Tag Archives: SHAFAQ News

When Iraq in April asked a US federal court to enforce an arbitration ruling against Turkey, seeking $1.4bn damages in relation to crude oil exports from its autonomous Kurdistan region, everyone was caught off guard in Ankara. Iraq had not notified Turkish officials, let alone tried to have a conversation …

Oil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts. Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel …

Iraq secured the eighth position on the list of the Arab countries with the highest natural gas consumption for the previous year, with an annual growth of up to 2.1 billion cubic meters, according to the Energy Agency. The agency reported that “Saudi Arabia ranked first as the largest Arab …

OPEC+ member countries saw a collective increase of 120,000 barrels per day (bpd) in crude oil production during August, driven by rises in Iraq, Iran, and Nigeria, which partially offset additional cuts by Saudi Arabia and Russia. According to the latest Platts survey by S&P Global Commodity Insights, OPEC+ production …

Iraq, OPEC’s second largest exporter, has had its crude oil supplies to the US, the world’s second largest importer, decreased, data by the Energy Information Administration (EIA) showed this weekend. In the span of a week, the volume dwindled from 283,000 barrels daily to a mere 232,000 barrels — a …

Iraq’s State Oil Marketing Organization (SOMO) has reported a rise in its exports to Jordan for August, with the price of a barrel standing at $70.22. With this price tag, Iraq has offered Jordan a discount of $13.13 per barrel, given that the official selling rate declared by Iraq’s Ministry …

The Indian government has formally called on Iraq to provide further concessions on oil prices, drawing parallels with the low-cost Russian crude that has emerged as India’s primary oil source since May 2022, displacing Iraq from its longstanding position. In a strategic move to diversify their oil imports and curtail …

Basra crude oil prices experienced a week of subtle downturns in response to worldwide market fluctuations. While some benchmarks reflected momentary gains, the overarching trend was marked by a fractional decline, primarily influenced by a blend of economic data and production adjustments. Basra Heavy crude concluded its Friday trading session …

Iraq has signed a preliminary agreement with Turkmenistan to import gas for energy production purposes, oil ministry said on Thursday. “The Iraqi government is committed to amplifying avenues of collaboration with our friendly nations, notably including Turkmenistan,” Deputy Minister of Oil for Gas Affairs, Azat Saber, told Shafaq News Agency, …

The United States emerged as the world’s largest consumer of crude oil in 2022, leading the global rankings, according to recently released statistics from Italian oil company Eni. Eni’s data reveals that the United States claimed the top spot for the world’s largest oil consumer in 2022, with a daily …