Saudi Arabia Reveals Oil Production Capacity Limits
Saudi Crown Prince Mohammed bin Salman shared the production capacity ceiling of his country at the GCC summit. Last year, Saudi Arabia said it expects to have boosted its oil Continue Reading
Russian Fuel Oil Is Too Cheap For Saudi Arabia To Resist
Russian fuel oil exports to Saudi Arabia rose almost twofold during the second quarter as the Saudis sought to free up more local crude for export while using the discount Continue Reading
Biden’s Talks With Israel Highlight a Split Over Iran
Israel’s caretaker prime minister, Yair Lapid, pushed President Biden on Thursday to go beyond his public commitment to stopping Iran from ever obtaining a nuclear weapon, declaring that all democratic Continue Reading
Iraq plan to boost oil export capacity suffers setback, source says
Iraq’s bid to boost oil export capacity at its Gulf ports has suffered a setback due to delays in pumping station upgrades, an Iraqi oil source said. OPEC’s second-largest oil Continue Reading
Hezbollah chief vows ‘no one’ will extract gas, oil from maritime zones if Lebanon unable to do so
The head of the powerful armed group Hezbollah warned on Wednesday that “no one” would be allowed to operate in maritime oil and gas fields if Lebanon was barred from Continue Reading
Biden heads to Mideast jittery about Iranian nuclear program
Joe Biden starts the first visit to the Middle East of his presidency with a monumental task: assuring uneasy Israeli and Saudi Arabian officials that he is committed to preventing Continue Reading
Shunned in Europe, Russian Fuel Is Flooding to the Middle East
Russia’s huge exports of diesel and other fuel products that are being shunned by many in Europe are fast heading to a new destination: the Middle East. Flows to the Continue Reading
Iraq-Turkey arbitration ruling nears, with Kurdistan’s oil independence in the balance – Iraq Oil Report
As Iraq’s federal government escalates its campaign against the Kurdistan region’s oil sector independence, perhaps its most important legal action is an eight-year-old arbitration case against Turkey that is nearing a decisive Continue Reading
Ukraine war: Iran plans to supply Russia with drones, US warns
Iran plans to supply Russia with potentially hundreds of drones for its war in Ukraine, some with combat capabilities, a US official has said. White House National Security Adviser Jake Continue Reading
Iran Moves To Expand Supergiant Oilfield Amid Global Crude Crisis
Iran is one of the only countries on earth with the potential to add significant oil supply to a global oil market that is desperately tight. In its latest attempt Continue Reading
Fitch Cuts Turkey’s Credit Rating Deeper Into Junk Territory
Tourists and locals on the waterfront in Istanbul, Turkey. Fitch Ratings downgraded Turkey’s sovereign debt rating further into junk, saying the government’s policies are contributing to “spiralling inflation” and discouraging Continue Reading
With world in energy shock, Saudi oil cushion gets very thin
Two industry sources question volume of spare Saudi capacity OPEC data shows decline in Saudi well completions in 2021 Saudi Arabia has been pumping below its OPEC quota Aramco says Continue Reading
IRAQ DATA: Oil production increases 1% in June, slightly above OPEC+ quota
Iraq’s oil production rose 1% in June from a month earlier, figures from state oil marketer SOMO showed July 7, as the country pumped slightly above its OPEC+ quota. Total Continue Reading
Kurdistan amends regional oil law, reviving Oil and Gas Council
Lawmakers in Iraqi Kurdistan have approved amendments to the semi-autonomous region’s 2007 Oil and Gas Law, adding Cabinet Secretary Omed Sabah to the Oil and Gas Council, one day before Continue Reading
Court postpones hearing on Gulf Keystone contract with KRG
The Karkh Commercial Court in Baghdad has postponed a ruling on the validity of UK-listed Gulf Keystone’s contract with the Kurdistan Regional Government (KRG). “Today’s session is postponed until July Continue Reading
US levels new Iran sanctions aimed at oil, petrochemicals exports to China
Treasury targets UAE, Hong Kong entities tied to Iran sales Apparent attempt to raise pressure after latest nuclear talks Chances of JCPOA deal remain slim as US midterms loom The Continue Reading
Is Saudi Arabia Exaggerating Its Oil Production Potential?
