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

Is the KRG heading for Bankruptcy?

By Amberin Zaman for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. When the Iraqi Kurds come to Washington, it is often to ask for guns to fight the Islamic State (IS). Now they are pleading for cash, warning that their campaign against the jihadis is threatened […]

Iraq Willing to Cut Oil Production

By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) has said Iraq was willing to accept a decision by OPEC and non-OPEC members to cut crude production. Reuters quotes the Minister as saying: “Iraq will agree and cooperate if producers really want to cooperate to cut.” (Sources: Reuters, Shafaaq)

Southern Iraq Oil Output 4.13m bpd in December

By John Lee. Iraqi oil production averaged 4.130 million bpd in December, all of it from the southern oilfields (as the northern fields are under the control of the KRG). Reuters reports that of the more than 128 million barrels produced during the month, 99.7 million barrels were exported. The selling price averaged $29.288 cents […]

Iraq Oil Exports at Record, and Fully Booked

By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) told Reuters on Thursday that Iraq’s plans to increase oil output this year will go ahead, with exports running in January at a record level and unaffected by Iran’s return to the market. He told the news agency he expects output from the […]

Iran to up Oil Output at Joint Iraq Fields

By John Lee. Iran‘s Minister for Petroleum, Bijan Nadar Zangeneh (pictured), has revealed plans to increase production at the country’s western joint fields with Iraq by 200,000 bpd. The increase will happen over the next eight months and “surge to 700,000 bpd in the years to come”, according to a report from PressTV. Iran has […]

PetroChina, Exxon Approached to Boost Production

By John Lee. Iraq has reportedly approached PetroChina and ExxonMobil about investing in a multi-billion dollar project to help boost output from a number of smaller southern fields. The Deputy Chairman of the South Oil Company (SOC), Basim Abdul Kareem, told Reuters that the “Integrated South Project” consists of building oil pipelines, storage facilities and […]

Abdul Mahdi: Iraq to Watch non-OPEC Production

By Simon Kent. Iraq’s oil minister Adel Abdul Mahdi (pictured) has spoken to Reuters regarding Iraq’s position on OPEC’s failure to agree on a production ceiling as the battle to drive out shale production continues. Abdul Mahdi said that Iraq was now looking at the “real world” and that they would have to monitor production in countries […]

KRG Oil Exports Top 600,000 bpd

The Kurdistan Regional Government (KRG) has published its monthly export report for November 2015. The KRG exported 18,023,075 barrels of crude oil (an average of 600,769 barrels per day (bpd)) in the month of November through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by the KRG contributed […]

KRG Publishes Report on Oil Production

The Kurdistan Regional Government’s Ministry for Natural Resources has published a report on crude oil production, re­fining, local consumption and export in the Kurdistan Region of Iraq in 2015. The report also includes information on the Region’s oil revenue, pipeline infrastructure, the status of exploration blocks, and the composition of the workforce in the Region’s […]

Oil Exports hit Record in November

By John Lee. Iraq’s oil exports rose to a record average of 3.37 million barrels per day in November, up from 2.7 million bpd the previous month, reports Reuters. Officials at the South Oil Company (SOC) said the jump in exports was facilitated by the large quantities of crude held in storage due to bad […]

Iraq Oil Output to hit 6m bpd by 2020

By John Lee. Iraq is planning to produce up to 6 million barrels of oil per day by 2020, Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) has said. Speaking to a Shana correspondent he said that the country’s current oil production stands at 4.3 million barrels per day. He also announced that Iraq […]

Cabinet Approves 2016 Budget of $91bn

By John Lee. Iraq’s Cabinet has approved a budget of 106 trillion Iraqi dinars ($91 billion) for 2016. The figures are based on crude oil output of 3.6 million barrels per day (BPD) at a price of $45 a barrel. Spokesman Saad al-Hadithi told The Associated Press that Iraq will run with a deficit of […]