U.S. Seizes Russian Tanker Full Of Iranian Crude Near Greece
Fresh off of the US targeting a series of companies involved in an Iran-linked oil smuggling network , the US has now seized an oil tanker near Greece, taking the Continue Reading
Russia and Iran discuss swapping supplies for oil and gas, goods logistics
Russia and Iran have discussed swapping supplies for oil and gas as well as setting up a logistics hub, Russian Deputy Prime Minister Alexander Novak said on Wednesday, as Moscow Continue Reading
Iranian-Russian ‘Oil Smuggling’ Network Hit With U.S. Sanctions
Washington has imposed sanctions on an oil smuggling network led by figures connected to Iran’s Revolutionary Guards and allegedly backed by the Russian government. “Today, the U.S. is sanctioning an Continue Reading
US Treasury cracks down on oil smuggling network aiding Iran, with ties to Russia
Hundreds of millions of dollars of oil revenue evaded sanctions Also aided Iranian petrochemical sales, gold transfers US authorities May 25 announced new sanctions on several individuals and entities involved Continue Reading
Saudi Arabia’s Oil Exports Hit The Highest Level Since 2016
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March. Sign up for our Middle East newsletter and follow us @middleeast for news on the region. Saudi Continue Reading
Could Iraq Dethrone Saudi Arabia As Largest Oil Producer?
Iraq remains one of the most underdeveloped oil producers in the Middle East. EIA: Iraq holds a very conservatively estimated 145 billion barrels of proved crude oil reserves. At $2-3 Continue Reading
U.S. Sees Chances Of Iran Nuclear Deal As Slim
The chances of the world powers reaching a deal with Iran on its nuclear activities that would pave the way toward the removal of the U.S. sanctions on Iranian oil Continue Reading
Saudi Arabia Says It Has Done All It Can for the Oil Market
Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame oil markets. Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame Continue Reading
Saudi Arabia sees no crude oil shortage, blames lack of refinery investment for fuel squeeze
Highlights Saudi FM says oil market ‘relatively in balance’ Global refining capacity shrank in 2020, 2021: S&P Global OPEC+ under fire for maintaining production cuts The oil market “is relatively Continue Reading
Deadly hemorrhagic fever outbreak hits Iraq
Iraq is suffering from an unusually large wave of Crimean-Congo hemorrhagic fever, a tick-born virus with a fatality rate of up to 40 percent. Case numbers are significantly higher than Continue Reading
Energy key as Qatar, UK look to strengthen strategic cooperation
Highlights Qatari delegation in UK for new cooperation talks Qatar already key supplier of LNG to UK market Talks also set to focus on UK gas storage Energy remains at Continue Reading
Saudi Arabia signals support for Russia’s role in Opec+ as sanctions pressure mounts
Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and a potential EU ban Continue Reading
Saudi Oil Revenue To Surge 66% To $249 Billion On High Prices
Saudi Arabia is expected to see its oil revenues surge by 66 percent this year to around $249 billion on the back of higher oil prices and rising oil production Continue Reading
Tensions rise over alleged intrusion at Kirkuk oil wells
Iraq’s state-run North Oil Company (NOC) has accused the semi-autonomous Kurdistan Regional Government (KRG) of deploying armed forces to control a handful of oil wells along its disputed boundary with Continue Reading
Iraq balks at greater Chinese control of its oilfields
Iraq’s oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Continue Reading
Saudi Arabia set for oil output capacity above 13 mln bpd by 2027, says minister
Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million barrels bpd by the end of 2026 or Continue Reading
Sandstorm closes schools, offices and halts flights in Iraq
A heavy sandstorm in Iraq, the latest of what Iraqis say is an unprecedented number to hit the country in recent weeks, closed some state schools and offices and halted Continue Reading
Gas pipeline stalled by intra-Kurdish political rifts
