(World Oil) – Russia’s Lukoil PJSC declared force majeure on oil shipments from its giant West Qurna 2 field in Iraq, according to a person with knowledge of the matter. The move is a sign that sanctions against Russia’s No. 2 oil producer are beginning to impact its international operations. The U.S. announced penalties against the firm last month as part
(Oil price)– Iraq signed on Tuesday a contract with U.S. company Excelerate Energy for the country’s first floating gas platform, the office of the Iraqi Prime Minister said, as OPEC’s second-largest oil producer aims to strengthen its gas supply and energy security. As part of the agreement, Excelerate Energy will provide a floating storage regasification unit (FSRU) that will be
(BOE Report) – Iraq is in negotiations over the size of its OPEC quota within its available capacity of 5.5 million barrels per day, oil minister Hayan Abdel-Ghani said at an oil conference on Monday. The country, OPEC’s biggest overproducer, submitted plans in April to make further oil output cuts to compensate for pumping above agreed quotas. Abdel-Ghani said that
(World Oil)– Exxon Mobil Corp. Chief Executive Officer Darren Woods renewed criticism of the European Union’s energy policies while praising U.S. President Donald Trump’s approach. The Texas oil and gas giant is slowing investment in Europe and selling assets, with Woods describing the bloc’s climate and human rights regulations as “slowing things down and trying to over-prescribe unpractical” solutions. He
(World Oil) – Exxon Mobil Corp. Chief Executive Officer Darren Woods renewed criticism of the European Union’s energy policies while praising U.S. President Donald Trump’s approach. The Texas oil and gas giant is slowing investment in Europe and selling assets, with Woods describing the bloc’s climate and human rights regulations as “slowing things down and trying to over-prescribe unpractical” solutions.
(World Oil)– ExxonMobil signed agreements that lay the groundwork for it to explore Iraq’s giant Majnoon oil field, ending the company’s near two-year hiatus in the country. The Texas oil major has signed heads of agreements with Basra Oil Co. and SOMO, Iraq’s oil marketing company, the nation’s Prime Minister Mohammed Shia Al-Sudani said Wednesday. Goal include developing the Majoon
(Investing.com)– Exxon Mobil signed an agreement with Iraq on Wednesday to help it develop its large Majnoon oilfield and expand its oil export infrastructure, marking a return to the country two years after leaving. OPEC’s second largest producer is looking to draw back Western oil majors and increase output constrained by years of war, corruption and sectarian tensions. Iraqi Prime Minister
(Investing) – HOUSTON -Oil prices edged lower on Monday as worries of an oversupply outweighed geopolitical tensions in Russia and the Middle East. Brent crude oil futures dipped 24 cents, or 0.4%, to $66.44 a barrel by 11.01 a.m. ET (15.01 GMT). Brent has traded between $65.50 and $69 a barrel since early August. U.S. West Texas Intermediate crude contract for
(Investing.com)– Oil prices rose on Tuesday ahead of an upcoming OPEC+ meeting on Sunday, in which analysts expect the group will not unwind remaining voluntary cuts. Brent crude was up 72 cents, or 1.06%, at $68.87 a barrel by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate crude was at $65.34 a barrel, $1.33 or 2.08% higher. WTI futures did not settle
(World Oil) – Iraq plans to cut oil exports next month as OPEC+ presses members to adhere to production targets, according to an official with knowledge of the matter. OPEC’s second-largest producer aims to reduce shipments by roughly 100,000 barrels a day to an average of 3.2 million barrels a day in May, the official said, asking not to be
(World Oil) – bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment
( Oil Price) – A fuel oil smuggling network in Iraq has generated some $1 billion in profits for Iran, Reuters has reported, citing unnamed sources. According to the sources, $1 billion is the size of the annual profits from the operation, which began after Mohammed Shia al-Sudani became Prime Minister of Iraq. The smuggling mechanism essentially involves diverting fuel oil from
