Iraq

News
March 18, 2021
The facility which Petrofac will continue to manage is one of the largest in the Gulf, and handles around 55% of Iraq’s crude oil exports.
News
February 20, 2021
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale.
News
February 20, 2021
Prepayment deals are rare in the oil world and this was meant to improve Iraq’s financial situation. While the government is still struggling, its position has improved on soaring oil prices, largely thanks to the rollout of coronavirus vaccines.
News
February 19, 2021
Ten months after slashing crude production when Covid-19 crushed global demand, OPEC and its allies are still withholding 7 million barrels a day from the market. It's been a sacrifice, and now the group must chart a path forward that won't erase hard-fought oil price gains.
News
February 18, 2021
Baghdad pledged to pump below its quota in February to make up for past overproduction. Still, the pace of its crude exports in the first half of the month, if maintained through the rest of February, indicates the country may exceed its self-imposed production target of 3.6 million barrels a day and perhaps even its OPEC+ cap of around 3.85 million.
News
February 17, 2021
“I must warn once again against complacency,” Energy Minister Prince Abdulaziz bin Salman said on Wednesday at an online conference held by the International Energy Forum in Riyadh. “The uncertainty is very high and we have to be extremely cautious. The scars from the events last year should teach us caution.”
News
February 11, 2021
OPEC meets on March 4 and members will probably agree to keep output steady in April, Iraq’s Oil Minister Ihsan Abdul Jabbar said. The biggest change will come from Saudi Arabia, which will likely end unilateral daily cuts of 1 million barrels after March, he said.
News
February 08, 2021
Turkey’s state-owned oil and gas company is considering partnerships and plans to raise funding this year to carry out work on the biggest natural gas discovery in the Black Sea, according to people with knowledge of the matter.
News
February 01, 2021
OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.
News
January 25, 2021
Iraq pledged to cut output in January and February after pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute. Crude was also buoyed by a renewed climb in global equity markets as investors focused on the prospect of additional stimulus.
News
January 22, 2021
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.
News
January 11, 2021
“The market has now reached a price level that potentially doesn’t reflect current fundamentals,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Oil could be next in line” to suffer from a stronger dollar after other commodity prices came under pressure.
News
January 08, 2021
The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a price list from the state oil marketer.
News
January 05, 2021
Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike.
News
January 04, 2021
Talks between OPEC and its allies will continue for a second day after most members, including Saudi Arabia, opposed Russia’s proposal for another output increase in February, following the 500,000 barrels a day being added this month.
News
January 04, 2021
The difference of opinion between Saudi Arabia and Russia, the two de-facto leaders of OPEC+, could make for another tricky meeting. While Russia appeared to be outnumbered, the group typically requires a consensus among all members before concluding talks.
News
January 04, 2021
“At the risk of being seen as a killjoy in the proceedings, I want to urge caution,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the start of the group’s video conference on Monday. “The new variant of the virus is a worrying and unpredictable development.”
News
January 04, 2021
A decline in the dollar is boosting the appeal of commodities that are priced in the currency, while as investors return to their desks at the start of the year, crude has emerged as a favored trade to hedge against a rise in inflation.
News
January 01, 2021
It’s the first time Baghdad has sought a prepayment deal, in which oil is effectively used as security for a loan. It’s also the latest example of China lending to struggling oil producers via state-controlled trading companies and banks.
News
December 25, 2020
Iraq has been receiving 5 million cubic meters a day since Iran cut its daily exports from 50 million cubic meters two weeks ago, Ahmed Moussa, a spokesman for Iraq’s electricity ministry, said in an interview.
News
December 08, 2020
The deal is the latest example of China, via state-controlled trading companies and banks, lending to struggling oil producers such as Angola, Venezuela and Ecuador, with repayment in the form of oil barrels rather than cash.
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