The Iraqi Kurdistan region’s fractious internal politics are threatening to derail the construction of a pipeline that could enable future natural gas exports to Turkey — a potential setback for Continue Reading
Saudi Aramco net profit soars 82% in Q1 on high oil prices
State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is Continue Reading
Iran Says It Can Double Oil Exports If Market Needs More Barrels
Iran has the capacity to double oil exports if there’s sufficient demand, a top official said, even as a deal on the country’s nuclear program that could pave the way Continue Reading
Stalled Iran Talks May Restart After EU Visit To Tehran
Nuclear deal talks between the West and Iran may soon be restarted after a visit by EU envoy Enrique Mora to Tehran. “The negotiations had stalled and now they have Continue Reading
Iraq feels pull of European demand for Russian crude alternatives
Med, NW Europe refineries replacing Urals with Basrah Medium, Basrah Heavy Asia taking more Russian crude as Europe turns away Medium sour Urals competes with many Middle Eastern crudes Iraq Continue Reading
From the Maldives to Venezuela: how Iran gets oil to an ally
A Venezuela-owned tanker in March sailed to a remote spot in the Indian Ocean and met an Iran-flagged vessel, took on a cargo of Iranian condensate and sailed home, according Continue Reading
Saudis, UAE: The World Has A Serious Energy Spare Capacity Problem
Prince Abdulaziz bin Salman: “The world is running out of energy capacity at all levels,”. Saudis see underinvestment in refining capacity as on of the reasons for soaring fuel prices. Continue Reading
Saudi, UAE energy ministers say NOPEC bill risks destabilizing the oil market
Ministers warn that energy investment at crisis levels No current shortage in the oil market, Mazrouei says OPEC+ blamed unfairly for high prices, Prince Abdulaziz says Targeted by so-called NOPEC Continue Reading
Venezuela begins imports of Iranian heavy oil for refining -PDVSA documents
Venezuela has begun importing Iranian heavy crude to feed its domestic refineries, documents from the state-run oil company PDVSA showed, a deal that widens a swap agreement signed last year Continue Reading
EXCLUSIVE Germany, Qatar at odds over terms in talks on LNG supply deal -sources
Germany and Qatar have hit difficulties in talks over long-term liquefied natural gas (LNG) supply deals amid differences over key conditions, including the duration of any contract, three people familiar Continue Reading
China’s Iranian oil imports ease on poor margins, lure of Russian oil
April imports estimated at 650,000 bpd – Vortexa Q1 Iran exports average 840,000 bpd, almost all to China – Kpler Independent refiners face shrinking margins Displaced Russian Urals crude heading Continue Reading
Another refinery attack signals rising threat
A rocket attack Sunday night damaged a storage tank at a refinery complex in Erbil — highlighting what appears to be an escalating threat against the Iraqi Kurdish company KAR Continue Reading
Iraq Moves to Implement Court Rule on Kurdistan Oil Operations
An oil field near Zacho, Iraq. Iraq said it will start implementing a court ruling that gives the federal oil ministry oversight of Kurdish production after failed talks with officials Continue Reading
April exports rise by 200k bpd
Iraq’s countrywide oil exports averaged 3.818 million barrels per day (bpd) in April,* a month-on-month increase of more than 200,000 bpd. Federal Iraqi exports averaged 3.380 million bpd, up from 3.245 Continue Reading
$100 Oil Encourages Iraq To Fast-Track Production At Two Major Oil Fields
Iraq is encouraging the development of several oil fields in its ThiQar province. The Iraqi Drilling Company started work on the first of its 20 oil wells at the Nasiriya Continue Reading
Iran Moves Ahead With $500 Million South Pars Oil Development Deal
Iran is set to move ahead with a $500 million deal for the production, development, and enhanced oil recovery from the South Pars oilfield. The project will introduce new horizontal Continue Reading
Europe to Make Fresh Push to Revive Iran Nuclear Deal
European officials are preparing to make a fresh push to salvage a nuclear deal with Iran , offering to send a top European Union negotiator to Tehran in an effort Continue Reading
