Tag Archives: SHAFAQ News

Oil prices dropped on Tuesday as concerns over demand in the near term in Europe and the United States returned to haunt the market after an overnight surge on progress towards a COVID-19 vaccine. U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1.5%, to $39.69 a barrel …

The Minister of Oil, Ihssan Abdul-Jabar, confirmed on Sunday the government’s keenness to strengthen bilateral relations with Saudi Arabia in a way that serves common interests. This came on the sidelines of launching work of the Iraqi-Saudi committee in the capital, Baghdad Abdul-Jabbar said in a statement, “this meeting comes …

The Iraqi Ministry of Oil announced on Saturday that one of its priorities is to develop investment projects for associated and free gas. Oil Minister, Ihsan Abdul-Jabbar, said in a statement, “serious work is being done in implementing these projects despite the financial and economic challenges and difficulties, with cooperation …

Three members of OPEC and Russia are in favor of an extension of the current oil production cuts agreed by OPEC+ in April this year, Iraqi news agency Shafaq has reported, citing Algeria’s Energy Minister, Abdelmadjid Attar. According to the report, Attar said the oil market was facing a perilous …

Iraq ranks fourth in the world in gas reserves, The Parliamentary Oil and Energy Committee confirmed, on Saturday. “Iraq is the fourth in the world with natural gas reserves, but annually, it burns about 18 billion cubic meters without any benefit.” A member of the committee, Ghaleb Muhammad, told Shafaq …

Every month OPEC (Organization for the Petroleum Exporting Countries) releases a report on the oil industry and the overall OPEC oil price and trend evolution. The report of this October showed the price of oil remained glued to the $40 level for several months now. In all, OPEC now sees …

The Minister of Oil, Ihsan Abdul-Jabbar Ismail, stressed on Tuesday the importance of expediting plans for gas investment associated with oil operations in Al-Rumaila oil field. Ismail said in a statement received by Shafaq News agency, “the maintenance of production in Al-Rumaila oil field and the available investment opportunities in …

The US Energy Administration announced on Sunday that the rate of Iraqi oil exports to America reached 230 thousand barrels per day during the first half of 2020. The administration said in a report, “the average Iraqi exports of crude oil to America during the first six months of this …

OPEC basket price dropped today, Tuesday, to 41.49 dollars due to weak demand after a new of wave of Covid-19. OPEC said in a statement received by Shafaq News agency that “the price of OPEC’s basket of thirteen barrels of crude decreased by 1.49 dollars to record 41.49 dollars per …

Oil Minister, Ihsan Abduljabbar announced today, Sunday, that the ministry is planning to raise the production capacity of Baiji refineries to 280,000 barrels/day. Abduljabbar said in a statement received by Shafaq News agency, “the ministry’s plans aim to increase production from northern refineries to 280,000 barrels per day”, stressing, “in …