Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. The US Treasury Department's Office of Foreign Assets Control (OFAC) has designated Iraq's Deputy Minister of Oil, Ali Maarij Al-Bahadly, along with several other individuals and businesses, as part of a sanctions action targeting what it describes as the exploitation of Iraq's oil sector to benefit Iran and Iran-aligned militias. The Treasury said […]
By John Lee. A delegation from Iraq's Ministry of Oil, led by the Director-General of North Oil Company (NOC), Amer Khalil Ahmed, has visited the Iraqi Embassy in Damascus, where it met with the chargé d'affaires. The visit was focused on prospects for co-operation with the Syrian side regarding the reactivation of the Iraq-Syria oil […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Western Pipeline Gambit Faces a Wall of Risk amid Export Crisis The effective closure of the Strait of Hormuz amid the latest round of war between Iran, Israel and the United States […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, has issued its interim results for the 1st quarter of 2026. Regarding its operations in Iraqi Kurdistan, the company said: "Gross production from the DNO-operated Tawke license, containing the Tawke and Peshkabir fields averaged 52,800 boepd during the first quarter of 2026 (77,268 boepd […]
By John Lee. Genel Energy has issued its trading and operations update relating to Q1 2026: Full statement from Genel Energy: Trading and operations update Q1 2026 Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2026, ahead of the Company's Annual General Meeting, which is being […]
By John Lee. A new hydrocarbon discovery has been made at the Qurnain exploration block in southwest Iraq, marking the first oil find at any block awarded under the fifth supplementary and sixth licensing rounds. The discovery was confirmed following the drilling of exploratory well Shams-11, which began on 10th January 2026. A potential hydrocarbon […]
By John Lee. US-based Excelerate Energy has reported its financial results for the first quarter ended 31st March, 2026. Regarding its operations in Iraq, the company said: "In October 2025, Excelerate executed a definitive commercial agreement with a subsidiary of Iraq's Ministry of Electricity for the development of the country's first LNG import terminal. The […]
By John Lee. According to the Ministry of Oil, construction work on a new refinery unit at the Missan [Maysan] refinery is entering its final stages, with commissioning expected within days. The new unit will add a processing capacity of 70,000 barrels per day (bpd), bringing the refinery's total capacity to 110,000 bpd. The project […]
By John Lee. Iraq's Council of Ministers has amended Decision No. 1008 of 2024, which concerns the construction of the Basra-Haditha pipeline. According to a statement from the Prime Minister's Office, the amendment permits the General Company for Iron and Steel, part of the Ministry of Industry and Minerals, to adopt an external manufacturing route […]
From Baird Maritime. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Offers Steep Oil Price Cuts to Lure Buyers into Strait of Hormuz Iraq has offered term buyers May-loading Basrah crude at steep discounts for loading inside the Strait of Hormuz, which has […]
By John Lee. Seven OPEC+ member countries have agreed to implement a production adjustment of 188,000 barrels per day (bpd) in June 2026, following a virtual meeting held on 3 May 2026. The seven countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, all of which had previously announced additional voluntary adjustments […]
By John Lee. Iraq's trade surplus with China narrowed sharply in 2025, as imports from China rose while oil export revenues declined, according to data published by the Ministry of Trade. The figures, compiled by the ministry's Directorate of External Economic Relations, show that Iraqi imports from China rose by 7.5 percent to approximately $17.02 […]
