iraq Archives - Page 8 of 10

Gulf Keystone Petroleum Unsure it can make more than $600 Million in Bondholder Payments

March 17, 2016

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

Iraq Production Growth Second-Largest in the World in 2015

February 29, 2016

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,

Rising Gasoline Demand Sparks Increased Oil Prices

February 26, 2016

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

KLR Group Sees Markets Rebalancing in 2017

January 27, 2016

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

Iraq + China MOU Establishes Long Term Oil & Gas Partnership

December 23, 2015

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,

OPEC Removes Production Limit Altogether: the End of the Cartel?

December 7, 2015

“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,

Rocket Hits Site of Foreign Oil Firms Exxon, Shell, Eni in Iraq's Basra, Three Hurt

ISIS: a Criminal/Terrorist Enterprise with a Business Acumen that has No Historical Precedent

November 19, 2015

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

OPEC Production Falls by 233 MBOPD in September

September 30, 2015

Survey of oil companies, producers and analysts shows declines in OPEC output OPEC production declined in September, led by lower output in the group’s three-biggest producers, according to a survey conducted by Bloomberg. The survey was taken of oil companies, producers and analysts, and it showed output from OPEC down 233,000 barrels per day from August to 32.05 million barrels

Kurdistan Region Reasserting Right to Sell Oil Independent of Iraq

September 24, 2015

U.S. court allows oil sales from Kurdistan Iraq’s Kurdish Semi-autonomous region is increasing international oil sales without the approval of Iraq’s central government. The U.S. Court of Appeals for the Fifth Circuit in New Orleans dismissed the Kurdistan Regional Government’s (KRG) bid to overturn an earlier ruling against a planned sale of oil to an unidentified buyer in the U.S.,

Red Flag: Iraq Warns Oil Companies it Intends to Cut Spending due to Oil Revenue Drop

September 15, 2015

Iraq tells oil companies to submit conservative funding requests for 2016 A letter dated September 6, 2015, from the Iraq Oil Ministry was sent out to international oil companies operating inside the country notifying them that they should plan to lower spending in 2016, reports The Wall Street Journal. Iraq is struggling to support its energy sector as it feels

Natural Gas Pipeline from Iran to Iraq could be Ready in 20 Days

August 3, 2015

Iranian Gas Engineering and Development Company says pipeline could be ready before the end of August Managing Director of the Iranian Gas Engineering and Development Company Alireza Gharibi said the company finished testing 100 kilometers (about 62 miles) of pipeline that will run from Iran to neighboring Iraq. Gharibi said the company hopes to export natural gas to Iraq in

OPEC Production Hits a Three Year High

July 1, 2015

OPEC June production hits 31.60 MMBOPD on the back of increased Iraq output OPEC continued to produce well above its target of 30 MMBOPD in June, according to information compiled by Reuters. The information, based on shipping data and information from sources at oil companies, OPEC and consultants, suggest that OPEC produced 31.60 MMBOP in June, the highest output the

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