From The Houston Chronicle Iran expects an oil tanker seized by the U.K. in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about the safety of shipping routes in the Middle East. “Official and unofficial documents have been exchanged to resolve the matter
From Reuters Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Brent crude LCOc1 fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
From CNBC Crude oil prices could sink by as much as $30 a barrel if China decides to buy Iranian crude oil in retaliation to the latest U.S. tariff measures, according to Bank of America Merrill Lynch. “While we retain our $60 a barrel Brent forecast for next year, we admit that a Chinese decision to reinitiate Iran crude purchases
Three Iraqi workers wounded as rocket lands on headquarters of several major companies in latest oil attack From Al Jazeera A rocket landed at the headquarters of several global oil companies in Iraq’s southern city of Basra on Wednesday, wounding three Iraqi workers and raising alarm amid rising tensions between the US and Iran in the region. The rocket hit the
60 foreign employees were reportedly evacuated from West Qurna 1 oilfield From Oil and Gas Middle East Iraq’s Oil Minister Thamir Ghadhban has called the evacuation of Exxon Mobil staff from the nation “unacceptable and unjustified,” according to Reuters. He noted that it was politically motivated and not based on security concerns. “The withdrawal of multiple employees – despite their
The latest U.S. State Department advisory simply warned: “Do not travel to Iraq” From the Washington Post BEIRUT — Two Saudi Arabian oil tankers and a Norwegian ship were damaged over the weekend near the Persian Gulf in what Saudi Arabia claimed Monday was an “act of sabotage,” further heightening regional tensions with Iran. There was no immediate indication as to who
From Bloomberg Iraq will be the third-biggest provider of new oil supplies over the next decade, boosting its production by almost 30 percent, according to the International Energy Agency. The OPEC member will raise output to almost 6 million barrels a day by 2030, overtaking Canada as the world’s fourth-largest producer, as it continues to rehabilitate an oil industry ravaged
From Bloomberg Yamani, al-Naimi, al-Falih. These three men, all Saudi Arabian energy ministers, moved global oil markets for the past 50 years, sometimes with just an utterance. But the kingdom may be about to lose some of its power. Lurking in the shadows are oil sages in Iraq, which has quietly emerged as the world’s fourth-biggest oil producer. They want a
Agreements reinforce the close connections between the two majority Shia countries From Irish Times Iranian president Hassan Rouhani will conclude his first official visit to Iraq on Wednesday after signing agreements on energy, trade and the construction of a railway linking the neighbours. These deals reinforce the close connections between the two majority Shia countries and defy the Trump administration, which has stepped
From Middle East Eye Agency Iraq’s foreign minister has said that his country is “not obliged” to abide by sanctions imposed by the US against Iran and would be pursuing options to continue trade. On 20 December, the US granted Baghdad a 90-day extension to a waiver on abiding by the sanctions that were reimposed on the Islamic republic in
From The Wall Street Journal The Trump administration has given Iraq permission to buy Iranian natural gas without penalty for at least three more months, after pledges from Baghdad to buy American oil and energy technology, U.S. and Iraqi officials said. The decision extends a 45-day waiver Iraq received from the U.S.’s Iran sanctions in November, as the country relies on Iranian
From Reuters BAGHDAD (Reuters) – Iraq plans to increase the production and exports of light crude oil to 1 million barrels per day in 2019, as part of its strategy to boost state revenue, its oil minister Jabar al-Luaibi said on Sunday. The light crude oil is a new grade with an API gravity of around 34-43, while the current
