Category: Iraq

An oil tanker off the coast of Iraq discovered an explosive object attached to its hull, the latest incident highlighting the risk to ships in the waters near the Arabian Continue Reading

A Liberian-flagged fuel oil tanker off the coast of Iraq has been identified to be carrying a “suspicious object” according to sailors, which could be a mine. The suspicious object Continue Reading

In tandem with Iraq’s reiterated target for crude oil production of 7 million barrels per day (bpd) by 2025, from the previous 5 mbpd, Baghdad has also stated that it Continue Reading

Iraq, OPEC’s second-largest producer, plans to boost the capacity of its southern oil export facilities by 72% to 6 million b/d after 2023 and wants to build storage tanks to Continue Reading

Despite ongoing OPEC-plus efforts to limit global supply, Iraq increased oil output as the government desperately seeks revenue to narrow record deficits. South Oil Company workers look toward the flares Continue Reading

Parliament showdown looms over unsustainable spending, new taxes, and KRG oil revenues. Iraq’s Cabinet votes for the 2021 budget at the end of a three-day session on Dec. 21, 2020. Continue Reading

With budgets already stretched thin, Iraq’s budget is being taxed even more by its policy of flaring natural gas while paying high prices to import natural gas from Iran. The Continue Reading

Iraq devalued its currency by almost 20% against the dollar, the most on record, as the cash-strapped government faces an economic crisis brought about by low crude prices and oil-production Continue Reading

 Iraq is moving forward with plans to devalue its currency by nearly 23 percent in response to a dire financial crisis — an extreme policy measure that will not come Continue Reading

Iraq may be the birthplace of OPEC and its second largest oil producer, but the bonds of its membership to the exporters group are likely to be tested again in Continue Reading

Iraq has extinguished a fire at two wells in the northern Khabbaz oil field, oil minister Ihsan Ismaael said Dec. 16, after they were set ablaze on Dec. 9 in Continue Reading

Iraq’s oil production, including output from the semi-autonomous Kurdistan region, fell 4% month on month in November, the State Oil Marketing Organization said Dec.14, falling below its OPEC+ quota as Continue Reading

The street value of Iraq’s currency is dropping, as markets anticipate the likelihood the dinar will soon be revalued in response to a dire economic crisis. Money exchangers in Iraq Continue Reading

Iraq’s oil ministry has managed to put out fire at one of two oil wells in the northern Khabbaz oil field that were set ablaze on Dec. 9 by explosive Continue Reading

Two oil wells in Iraq’s northern Khabbaz field in Kirkuk province are on fire after they were targeted by explosive devices, an oil ministry official said Dec. 9, a week Continue Reading

Two wells at the Khabbaz oil field in Kirkuk province were bombed early Wednesday, highlighting the persistent security risks to oil infrastructure in northern Iraq. As authorities battle to put Continue Reading

Oil rallied after attacks on small oil fields in Iraq reminded the market that the country’s security challenges haven’t yet gone away. Brent futures rose as much as 1.5%, reversing an Continue Reading

Iraq is committed to all OPEC+ production cut agreements that help contain the volatility in oil prices because OPEC’s second largest oil producer seeks higher prices for its crude exports, Continue Reading

France’s supermajor Total is in talks to sell its 18-percent stake in an oilfield in Iraq’s semi-autonomous region of Kurdistan, with which it could raise around $500 million, Bloomberg reported Continue Reading

Thousands of demonstrators have taken to the streets of Sulaimaniya over the past two days to protest delayed salary payments, raising the pressure on Iraq’s semi-autonomous Kurdistan Regional Government (KRG) Continue Reading

Countrywide exports of 3.143 million bpd suggest Iraq has reduced output, with OPEC-plus members insisting on full quota compliance as they consider extending cuts. Tankers load at the al-Basra Oil Continue Reading

Islamic State militants launched a rocket strike against an Iraqi refinery causing its shut-down, Reuters has reported , citing officials from the facility. In a statement on the terrorist group’s Continue Reading

The relationship between Baghdad and Erbil has been strained ever since Iraq managed to eliminate the threat of the Islamic State. Both sides perceive the other’s endeavors with anxiety but Continue Reading

Iraq has taken a major step toward holding early elections by ratifying an election law that addresses some demands of anti-government protesters who blamed the old system for helping perpetuate Continue Reading

Russia’s Gazprom Neft is planning to launch a fourth well at the Sarqala field in Iraq’s semi-autonomous Kurdistan region in the first half of 2021, which will increase production at Continue Reading

Highlights Iraq’s SOMO sent letters to customers informing them of offer Offer included 4 million barrels/month supply over 5 years Supply to be partially pre-paid, SOMO said in letter Dubai Continue Reading

Iraq is seeking an upfront payment of about $2 billion in exchange for a long-term crude-supply contract, the latest sign of Baghdad’s growing desperation for cash as its economy unravels. The Continue Reading

A new proposal from SOMO asks crude buyers to pay up front for a year’s worth of exports to secure a 5-year supply — part of Iraq’s response to a Continue Reading

Iraq’s federal government could wean itself off Iranian energy imports by taking advantage of gas production in the semi-autonomous Kurdistan region, a US official said Nov. 23, as OPEC’s second-largest Continue Reading

Iraq, OPEC’s second-largest oil producer, has nearly reached its limit in accepting the OPEC model of “one size fits all” in terms of output cuts without taking into account members’ Continue Reading

Iraq’s proposal to offer crude buyers a five-year contract to supply 4 million barrels/month that is partially pre-paid has garnered interest from several Asian oil companies, a source familiar with Continue Reading

 Iraq plans to invite international companies to compete in order to build a 300,000 b/d refinery south of the country, the oil minister said Nov. 18, as OPEC’s second largest Continue Reading

Despite its huge oil resources, Iraq’s practical readiness to hit its 7 million barrels per day (bpf) oil production target (by 2025) came into question again last week, with statements Continue Reading

Iraq’s state oil marketer has tweaked the crude assays of its key export grades for next year, which include a new medium sour crude known as Basrah Medium, according to Continue Reading

Highlights Government passes deficit budget, including provisions for rice, wheat Rice, wheat tenders not held since protests began in October 2019 US rice industry had expected private MoU negotiations New Continue Reading

Every new crisis is a formidable opportunity to try new things, oftentimes merely to have another go with methods that have failed in the past but should work better now. Continue Reading