Oil’s Fragile Peace Is Threatened by Iraq’s Desperate Reality
In his 20 years as a high-school English teacher in Baghdad, Abu Majeed has seen his fair share of conflict and upheaval. Yet, he’s rarely felt so desperate as one Continue Reading
Shell evacuation reveals cracks in Basra Gas Company consortium
Protests that prompted an emergency evacuation in May were caused by a breakdown in payments and cooperation between Shell and its government partners. After cutting output less than anticipated, Iraq Continue Reading
Loathe to cut oil production from the start, Iraq draws OPEC+ fire for its quota busting
Ever since OPEC teamed with Russia and other allies in late 2016 to tackle a global oil glut through production cuts, Iraq has been a reluctant participant, repeatedly flouting its Continue Reading
Did Iraq Just Doom The OPEC Deal?
OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to Continue Reading
Iraq’s May exports exceed its OPEC production quota
Iraq’s nationwide exports exceeded its OPEC production quota in May, prompting the country’s acting oil minister to promise further cuts. “Despite Iraq’s severe financial constraints, we’re addressing technical issues that Continue Reading
Iran signs 2-year pact to export electricity to Iraq
Highlights Previously, both signed a one-year agreement Iraq paid $400 mil, or half of cost of electricity supply US extends Iraq’s sanctions waiver for Iranian electricity on May 7 Tehran Continue Reading
OPEC’s Second Largest Producer Won’t Give Up On Output Cuts
OPEC’s second-largest producer and the biggest laggard in the output cuts, Iraq, will further reduce production and remains committed to the OPEC+ pact, Iraqi Deputy Prime Minister and acting Oil Continue Reading
Iraq’s oil exports fall 6.6% in May as OPEC producer sold oil at $21/b: ministry
Iraq’s oil exports, excluding those from the semi-autonomous Kurdish region, fell 6.6% in May, according to the oil ministry, indicating that OPEC’s second-biggest oil producer may have struggled to cut Continue Reading
Russia To Expand Influence In Iraq’s Oil Heartland
With Rosneft having effectively taken control of Kurdistan’s oil and gas sector in northern Iraq through the deal done in November 2017, Russia had been looking to leverage this presence Continue Reading
Iraq’s oil-rig count tumbles after IOCs ordered to cut spending on oil plunge
Iraq’s oil-rig count has tumbled by almost two-thirds this year after international oil companies were ordered to cut spending because of the oil crash and OPEC’s second-largest producer agreed to Continue Reading
Baghdad offers Kurdistan payment tied to budget talks
Letter from Iraqi finance minister to KRG prime minister offers a one-time, $338 million payment – and continuing negotiations for a new budget deal. Newly appointed Finance Minister Ali Allawi Continue Reading
Financial free fall threatens Kurdistan’s stability, oil sector
In an era of depressed oil prices and budget disputes, the KRG has lost most of the revenue that underwrites its economy, and has no clear plan for bridging its Continue Reading
Basra Gas Company evacuates expat staff during protests
Dozens of foreign staff of the Basra Gas Company (BGC) were sent from Basra to Rotterdam and London Wednesday afternoon, as payment disputes led to protests inside company facilities in Continue Reading
Iraq denies plans to shut southeastern al-Ahdab field due to protests: oil ministry
Iraq’s oil ministry said Monday there are no plans to shutter the al-Ahdab oil field in the southeastern province of Wasit due to protests in OPEC’s second largest oil producer, Continue Reading
Kurdish Government May Close 250,000 Bpd Oil Deal With Iraq
The Kurdistan semi-autonomous region of Iraq is ready to hand over to the federal government 250,000 barrels per day (bpd) of oil production and the oil revenues it generates, Middle Continue Reading
Grounded jets and political spats as the Islamic State regroups
The Islamic State group capitalized on deteriorating U.S.-Iraqi relations as a pandemic further distracted the unfinished fight against it. An official ceremony at Balad base for Iraq to receive four Continue Reading
Iraq in talks with oil companies on postponing payments, cutting costs: official
Iraq, OPEC’s second-largest oil producer, has begun negotiations with international oil companies on postponing payments to them and cutting costs as OPEC’s second largest oil producer grapples with the crude Continue Reading
Iraq cuts 650,000 b/d from southern fields in May to comply with OPEC+ cuts: report
Iraq, OPEC’s second largest oil producer, has cut 650,000 b/d from it southern fields to comply with OPEC+ cuts of 1.061 million b/d agreed for May and June, an official Continue Reading
Iraq committed to OPEC+ crude production cuts, says acting oil minister
Iraq is committed to the OPEC+ oil production cuts agreement, the acting oil minister said Thursday, dismissing media reports that had questioned the ability of OPEC’s second largest member to Continue Reading
