Tag Archives: SHAFAQ News

OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq’s exports, a Reuters survey found on Friday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the …

Iraqi Oil Minister, Hayan Abdul Ghani, announced today that gas investment operations have commenced in the Akkas gas field, located in al-Anbar governorate, with a production rate of 60 million standard cubic feet per day (MMSCFD). The Ministry spokesperson emphasized the significance of this development as an invitation to foreign …

Iraq’s State Organization for Marketing of Oil (SOMO) announced that Chinese oil companies were the largest buyers of Iraqi oil during the month of February. According to statistics published on SOMO’s official website, Chinese companies accounted for 7 of the 35 firms that purchased oil last month. SOMO’s data revealed …

Iraqi Oil Minister, Hayyan Abdulghani, expressed his country’s readiness to increase oil production if OPEC+ decides to do so. Speaking at the Baghdad International Dialogue Conference on Sunday, Abdulghani stated that Iraq is committed to maintaining a production rate of 220,000 barrels per day in line with OPEC+ quotas. The …

Iraqi oil expert Hamza al-Jawahiri on Thursday said the West has started a “war” on oil prices, warning that the assumed price of oil in Iraq’s 2023 budget is disappointing. Al-Jawahiri’s comments came as the price of oil dropped to record lows following the collapse of some banks in America …

India’s imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. Iraq, whom Russia has toppled to become the largest oil source for India, supplied 9,39,921 barrels per day …

European imports of liquefied natural gas soared last year as nations sought to cover for drops in Russian pipeline supplies, a report from the International Energy Agency said Tuesday. The jump in demand from European nations sent prices spiking higher, with global sales doubling in value to $450 billion even …

Oil prices ended the week lower as strong US economic data sparked concerns of further interest rate increases, which in turn could crimp economic growth and dampen demand for crude. Brent, the benchmark for two thirds of the world’s oil, settled 2.51 per cent lower at $83 a barrel at …

India’s Iraqi oil imports in January rose to a seven-month high of 983,000 barrels per day (bpd), up 11% from December, data from trade sources showed. However, it only comes second to Moscow as India’s oil imports from Russia climbed to a record 1.4 million bpd in January, up 9.2% …

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China’s relaxation of COVID-19 restrictions, and trimmed supply forecasts for Russia and other non-OPEC producers, pointing to a tighter market. Global oil demand will rise this year by 2.32 million barrels …