Iraq’s Parliament approved a 12 trillion Iraqi dinar ($10.2 billion) stop-gap borrowing law early on Thursday morning — an essential measure to remain solvent through the rest of this year, Continue Reading
With the announcement last week that the president of Russian state oil proxy Lukoil, Vagit Alekperov, met one-to-one with Iraq’s Prime Minister, Mustafa al-Kadhimi, and its Oil Minister, Ihsan Abdul Continue Reading
Joe Biden’s win in the U.S. presidential election is inspiring guarded optimism among Iraqi political, security, and business leaders, who believe his administration will feature a more predictable foreign policy Continue Reading
Iraq boosted its production by about 150,000 barrels per day (bpd) in October, significantly exceeding its official OPEC-plus quota. Nationwide production averaged 3.84 million barrels per day (bpd), according to Continue Reading
Iraq’s Parliament is considering a scaled-down emergency financing law that would give the government access to 12 trillion Iraqi dinars ($10.2 billion) in financing, though it could be delayed by Continue Reading
Iraqi security forces killed at least one anti-government protester using live gunfire and wounded at least 40 others in the southern city of Basra on Friday, security sources and a Continue Reading
Crude exports from Kurdistan to the Turkish port of Ceyhan have resumed, government officials from the Iraqi semiautonomous region told S&P Global Platts on Nov. 5, after an attack on Continue Reading
Iraq’s crude oil production rose in October and exceeded its quota and compensation target under the OPEC+ agreement, Argus reported on Thursday, quoting state oil marketing firm SOMO. Oil production Continue Reading
Hostilities between the dominant party of the Kurdistan Regional Government (KRG) and the Kurdistan Workers’ Party (PKK) looked set to break out into open fighting following an alleged attack Wednesday Continue Reading
Highlights Field producing around 1.4 million b/d now Rumaila not yet low carbon intensity field Gas flaring still taking place at field Dubai — BP is in talks with Iraq’s Continue Reading
Iraq exported an average of 2.876 million bpd last month, up by more than 200,000 bpd from September, data from the oil ministry showed, as quoted by Iraq Business News. Continue Reading
Iraq’s nationwide oil exports were an average 3.277 million barrels per day (bpd) in October, the highest volumes since May this year and an increase from 3.049 million bpd in Continue Reading
The Kurdistan Workers’ Party (PKK) is suspected of causing an Oct. 28 explosion on the Turkish side of the Iraq-Turkey Pipeline, which temporarily shut down oil flows from fields controlled Continue Reading
Federal Iraq exports increase by more than 250k bpd and KRG posts slight decline. A worker for Iraq’s South Oil Company calls in an oil tanker to fill up at Continue Reading
OPEC’s second-largest oil producer, Iraq, will support any unanimous decision that the OPEC+ group makes regarding the alliance’s future oil production policy, Iraqi Oil Minister Ihsan Abdul Jabbar Ismaael said Continue Reading
Highlights Reuters reported Oct. 29 Iraq seeking exemptions Report quoted unnamed Iraqi oil official Kuwait denies report it opposes extension of cuts into 2021 Dubai — Iraqi oil minister Ihsan Continue Reading
The Kurdistan Region Government in Iraq declared a halt to all oil exports on Friday after experiencing an attack on a crude oil pipeline earlier in the week. The pipeline Continue Reading
The Kurdistan Workers’ Party (PKK) is suspected of causing an Oct. 28 explosion on the Turkish side of the Iraq-Turkey Pipeline, which temporarily shut down oil flows from fields controlled Continue Reading
Highlights Investigation launched into Oct. 22 attack Most of Kurdish production is exported Kurdish region produces around 450,000 b/d Dubai — Iraq’s semi-autonomous Kurdish region said Oct. 31 an attack Continue Reading
Iraq’s semi-autonomous Kurdistan Regional Government (KRG) is moving forward with plans to privatize electricity distribution and tariff collection to reduce power losses and streamline billing, multiple KRG energy officials said. Continue Reading
Iraq is in talks with France’s Total to invest in two gas projects, the country’s oil minister said Oct. 24, as OPEC’s second-largest producer seeks to boost natural gas production Continue Reading
The semi-autonomous Kurdistan region in Iraq has agreed to reduce the region’s crude oil production as part of the ongoing OPEC+ agreement, the Kurdistan Regional Government (KRG) said on Thursday. Continue Reading
Surge in production comes as Iraq attempts to navigate the opposing pressures of a financial crisis and quota commitments to OPEC-plus. Dhi Qar Oil Company workers at the Suba oil Continue Reading
Iraq’s semi-autonomous Kurdish region will trim its output in line with OPEC+ cuts provided the federal government pays its dues to Erbil, a Kurdistan Regional Government spokesperson said Oct. 22 Continue Reading