Iraq’s new prime minister appoints finance minister as acting oil minister
Highlights Parliament last week postponed voting on oil minister post PM Kadhimi wants to restore Iraq’s shrunken oil market share He also wants to amend IOC contracts Iraq’s new prime Continue Reading
Iran-Iraq Quarantine Latest
Iran is quarantining part of the oil-rich southwest of the country for the next week, with all main routes into the area closed, the semi-official Tasnim news agency reported. All banks, Continue Reading
Iraq Gets New Government After Months of Political Deadlock
Iraq swore in a new government after months of political deadlock that has hampered the country’s ability to respond to multiple crises exacerbated by the coronavirus pandemic. Lawmakers wearing surgical Continue Reading
Iraq Chooses New Prime Minister, an Ex-Intelligence Chief Backed by U.S.
Iraq’s Parliament chose an American-backed former intelligence chief as the new prime minister early Thursday morning, giving the country its first real government in more than five months as it Continue Reading
Iraq’s new prime minister wants to amend contracts with IOCs
Iraq’s new prime minister, who was granted a vote in confidence by the country’s parliament early Thursday, wants to restore the oil market share of OPEC’s second largest oil producer Continue Reading
Iraq eases pandemic lockdown despite second spike in new cases
With some measures relaxed, the risk of further COVID-19 case growth raises concerns. Traffic police direct taxies and other vehicles in a traffic jam on May 05, 2020. (MURTADHA AL-SUDANI/Anadolu Continue Reading
Russia And China Are Battling For Influence In Oil Rich Iraq
With the U.S.’s patience wearing thin on its dealings with neighbouring Iran, endemic corruption still prevalent in both the south of the country and in the northern semi-autonomous region of Continue Reading
Iraq’s economy is collapsing under the double blow of sinking oil prices and coronavirus lockdown
A peddler arranges clothes at the Sarj Khaneh market in Mosul as the country eases restrictions put in place for the coronavirus pandemic. (Zaid Al-Obeidi/AFP/Getty Images) According to government officials, Continue Reading
Iraqi Kurdistan On The Brink Of Collapse As Oil Prices Crash
Attentive Oilprice readers must have read at least a dozen articles describing how hard Iraq has been hit by the drop in oil prices. Iraq’s political travails are by no Continue Reading
Iraq’s Kurdish region pumped 468,400 b/d in 2019 at export price of $52.67/b
Iraq’s semi-autonomous Kurdish region pump an average of about 468,400 b/d in 2019, with 93% of its oils sales exported at an average price of $52.676/b, according to a Deloitte Continue Reading
Oil revenues crash, dragging Iraq deeper into crisis
Iraq’s April oil revenues collapsed to their lowest level in more than a decade, dragging the country deeper into a financial crisis that has paralyzed both the federal government and Continue Reading
Iraq Seeks More Aid From the U.S. to Manage Coronavirus Fallout
Iraq is seeking financial assistance from the U.S. to help the country combat the fallout of the Covid-19 pandemic and plummeting oil revenue, the country’s health minister-designate said. “We have been Continue Reading
US extends Iraq’s sanctions waiver for Iranian power imports by another 30 days
Iraq can import Iranian electricity without the risk of sanctions for another 30 days, the US State Department said Sunday in extending a key waiver, despite some predictions that the Continue Reading
U.S. grants Iraq another 30-day sanctions waiver
Renewal enables Iraq to continue Iranian energy imports, but short window reflects ongoing strain in relations with Washington. Iraqi Prime Minister Adil Abd al-Mahdi meets with U.S. Secretary of State Continue Reading
Iraq seen struggling to invest $10 bil to wean itself off Iranian gas and electricity imports
With just three days remaining to the expiry of a 30-day US waiver to import Iranian gas and electricity, Iraq will struggle to drum up some $10 billion in investments Continue Reading
Iraq does not rule out more OPEC+ measures to halt oil price slide: oil minister
Iraq, OPEC’s second-largest oil producer, does not rule out OPEC+ members taking extra measures to halt the further slide of oil prices, but any steps will need to take into Continue Reading
Kurdistan Commits To OPEC+ Oil Output Cut
Kurdistan is committed to the OPEC+ oil production cut deal and will reduce output accordingly, the government of the semi-autonomous Iraqi region said in a statement following a meeting between Continue Reading
Iraq’s Kurdish region commits to trimming output to comply with OPEC+ cuts: Ghadhban
Iraq’s semi-autonomous Kurdish region has committed to trimming its oil output, the country’s oil minister said on Sunday, which will allow OPEC’s second largest oil producer to comply with OPEC+ Continue Reading
Iraq’s OPEC+ cuts will need IOCs contribution, but at what cost?
