giant TotalEnergies is set to kick start promised multi-billion dollar oil, gas and renewables investments in Iraq by finalising key contracts with state-owned Basrah Oil Company. Basim Mohammed, Iraq’s deputy oil minister for upstream affairs, said the two players “are now in the process of finalising some contractual procedures …
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