Oil prices are set to recover beginning in the second quarter next year, helping Iraq’s oil industry and its plans to increase production capacity, Iraqi Oil Minister Ihsan Abdul Jabbar Continue Reading
Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Continue Reading
Iraq expects global oil demand to grow at a pace of 3% a year in 2023, and OPEC’s second largest oil producer does not plan to cancel projects due to Continue Reading
Under pressure from the OPEC-plus coalition to compensate for past over-production, Iraq makes painful cuts mainly from IOC-operated fields. Iraqi Drilling Company personnel drill a well at the West Qurna Continue Reading
Emergency measures include $35 billion in new borrowing, a total overhaul of the economy, and the potential devaluation of the Iraqi dinar. Iraqis who recently graduated with engineering degrees protest Continue Reading
Iraq discussed on Tuesday plans for investment in associated gas production at its largest oilfield, Rumaila, Iraq’s Oil Minister Ihsan Abdul-Jabbar Ismail said in a statement to Shafaq News agency Continue Reading
The federal Iraqi government has proposed the establishment of a new oil company that will be managed jointly by Baghdad and Erbil to operate crude oil production and exports from Continue Reading
Iraq has forecast the average price of its crude oil at $50/b in 2021, 23.4% higher than that which was proposed in the 2020 budget, as OPEC’s second largest producer Continue Reading
Iran and Iraq have agreed to settle Iraq’s energy debt to Iran through a barter deal, under which Baghdad would supply Tehran with needed medicine and staples, Iranian state news Continue Reading
Iraq expects the pressure on oil prices to continue through at least the first quarter of 2021, with oil minister Ihsan Abdul Jabbar expecting the average for Brent during January-March Continue Reading
Iraq’s oil minister has proposed creating a company to manage upstream and export operations in the semi-autonomous Kurdish region as Erbil and Baghdad hammer out an agreement to resolve their Continue Reading
An array of Iran-backed Iraqi militia groups have suspended rocket attacks on U.S. forces on condition that Iraq’s government present a timetable for the withdrawal of American troops, one of Continue Reading
The Sept. 30 rocket attack near the Erbil airport highlights the reach of rogue militant groups and the risks they pose to the investment climate in both federal Iraq and Continue Reading
The Iraqi government is expected to send a controversial new emergency finance bill to parliament this week in a last-ditch attempt to pay its bills in the absence of a Continue Reading
Iraq’s plans to boost its refining capacity faces several hurdles, such as a lack of economy of scale and financing, which may thwart attempts by OPEC’s second-largest producer to wean Continue Reading
Despite promises to keep in line with the OPEC+ pact, Iraq – OPEC’s second-largest producer and biggest laggard in implementing the cuts – slightly raised its crude oil exports in Continue Reading
The U.S. government appears to be second-guessing its own strategic push to broaden economic and commercial ties with Iraq. In response to unabated rocket attacks and roadside bombs against U.S. Continue Reading
Iraq’s federal oil exports remained nearly steady in September compared with August, the oil ministry said Oct.1, signaling OPEC’s second-largest producer may have failed again to implement compensation cuts to Continue Reading
Crude loadings from the Turkish port of Ceyhan by both the federal and Kurdistan regional governments increased over the past month, raising Iraq to a monthly nationwide export average of Continue Reading
Cabinet considers new borrowing legislation to fund massive deficits after political headwinds stopped attempts to pass a full 2020 budget. Iraqi Finance Minister and Deputy Prime Minister (second from right) Continue Reading
Washington has made preparations to withdraw diplomats from Iraq after warning Baghdad it could shut its embassy, two Iraqi officials and two Western diplomats said, a step Iraqis fear could Continue Reading
It can safely be surmised that whatever the new Iraqi Prime Minister, Mustafa al-Kadhimi, told U.S. government officials during his visit last month to Washington went down like a lead Continue Reading
The U.S. ambassador to Iraq, Matthew Tueller, told Iraq’s foreign minister, Fuad Hussein, the policy decision had been directed by President Trump and that the two countries had entered a Continue Reading
Iraq’s Oil Ministry is attempting to displace some of the financial burden associated with its OPEC-related production cuts onto international oil companies (IOCs). The ministry’s move to scale down its Continue Reading
When Mustafa al-Kadhimi took office, the U.S. granted Iraq a relatively long 120-day Iran sanctions waiver. That diplomatic honeymoon could be ending. Iraqi Prime Minister Mustafa al-Kadhimi and his delegation Continue Reading
Iraq, the world’s second-worst gas flarer, could generate over 3.5 GW of power by capturing 40% of associated gas that is currently burned, a GE executive said Sept. 20. “In Continue Reading
