Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq's Minister of Oil, Hayan Abdul-Ghani has opened the first phase of the natural gas liquefaction plant project at Rumaila oil field. The project aims to utilize associated gas, and has a capacity of 200 million cubic feet per day in the first phase. By the end of this year, the project's […]
By John Lee. The International Monetary Fund (IMF) has forecast growth in Iraq's real non-oil GDP 3.7 percent in 2023. Following a recent visit to Iraq, the IMF team also predicts inflation of 5.6 percent in for the year. Full statement from IMF: A staff team of the International Monetary Fund (IMF) led by Tokhir […]
By John Lee. Iraq's Minister of Oil has affirmed Iraq's commitment to the OPEC+ agreement and the extension of the voluntary cut in oil production that was approved in April for the year 2023. Speaking at a press conference following the OPEC+ meeting in Vienna, Hayan Abdul-Ghani said Iraq will continue its voluntary reduction of […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for May: Total exports of crude oil in May: 102,463,387 barrels Revenues from May's crude oil exports: $7.306 billion Oil fields in central and southern Iraq accounted for 102,206,413 barrels of May's crude oil exports. Exports from Kirkuk through the port of Ceyhan […]
By John Lee. The Iraqi government has reportedly allocated approximately $417 million to build a third offshore oil export pipeline. State-owned Basra Oil Company (BOC) is said to have signed a ontract with the Dutch company Royal Boskalis, to build the two-million-bpd facility. (Sources: INA, Reuters, Kurdistan24)
By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Three New China-Russia-Iran and Iraq Agreements Confirm The New Oil Market Order The last week or so has seen a flurry of major cooperation agreements - including in energy, security, […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. ICC Awards, FSC Decisions and The Three-Years State Budget A heated debate dominates domestic politics in Iraq nowadays, indicating possible sever fracture in internal geopolitics and political alliances. Strong and effective correlation […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for April: Total exports of crude oil in April: 98,634,947 barrels Revenues from April's crude oil exports: $7.699 billion Oil fields in central and southern Iraq accounted for all of April's crude oil exports, as exports from Kirkuk through the port of Ceyhan […]
By John Lee. Iraqi Prime Minister Mohammed Shia al-Sudani has reportedly postponed the launch of the Basra-Aqaba Oil Pipeline (BAOP) project due to "threats from Iran-backed Shia militias" in Iraq. Assorted players in the area object to the idea that the oil may be used by Israel. According to The New Arab, other concerns include […]
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq signs contracts with buyers of Kurdistan Region's oil: Minister Iraq's oil minister on Thursday told Rudaw that they have signed contracts with four companies to buy about half a million barrels of the […]
By John Lee. Iraq's Ministry of Oil has issued a "clarification" on its previous statement regarding involvement of Saudi Aramco in the Akkas field in Basra. On Thursday, the Ministry originally stated that it had an agreement with Saudi Aramco to invest in the field. Later in the day, it issued a clarification, saying that […]
By John Lee. [Correction: After publication, the Oil Ministry issued a "clarification", stating that Aramco is merely "studying cooperation mechanisms" with regard to Akkas.] Iraq's Minister of Oil has announced an agreement with Saudi Aramco to invest in the development of the Akkas gas field in Anbar province. During his participation in the Iraqi-Saudi Coordination […]