Iraq will have to cut production from fields operated by international oil companies to comply with the new OPEC+ pact, but the country’s 1.061 million b/d output reduction in May Continue Reading
Attacks on oil security blamed on Islamic State group expose gap in securing northern Iraq
Two small arms attacks on oil security forces over the past two days are the latest in Kirkuk area security gaps exploited by suspected Islamic State group militants. A senior Continue Reading
Iraq to study using Kurdish natural gas for power generation, oil minister says
Iraq plans to study using Kurdish natural gas for power generation across the country, the country’s oil minister said on Sunday, allowing OPEC’s second-largest oil producer to plug the gas Continue Reading
Iraqi Kurdistan To Defer Payments To Oil Firms As Prices Crash
The semi-autonomous region of Kurdistan in Iraq will defer payments to oil companies operating in the region for the oil sales they had made between November 2019 and February 2020, Continue Reading
Stigma Hampers Iraqi Efforts to Fight the Coronavirus
The doctor paused before banging on the front gate, gesturing to his companions who were wearing full hazmat suits, masks, goggles and gloves to stand back so they would not Continue Reading
New PM-designate Kadhimi has momentum, but steep challenge
Iraq’s new prime minister-designate, Mustafa al-Kadhimi, faces an uphill battle to seat a government after two previous candidates failed to secure enough support from political rivals. Kadhimi, who has led Continue Reading
Iraq’s president names intelligence chief as new prime minister after Zurfi quits
Highlights Zurfi withdrew his candidacy Thursday amid political opposition He is the second PM designate to quit the race Iraq is OPEC’s second largest oil producer Dubai — Iraq’s President Continue Reading
Oil Smuggling And Politics: Washington’s Patience With Iraq Is Wearing Thin
Under its effective leader, firebrand ultra-nationalist cleric Moqtada al-Sadr, Iraq is theoretically committed to not allowing itself to become overly dependent on any one country. That was the rallying call Continue Reading
Rockets Fired Near Iraq’s Southern Oil District
Several rockets were fired and landed on Monday near a residential district in southern Iraq, where many foreign oil firms have their headquarters and where oil workers live, without causing Continue Reading
Oil Ministry, MPs condemn rocket attack on oil sites in Basra
Investigators say rocket attack on Iraqi and foreign oil sites was likely part of a broader conflict between paramilitaries and U.S. in Iraq. Security forces investigate the site from which Continue Reading
Iraq’s oil minister says any new OPEC+ pact should be backed by US, Canada and Norway
Thamer Ghadhban said all producers are responsible to stabilize oil markets Comments follow Trump criticism of OPEC and Saudi-Russia dispute Trump threatened to impose tariffs on oil imports Dubai — Continue Reading
Iraq On The Brink Of Civil War As Oil Revenues Evaporate
For many countries, the ongoing oil price depression has brought about a new era of impending economic implosion. Yet no one seems to suffer as much as Iraq nowadays – Continue Reading
Price Collapse Halves Iraq’s Oil Revenues
Iraq saw its oil revenues cut nearly in half in March when oil prices collapsed, even though OPEC’s second-largest producer exported more barrels of crude last month than it did Continue Reading