For years, Saudi Arabia has made some pretty hefty claims about its oil potential. It is becoming increasingly clear, however, that the Kingdom may be stretching the truth a little Continue Reading
Baghdad court declares four KRG oil contracts void
The Karkh Commercial Court in Baghdad purported to annul four of Iraqi Kurdistan’s oil contracts Monday, as the federal Oil Ministry intensifies its push to implement February’s landmark ruling against Continue Reading
Schlumberger, Baker Hughes, Halliburton to exit Kurdish contracts: Iraq’s oil ministry
Schlumberger, Baker Hughes and Halliburton are in the process of liquidating and exiting existing tenders and contracts in Iraq’s semi-autonomous Kurdistan region to be in compliance with a Federal Supreme Continue Reading
Saudi Arabia, Kuwait discuss boosting Neutral Zone oil production
Saudi Arabian and Kuwaiti officials for the Neutral Zone — the oil-producing area that straddles the border between the two countries — met on July 3 to discuss ways to Continue Reading
Drones Sent Towards Israeli Gas Rig
There have been tensions over the location of the Israeli gas rig within the contested waters. Earlier this month, Lebanon’s Hezbollah sent three unarmed drones towards an Israeli Mediterranean gas Continue Reading
Saudi Arabia sets Aug crude prices to Asia at near-record high – sources
Saudi Arabia, the world’s top oil exporter, raised August crude oil prices for Asian buyers to near-record levels amid tight supply and robust demand. The official selling price (OSP) for Continue Reading
U.S. oilfield services trio to exit Kurdistan region, Iraqi ministry says
U.S. oilfield services companies Schlumberger (SLB.N) , Baker Hughes (BKR.O) and Halliburton (HAL.N) have pledged to comply with a federal supreme court ruling and withdraw from Iraq’s Kurdistan region, the Continue Reading
Turkish Inflation Quickens Less Than Expected to 78.62%
Pedestrians in a shopping zone in the Kizilay district of Ankara. Sign up for our Middle East newsletter and follow us @middleeast for news on the region. Turkey’s inflation accelerated Continue Reading
Saudis Unwilling To Upset Putin As Biden Begs For More Crude
The United States is calling on Saudi Arabia to increase oil production. Saudi Arabia has maintained its OPEC+ output agreement, refusing to ramp up production. The Kingdom is still maintaining Continue Reading
Baghdad court rejects Kurdistan’s delay tactics in lawsuit against IOCs
Baghdad court dealt a setback Sunday to the Kurdistan Regional Government’s (KRG) legal strategy of attempting to delay a federal lawsuit against seven international oil companies (IOCs) operating in Kurdistan. Continue Reading
Iran ready to raise output as market may face shortage in next few months
Iran, whose energy trade is pressed by US sanctions, is ready to pump more oil as the world needs the crude to balance supply and demand and calm prices before Continue Reading
Iran Slashes the Cost of Its Oil to Compete With Russia in China
Bloomberg News Iran is being forced to discount its already cheap crude even more as a top ally gains a bigger foothold in the key Chinese market. China has become Continue Reading
Iran, U.S. Nuclear-Deal Talks End Without Progress
The reactor building of the Bushehr nuclear power plant in southern Iran. Indirect talks between Iran and the U.S. on reviving the 2015 nuclear deal ended without a breakthrough on Continue Reading
USA Condemns Mortar Attacks on IKR Oil Infrastructure
‘These attacks are designed to undermine economic stability’. U.S. Department of State Spokesperson Ned Price has stated that the U.S. stands with its partners in condemnation of the repeated rocket Continue Reading
Saudi Arabia may raise Aug crude prices to Asia to near record levels
Top oil exporter Saudi Arabia may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong Continue Reading
After Israel’s Spies Hit Iran Hard, an Intelligence Official Loses His Job
For more than a decade, he was a feared presence in Iran, presiding over a vast intelligence apparatus. He crushed domestic dissent and political rivals and expanded covert operations beyond Continue Reading
Oil services companies bow to Baghdad blacklist
Workers operate a drilling rig at the West Qurna 2 oil field in Basra. (ALI ABU IRAQ/Iraq Oil Report) Two of the world’s biggest oil services companies have informed the Continue Reading
Iran Looks To Join BRICS Group Of Russia And China
