Search results for "opec"

oil well P-07 at Badra (Gazprom Neft)

"OPEC Plus" Agreement: Iraq cuts Oil Exports again

By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for July of 85,663,290 barrels, giving an average for the month of 2.763 million barrels per day (bpd), down from the 2.816 million bpd exported in June. These exports from the oilfields in central and southern Iraq amounted to 82,700,381 barrels, while exports […]

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Iraq Minister of Oil, Thamer al-Ghadban

Iraq to Follow OPEC, Reduce Oil Output

By John Lee. Iraq's oil ministry has said it will seek to limit oil production to 4.513 million barrels per day (bpd) for the next six months. based on the OPEC deal recently agreed. According to a statement from the Ministry of Oil, this would be a reduction of 140,000 bpd from the reference level […]

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Badra oilfield (Gazprom Neft) 7

Iraq to Comply with Opec Supply Cuts

By John Lee. Financial Times reports that Iraq will comply with OPEC-led efforts to restrict crude oil production, even as Saudi Arabia said it is striving to boost its export capacity. It quotes Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] as saying that Iraq’s export capacity would reach 5m bpd by the end of this […]

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Iraq Oil port 2 (SOMO)

Iraq oil Output Falls on OPEC Cuts

By John Lee. The Director of the State Oil Marketing Organization (SOMO), Falah al-Amiri, has told reporters that crude oil exports so far in March average 3.756 million bpd, including 515,000 bpd exported by Iraqi Kurdistan. According to Reuters, Iraq's oil production is down by more than 300,000 bpd, to 4.464 million (bpd), due to OPEC […]

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Basra Oil Terminal (ABOT) 650x416

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 […]

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Shaikan PF-2 b (GKP)

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 […]

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Gulf Keystone (GKP) office in Erbil

Sinopec considers Bid for GKP

By John Lee. Bloomberg reports that Sinopec -- the state-owned China Petroleum & Chemical Corporation -- is considering a takeover of the recently restructured Gulf Keystone Petroleum (GKP). The news agency cites un-named sources as saying that the world’s biggest refiner is working with advisers and has made an approach to the company, which was […]

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Ahmed Mousa Jiyad 6

Budget Law 2017 and OPEC Production Cut Impact

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Budget Law 2017 and OPEC Production Cut Impact - Preliminary Remarks On 7 December, the Iraqi Parliament passed Budget Law 2017 by a majority voting with 186 attendances, before the House went […]

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