Poorer OPEC nations reeling hardest from oil price slide OPEC’s biannual meeting has come and gone, but the group’s objective remains the same: defend market share. While some talks may be underway to set a new production ceiling of 32-32.5 MMBOPD, OPEC’s poorer members have to simply grin and bear the consequences of low oil prices. Despite oil’s move in
From Newsweek Iraq is exporting around 3.3 million barrels of oil a day from Basrah in the south and around 500,000 barrels from the Kurdish region through Turkey. However, despite the record levels of export and production, the country’s finances are in a worse shape than a few years ago when production was around 30 percent less. Low oil prices are
Iran made a statement when the country issued official selling prices for June contracts of heavy crude oil sold to Asia. The most recent pricing information unveiled by Iran is the largest discount to Saudi and Iraqi oil since 2007. The Iranian announcement was just a few days after Saudi Arabia announced a price increase for their June contracts to
From Rebuilding Iraq Mr. Fayadh H. Niema the senior deputy minister of oil announced for the elevation of the oil production from Badra field in Wasit province to 65 thousand barrels/day by the end of this year. Mr. Niema said during his inspection visit to the two units of oil & gas treatment in the field, with the responsible members of
New Revenue Source: Iraq ships 10,000 standard cubic feet of gas in first ever export The first ever natural gas export left Iraq’s southern coast yesterday, according to reports from the Associated Press. The historic shipment comes as the Iraq government looks for new sources of funding amid low oil prices and an ongoing battle with ISIS leave the country
Political instability in Kurdistan makes future uncertain In its fourth quarter results, Gulf Keystone Petroleum (ticker: GKP, GulfKeyston.com), which operates in Iraq’s northern Kurdish region, said it may not be able to make payments to bondholders. Political instability in the region, combined with lower oil prices has left it, along with other operators in the Kurdistan region, without a definite
After U.S.A., oil production in Iraq increased the most, averaging 700 MBOPD last year Oil production continued to grow last year amid a global glut. Over the course of 2015, the U.S. saw the largest growth in oil production, followed by Iraq and Saudi Arabia. In 2015, oil production in Iraq, including fields in the Kurdistan Region in norther Iraq,
Stronger economic data helps lift oil prices Oil prices are on track for the first weekly gain in a month today with both WTI and Brent crude prices up on Friday. U.S. Department of Energy numbers this week showed another build in U.S. crude oil stocks, but gasoline demand rose, stoking some crude oil price gains. Data from the EIA
OPEC production expected to stabilize A recent analyst note from KLR Group indicated that oil and gas markets could balance in 2017 as OPEC production begins to stabilize and U.S. production rolls off. Saudi Arabia’s oil production is expected to stay at about 10.4 MMBOPD, while Iran gradually ramps up production and Iraq’s output moderates. The crash in oil prices
Chinese-made oilfield equipment will head to Iraq; crude oil trade, E&P, oilfield engineering services, chemical refining get a bump; construction of storage and transport facilities on tap During a visit to China, Iraqi Prime Minister Haider al-Abadi signed a memorandum of understanding (MOU) with Chinese Premier Li Keqiang to establish a long-term, stable energy partnership. As part of the MOU,
“We aren’t going to go back to a cartel … That time has passed” – U.A.E. Minister Al Mazrouei Just over a year after deciding to change its focus to defending market share rather than oil prices, OPEC members left their semi-annual meeting in Vienna on December 4 grim-faced, according to reports. After out-producing its self-imposed ceiling for 18 months,
After Paris: U.S. and Russian air strikes target ISIS’s $50 million monthly oil revenues As the battle against ISIS continues, allied forces are increasingly targeting oil assets and the convoys of trucks being used to smuggle oil from ISIS-controlled oilfields. The idea is to cut off the major source of funding for the Islamic State’s barbaric terrorist activities. It is