IRAQ DATA: Federal oil exports rise 4% in April amid higher OPEC+ quota
Exports rise to 3.38 mil b/d in April from 3.244 mil b/d in March March federal exports had fallen 2.1% month on month Iraq’s OPEC+ quota rises to 4.414 mil Continue Reading
Rocket attack in Iraq’s Kurdistan region caused fire in oil tank
Kawigosk refinery was also near April 6 rocket strikes KRG has condemned attacks as intimidation from Iran Kurdish government aims to export gas to Turkey Six rockets struck the Khabat Continue Reading
Saudi to Extend Oil Loan to Pakistan, Discussing Dollar Deposits
Saudi Arabia will extend an oil loan facility to Pakistan and is considering rolling over dollar deposits as the South Asian nation looks to rein in one of Asia’s highest Continue Reading
Iran Boosts Oil Exports As Its Key Buyer China Cuts Russian Purchases
Iran’s oil exports jumped by 30 percent from last year to 870,000 barrels per day (bpd) in the first quarter of 2022, The Wall Street Journal reported on Thursday, citing Continue Reading
Iraq taps Dhi Qar oil fields for capacity expansion
Iraq is taking advantage of high global oil prices and its increasing OPEC-plus quota by ramping up production from three oil fields in Dhi Qar province. Output from the Gharraf Continue Reading
Turkey Raises 2022 Inflation Forecast to 42.8% on Energy Prices
Food prices are expected to rise an annual 49% through December. Sign up for our Middle East newsletter and follow us @middleeast for news on the region. The Turkish central Continue Reading
Iran Invites Russia To Invest Its One Sanctions-Proof Energy Sector
The chief officer of Iran’s new National Petrochemicals Company invites Russia to help exploit opportunities in the sector. Iran’s petchem industry has not been targeted by international sanctions so far. Continue Reading
Western sanctions raise hurdles for Russia in Iraq
Western sanctions are creating new challenges for Russia in Iraq, according to several industry officials, who said Russian companies have had trouble making and receiving payments and faced hesitancy from Continue Reading
Oman data: Monthly oil production rises 12.2% in March amid higher OPEC+ quota
Oman, the biggest Middle East oil producer outside OPEC, increased its total monthly crude production by 12.2% in March from February, official data showed, amid a higher OPEC+ quota. Receive Continue Reading
Iran says talks with regional rival Saudi Arabia resumed in Baghdad
Rival regional powers Iran and Saudi Arabia resumed talks in the Iraqi capital after they were suspended in March, Iran’s semi-official Nour News reported on Saturday. There was no confirmation Continue Reading
Western sanctions raise hurdles for Russia in Iraq
Western sanctions are creating new challenges for Russia in Iraq, according to several industry officials, who said Russian companies have had trouble making and receiving payments and faced hesitancy from Continue Reading
Haidar Fakher Nasser, director of Khor al-Zubair port
The port of Khor al-Zubair, built in the 1970s as an industrial and commercial port, has been repurposed to handle the import and export of oil products to meet Iraq’s Continue Reading
Iran Says Its Natural Gas Sector Needs $80 Billion of Investment
Iran said it needs tens of billions of dollars of investment in its natural gas sector, underscoring how it would struggle to ramp up production even if the U.S. lifts Continue Reading
How U.S.-Saudi Relations Reached the Breaking Point
Saudi Crown Prince Mohammed bin Salman, wearing shorts at his seaside palace, sought a relaxed tone for his first meeting with President Biden’s national security adviser, Jake Sullivan, last September. The Continue Reading
Saudi Economic Growth To Double This Year On High Oil Prices
The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%. The increase in oil production and export revenues fuel the Saudi economy. High Continue Reading
Iraq not likely to increase oil exports, backs OPEC cuts as a success: finance minister
Iraq pumped 4.34 million b/d in March, just under cap: S&P Global survey OPEC+ production fell in March for the first time in a year: survey OPEC+ supply constraints have Continue Reading