Tag Archives | Iraq Oil Production News

The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News

The Truth behind Oil Theft in Basra

By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. On Jan. 15, Iraqi members of parliament, including Sadeq al-Mhanna from the ruling National Alliance, revealed that they are in possession of documents that prove the theft of 300,000 barrels […]

Southern Oil Exports Fall following OPEC Cut

By John Lee. In a sign that Iraq is following through on the OPEC decision to cut oil output, Reuters reports that oil exports from Iraq’s southern terminals have fallen so far in January. According to loading data and an industry source, exports from southern Iraq averaged 3.25 million bpd in the first 16 days […]

US Firm in $210m Deal at Majnoon Field

By John Lee. According to a report from Reuters, Anglo-Dutch Shell has signed a $210-million contract with US-based Halliburton to drill 30 wells at the Majnoon field over the next three years. The contract is expected to raise output at the field from 220,000 barrels per day currently to about 400,000 bpd in three years. (Source: Reuters)

Iraq the “Biggest Threat to the OPEC Deal”

By John Lee. According to a report from Markets Insider, the biggest challenge to the recently-announced OPEC oil production cuts is Iraq. Under the agreement, Iraq has committed to cut production by 210,000 barrels per day. “That sounds simple in theory,” writes Michael McDonald, “just switch off a few pumps. In reality it’s much more […]

Oil Minister confirms Production Cut

By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has confirmed that Iraq has started to cut oil production in line with the OPEC agreement reached in Vienna. He said production has been cut by 160,000 barrels of crude oil per day from the start of the year, and that he hopes to reduce […]

OPEC Cut Impact on Iraq: A Bleak Prospect

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Analyzing December 2016 data prompts three disturbing remarks: First, there is more than 128% difference between what the Minister of Oil and the DG of SOMO said on how much Iraq should […]

Iraq Begins to cut Oil Production

By John Lee. Iraq has begun reducing its crude oil output from the start of the year, in line with its OPEC commitments. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said in a statement on Thursday: “Iraq confirms its commitment to the decision of OPEC, which was taken during the last meeting in Vienna, by […]

Output from Rumaila hits 3-Billion Barrel Mark

By John Lee. Output from BP’s Rumaila oilfield has hit the milestone three billion barrel mark, according to a report from Energy Voice. The field is producing oil at its highest rate in 27 years; since BP joined the partnership to redevelop the field in 2010, output has increased by 40 percent. In the past […]

KRG Signs Oil Audit Deal with EY

The Kurdistan Regional Government signed an agreement with the multinational professional services firm, EY (Ernst & Young), to audit oil and gas processes in the Kurdistan Region. During the signing ceremony on Wednesday, Prime Minister Nechirvan Barzani described the agreement as an important step by the Kurdistan Regional Government to be more transparent in the […]