Iran has applied to join the BRICS group of major emerging economies, which includes China, Russia, and India, Reuters reported on Tuesday, a move that would help to secure an Continue Reading
Iraq lowers Rumaila’s oil production target due to project’s complexity: BP executive
Highlights Plateau target reduced to 1.7 mil b/d from 2.1 mil b/d Field currently producing 1.4 mil b/d BP, PetroChina lead contractors Iraq has lowered the production plateau target of Continue Reading
Macron tells Biden that UAE, Saudi can barely raise oil output
French President Emmanuel Macron said on Monday the president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan (MbZ), had told him two top OPEC oil producers, Saudi Arabia Continue Reading
Saudi refining capacity rises 14% in 2021
Jizan adds 400,000 b/d to Saudi refining capacity Saudi petroleum products up 17% in 2021 Crude reserves remain largely flat Saudi Arabia’s refining capacity rose 13.7% in 2021, one of Continue Reading
Khor Mor gas field attacked again
A mortar shell fired from an undisclosed location landed within the perimeter of the Khor Mor gas field on Friday, the second attack in three days. The attack did not Continue Reading
Erbil court postpones case against Oil Ministry leaders
The Kurdistan Regional Government’s (KRG) lawsuit against several federal Oil Ministry leaders was delayed Tuesday — the latest development in a series of legal battles over the implementation of February’s Continue Reading
Russian oil tankers get India safety cover via Dubai company
India is providing safety certification for dozens of ships managed by a Dubai subsidiary of top Russian shipping group Sovcomflot, official data showed, enabling oil exports to India and elsewhere Continue Reading
Saudi Oil Giant Understates Carbon Footprint by Up to 50%
Saudi Aramco’s Ras Tanura oil refinery and terminal. Many refineries operated by the world’s biggest oil company have been excluded from its disclosure of greenhouse emissions. Photographer: Simon Dawson/Bloomberg Before Continue Reading
Iran Makes Major Concession To Revive Stalled Nuclear Negotiations
In a significant concession aimed at reviving stalled negotiations with the United States, Iran has dropped its demand that the Iranian Revolutionary Guard Corps (IRGC) be removed from Washington’s list Continue Reading
Qatar Expands LNG Capacity To Become Europe’s Emergency Gas Supplier
Qatar signed massive deals with TotalEnergies and Eni for the expansion of the world’s biggest LNG project. The North Field Expansion plan includes six LNG trains that will raise Qatar’s Continue Reading
Court again delays Baghdad lawsuit against Kurdistan IOCs
A Baghdad court postponed the Oil Ministry’s lawsuit against international oil companies working in Iraqi Kurdistan for a third time on Monday, marking a further delay in a complicated legal Continue Reading
Iraq’s Basrah crude faces competition from cheaper alternatives
Highlights Smaller OSP hike for July versus other producers Cheaper Urals, Canadian grades weigh on Basrah demand Iraqi Basrah crude is likely to face stiff competition in the current trading Continue Reading
EU Signs Strategic Partnership With Oil, Gas-Rich Gulf Nations
The European Union today said it would form a “strategic partnership” with the Gulf Cooperation Council and its Member States “as part of enhancing engagement in the broader region,” the Continue Reading
Iraq will implement federal court ruling on Kurdish oil industry, oil minister says
The Iraqi oil minister said on Sunday that Iraq would implement a ruling from its federal court in February in which it deemed a Kurdish oil and gas law unconstitutional. Continue Reading
Qatar signs Italy’s Eni as second partner in LNG expansion after cementing lead as top exporter
TotalEnergies previously named North Field East partner Project is first phase of two-stage expansion to 126 mt/year Qatar’s LNG exports beat US, Australia in May QatarEnergy said June 19 it Continue Reading
Iraq’s federal government still in talks with KRG over its independent energy sector: deputy PM
Federal government following federal court ruling: Allawi Iraq’s top court ruled against KRG’s independent energy sector KRG to set up two new oil companies to stave off federal takeover Iraq’s Continue Reading
Iraqi crude output falls 79,000 bpd in May
Iraq’s oil production fell for a second consecutive month in May with output declines from fields both under federal control and in the Kurdistan region. Overall total production decreased to Continue Reading