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Iraq, the top oil supplier to India, is not cutting volumes to the South Asian country in February amid a focus to maintain its market share in Asia, which consumes at least 70% of its crude exports, the deputy director general of Iraq’s State Oil Marketing Organization (SOMO) told S&P …
Read More »Lebanon Prepares to Sign the “Oil Agreement” with Iraq
A Lebanese newspaper revealed that the government is preparing to sign an agreement with Iraq, according to which Lebanon will receive 500 thousand tons of oil crude for a year, in exchange for medical equipment, medicines, and consulting services. Al-Akhbar newspaper, quoting private sources, stated that the Lebanese government is …
Read More »Iraq to Build Oil Depots in Pakistan and China
Oil Minister, Ihssan Abdul-Jabbar confirmed on Sunday Iraq’s endeavors to build oil depots in Pakistan and China, indicating that 70% of Iraq’s oil exports go to the east. Abdul-Jabbar said in an interview with Shafaq News Agency, “Iraq seeks to build oil depots in Pakistan and China,” noting, “there is …
Read More »$ 80 US/Barrel would Help Iraq Meet the Budget’s Expenditures
Iraqi Minister of Oil, Ihssan Abdul-Jabbar, considered setting a price of 80$ US/oil barrel suitable for Iraq to meet the federal budget’s expenditures. Abdul-Jabbar said in an interview with Shafaq News agency, “Iraq will export in 2021 about one billion and 100 million barrels of crude oil according to market …
Read More »Iraqi Oil Minister: No Big Loss in Investing Our Joint Fields with Neighboring Countries
The Iraqi Oil Minister, Ihssan Abdul-Jabbar said on Saturday that the country does not have significant losses in investing its joint fields with neighboring countries. Abdul-Jabbar said exclusively to Shafaq News Agency that “there is a committee for joint fields with Kuwait and Iran regarding joint oil fields with them,” …
Read More »The Price of OPEC Basket Rose to $56.80 a Barrel
The price of OPEC basket of thirteen crudes rose at $56.80 a barrel on Wednesday, compared with $55.13 the previous day, according to OPEC Secretariat calculations. Experts said OPEC rising prices are affected by Brent and US crude oil which also rose today hitting their highest in about a year …
Read More »Iraq’ Oil Exports to the United States Climbed up in the Third Week of January
The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States increased to 115 thousand bpd. EIA stated in a report, “The United States oil exports recorded 4.616 bpd in the third week of January.” The top three source countries of U.S. import oil …
Read More »Iraq’ Oil Exports to the United States Increased in First Week of January
The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States increased to 91 thousand bpd after recording zero. EIA stated in a report, “The United States oil exports recorded 5.541 bpd in the first week of January.” The top three source countries of …
Read More »The U.S. Exempts Iraq from Sanctions Imposed on Iran to Import Gas for Three more Months
An Iraqi official stated that Washington has extended the exemption granted to Iraq from the sanctions imposed on Iran in the energy field for an additional three months. He pointed out, according to Agence France-Presse, “this new exemption, which is longer than all previous exemptions, is the result of long …
Read More »Oil Prices Rise on Hopes of Recovery in Demand
Oil gained more ground on Wednesday as a U.S. COVID-19 fiscal aid package and a decline in crude oil inventories lifted prices, Reuters reported. Brent crude futures rose 19 cents, or 0.4%, to $51.28 a barrel, by 0255 GMT and U.S. West Texas Intermediate (WTI) crude rose 29 cents, or …
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