US News BAGHDAD – Iraq will discuss with Washington this week how to pay dues owed to Russian oil companies despite sanctions, Foreign Minister Fuad Hussein said on Monday. “We will discuss this problem with the American side. There are sanctions in place that should not be imposed on the Iraqi side because the cooperation with Russian companies is
Oil Price An oil spill has forced a shutdown of all crude oil exports from Iraq’s Basra Port, oil sector sources said on Friday, cited by Reuters. With four tanker berths, the Basra oil terminal can process 3.3 million barrels of crude oil per day, although the country had plans to raise this capacity to 3.45 million barrels per
World Oil (Bloomberg) — Iraq’s cabinet may reactivate a deal with Halliburton Co. to drill wells in a western gas field in Akkas next month, Oil Minister Ihsan Abdul Jabbar told local media. An agreement with Halliburton would enable the oil ministry to get clear data on the production capacity of the Akkas field and it may reach a decision
Nasdaq BASRA/LONDON, Feb 14 – A $27-billion deal between France’s TotalEnergies <TTEF.PA> and Iraq, that Baghdad hoped would reverse the exit of oil majors from the country, has stalled amid disputes over terms and risks being scrapped by the country’s new government. Iraq has struggled to attract major fresh investments into its energy industry since signing a flurry of post
World Oil (Bloomberg) –Halliburton Co. and Exxon Mobil Corp. are in talks over the latter’s attempt to sell a stake in the huge West Qurna-1 oil field in southern Iraq, according to the country’s energy minister. Iraq wants a U.S. partner for Exxon’s stake, Oil Minister Ihsan Abdul Jabbar told reporters in Baghdad. If the talks with Halliburton fail, Iraq
World Oil LONDON (Bloomberg) – BP and PetroChina formed a joint venture to manage the giant Rumaila field in Iraq, an operating structure the British oil major has adopted in other parts of the world as it focuses on the energy transition. BP is at the beginning of transformation to slash emissions and hydrocarbon output, while ramping clean-energy production.
Reuters BAGHDAD -Iraq is considering buying ExxonMobil’s stake in the southern West Qurna 1 oilfield through the state-owned Basra Oil Company, the country’s oil minister said on Monday. The oil ministry is discussing BOC “taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon,” Ihsan Abdul Jabbar told a news conference, referring
Reuters LONDON – The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday. “Algeria, Iraq and Nigeria will be among the first casualties of a slow-motion wave of political instability that will engulf an array of oil producing countries over the next 3-20
Reuters NEW DELHI – Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC’s second-largest producer which is trying to meet its obligations under the group’s production deal. Iraq was the top oil supplier to India in 2020 and a reduction in
Reuters SINGAPORE – Saudi Arabia and Russia are in a tight race to become China’s top oil supplier in 2020, with both countries boosting crude exports to the economic powerhouse even as the coronavirus pandemic hit global demand for oil this year. Saudi Arabia, which was China’s top supplier last year, has exported between 1.6 million and 1.7 million barrels
Reuters LONDON – OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum Exporting Countries has pumped 24.59 million barrels per day (bpd) on average in
Reuters DUBAI/BAGHDAD/LONDON – Gulf OPEC producers the United Arab Emirates and Kuwait, as well as Iraq, are debating whether they should roll over existing oil supply cuts into 2021, as they struggle to stick to their agreed reductions, OPEC and industry sources said. Their hesitance raises the possibility of reviewing output targets when the Organization of the Petroleum Exporting Countries
