Category: Iraq

Iraq can offset the impact of the Iran nuclear deal on oil prices and competition for export markets with higher production and improved regional trade, the oil ministry said Wednesday. The deal reached between Tehran and world powers Tuesday could lead to the lifting of economic sanctions on Iran and allow the Islamic republic to increase its oil exports. Experts predict that the return of Iranian oil exports could help keep oil prices low. Cash-strapped Iraq relies on oil exports for the vast majority of its income. "Iraq’s income will be reduced but this has been taken into account," oil ministry spokesman Assem Jihad told AFP. World oil (Other OTC: WOGI – news ) prices collapsed by 60 percent between June 2014 and January, when they hit a low of $45 a barrel. This was due in part to excessive supplies caused by the boom in US shale oil. […]

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The city of Mosul as shown in an ISIS video The Islamic State (Isis) in Iraq has banned civilians from entering the public hospitals in Mosul, as they are occupied by several of its fighters injured in a recent battle in Anbar province. Since Monday morning, Isis has barred civilian patients from entering the local public hospitals, according to reports . The militants have also banned the patients already admitted to the hospitals from leaving the premises. The report stated that Isis imposed the restrictions over fears that the information on "heavy casualties" would be leaked to the government. A source from Joumhouriya Hospital told Bas News (an Iraqi Kurdish news agency) that Isis has deployed its men in all the five hospitals in the city and that "hundreds of killed and injured Isis fighters" were recently brought there, following an intense clash in Anbar province. The Iraqi troops […]

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A ship docks at the al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report) Oil exports from southern Iraq are expected to average around 3 million barrels per day (bpd) at least through August, though total Iraqi export quantities are unclear as more northern Iraq oil is being sold as independent Kurdistan exports.Southern exports have averaged slightly over 3 million bpd so far this month, according to ship loading data seen by Iraq Oil Report. Iraq exported 3.022 million bpd via the Basra Gulf in June.The Kurdistan Regional Government (KRG), meanwhile, has a… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

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The original start of the Iraq-Turkey Pipeline in Kirkuk. (BEN LANDO/Iraq Oil Report) As the cash-starved Kurdistan Regional Government (KRG) pushes to increase oil exports to Turkey, it faces not only political and legal complications from its disputes with Baghdad, but also operational problems with the Turkish pipeline that carries oil to the Mediterranean port of Ceyhan.Pipeline outages on the Turkish side of the border have prevented about $509 million worth of Iraqi oil from being sold through the first half of this year, according to an Iraq Oil Report analysis of figu… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

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Tony Hayward now chairman at Kurdish oil player Genel Energy after management reshuffle. File Photo by UPI/Roger L. Wollenberg LONDON, July 13 (UPI) — Former BP boss, Tony Hayward , was appointed Monday as the chairman of Genel Energy, one of the largest oil players in the Kurdish north of Iraq. Genel, which has headquarters in London, said Hayward, the former chief executive officer, was appointed chairman when Rodney Chase resigned from the position Sunday. Murat Ozgul, chief commercial officer since 2008 and president of Turkey and Kurdish operations, ascends to CEO. Hayward credited the new CEO with helping Genel boost net Kurdish oil production to more than 100,000 barrels per day, which he said makes it one of the largest independent producers traded on the London Stock Exchange. Genel in January said it was trimming capital expenditure plans by 30 percent to $200 million and reducing its workforce […]

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Photo Shiite fighters launched a rocket on Sunday toward Islamic State militants from the outskirts of Fallujah, in Anbar Province, Iraq. Credit Reuters BAGHDAD — The Iraqi government declared on Monday that it was beginning a major military operation to retake the western province of Anbar from the Islamic State, which occupies much of the area including its major cities, Ramadi and Falluja. It was not immediately clear if the operation would be more effective than an earlier one that Iraq announced in May , when the Islamic State seized Ramadi, the provincial capital, after holding Falluja for more than a year. Little has changed on the ground since then. But a barrage of 29 American-led airstrikes near Ramadi on Monday signaled that the United States was strongly backing the operation, a week after President Obama vowed a “long-term campaign” to defeat the Islamic State, also known as ISIS […]

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Iraq and the World Bank signed a $350 million loan agreement on Sunday to fund emergency reconstruction in towns recaptured from Islamic State militants, a deal Baghdad said marked the first international help to rebuild areas devastated by war. Finance Minister Hoshiyar Zebari said around a third of the money would go toward repairing roads and bridges, with a similar amount allocated to restoring electricity networks, water and sewage. Iraq faces a budget deficit of up to $20 billion this year as it grapples with low oil revenues and the heavy cost of war with Islamic State insurgents. The militants hold much of north and west Iraq, but have been driven out of parts of Diyala and Salahuddin provinces north of Baghdad by Shi’ite militia, Kurdish peshmerga and Iraqi security forces, backed by U.S.-led air strikes. The extensive damage from those battles has left the Iraqi government, whose revenues […]

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The bombings targeted Shia neighbourhoods in the Iraqi capital [Al Jazeera] Explosions have rocked a string of Shia neighbourhoods across the Iraqi capital, killing at least 35 people and wounding 81, police have said. The deadliest bombing took place in Baghdad’s northern Shaab neighbourhood when a man detonated an explosive vest in a crowded market, killing nine people and wounding 25. Earlier on Sunday, in Baghdad’s Khazimiyah district, a suicide car bombing targeted the Aden checkpoint, killing eight people, including five civilians, and wounding 23. And in the Banook district, six people were killed and 15 injured in a car bombing, police said. In Baghdad’s al-Askan district, a car bomb killed at least four people and wounded 11 on a commercial street as people gathered after sunset to break their fast for Ramadan. Police also said a roadside bomb on a commercial street in Baghdad’s al-Amal neighbourhood killed two […]

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KRG President Massoud Barzani (L) meets with Kirkuk Gov. Najmaldin Karim (R) in Kirkuk on June 8, 2015. (STAFF/Iraq Oil Report) Iraq’s autonomous Kurdistan Regional Government (KRG) is pushing to control all oil sales from Kirkuk province – a further sign that a cooperative oil export and revenue sharing deal with Baghdad has disintegrated.The federal North Oil Company (NOC) is continuing to pump about 150,000 barrels per day (bpd) from Kirkuk fields into Kurdistan’s autonomous pipeline to Turkey, according to both federal and KRG oil officials. But for more than two weeks, none of that oil has been transferred bac… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

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Kurdish government of Iraq said its selling more of its own oil, accusing Baghdad of falling short of its obligations. A portion of funding from oil sales supports Iraqi forces fighting the Islamic State. Photo by Frontpage/Shutterstock ERBIL, Iraq, July 7 (UPI) — The semiautonomous Kurdish government in Iraq said it increased direct oil sales in response to debts stemming from budget cuts imposed by Baghdad. The Kurdish government said the Turkish sea port of Ceyhan received an average 571,000 barrels of oil per day and an average 150,000 bpd was delivered to the federal State Oil Marketing Co. in June. The government said it increased direct oil sales because of "significant debt backlog arising from the budget cuts of 2014 imposed by the federal government, and the need to pay down debts accumulated in 2014 from pre-payments for oil sales." Under the terms of an agreement reached in […]

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