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By John Lee.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions targeting networks involved in transporting and purchasing Iranian oil, including a group of companies led by Iraqi businessman Salim Ahmed Said.

The U.S. alleges that Said's network smuggled Iranian oil disguised as, or blended with, Iraqi oil, generating substantial profits while benefiting Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), which is designated as a Foreign Terrorist Organization.

Several vessels engaged in the covert delivery of Iranian oil were also sanctioned, as the U.S. continues to crack down on Iran's so-called "shadow fleet" of tankers. The actions aim to increase economic pressure on Tehran and disrupt its access to revenue that could fuel destabilising activities.

Treasury Secretary Scott Bessent stated, "While Iran has had every opportunity to choose peace, its leaders have chosen extremism. Treasury will continue to target Tehran's revenue sources and intensify economic pressure."

The latest designations were made under Executive Orders 13902 and 13224, which target key sectors of the Iranian economy and entities supporting terrorism. The U.S. Department of State also announced sanctions on six entities and four vessels for significant transactions involving Iranian petroleum products, under Executive Order 13846.

More background on this story can be found here.

Full statement from the U.S. Department of the Treasury:

Treasury Targets Diverse Networks Facilitating Iranian Oil Trade

Today [3rd July 2025], the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is taking action against networks that have collectively transported and purchased billions of dollars' worth of Iranian oil, some of which has benefited Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), a designated Foreign Terrorist Organization. Among the entities sanctioned today is a network of companies run by Iraqi businessman Salim Ahmed Said (Said) that has profited from smuggling Iranian oil disguised as, or blended with, Iraqi oil. Treasury is also sanctioning several vessels engaged in the covert delivery of Iranian oil, intensifying pressure on Iran's "shadow fleet."

"As President Trump has made clear, Iran's behavior has left it decimated.  While it has had every opportunity to choose peace, its leaders have chosen extremism," said Secretary of the Treasury Scott Bessent.  "Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities."

Today's action is being taken pursuant to Executive Order (E.O.) 13902, which targets those operating in certain sectors of the Iranian economy, including Iran's petroleum and petrochemical sectors, as well as the counterterrorism authority E.O. 13224, as amended.  It marks the eighth round of sanctions targeting Iran's oil trade since the President issued National Security Presidential Memorandum 2, directing a campaign of maximum pressure on Iran.

Concurrently, the Department of State is designating six entities and identifying four vessels pursuant to E.O. 13846 for having knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.

IRAN-IRAQ OIL SMUGGLING NETWORK

Iraqi-British national Salim Ahmed Said (Said) runs a network of companies that have been selling Iranian oil falsely declared as Iraqi oil since at least 2020.  Said's companies use ship-to-ship transfers and other obfuscation techniques to hide their activities.  Said's companies and vessels blend Iranian oil with Iraqi oil, which is then sold to Western buyers via Iraq or the United Arab Emirates (UAE) as purely Iraqi oil using forged documentation to avoid sanctions.  This allows the oil to be sold on the legitimate market and helps Iran evade international sanctions on its oil exports.

Said has bribed many members of key Iraqi government bodies, including parliament.  He has reportedly paid millions of dollars in kickbacks to these officials in exchange for forged vouchers allowing him to sell Iranian oil as if it originated from Iraq.

Said is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.

Said controls UAE-based company VS Tankers FZE (VS Tankers), despite avoiding formal association with the company.  Formerly known as Al-Iraqia Shipping Services & Oil Trading FZE (AISSOT), VS Tankers has smuggled oil for the benefit of the Iranian government and the Islamic Revolutionary Guard Corps (IRGC).  For example, in 2020, AISSOT reportedly brokered a deal to transport Iranian oil via Iraqi pipelines to be blended and sold as Iraqi oil.

VS Tankers-affiliated ships have assisted Iranian oil exporters in blending Iranian oil with Iraqi to obscure the oil's origins by engaging in ship-to-ship transfers with vessels known to be affiliated with Iranian oil activities. VS Tankers currently claims several oil tankers as part of its fleet, one of which recorded four ship-to-ship transfers with the U.S. sanctioned, Barbados-flagged CASINOVA (IMO 9280366) in April 2024 while located in the Persian Gulf near the mouth of the Shatt al-Arab river, which marks the border between Iraq and Iran. VS Tankers has served as the operator, manager, and beneficial owner of the Marshall Islands-flagged crude oil tanker DIJILAH (IMO 9829629) since 2019.

VS Tankers is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.  DIJILAH is being identified pursuant to E.O. 13902 as property in which VS Tankers has an interest.

In 2023, Said expanded his business holdings to include VS Oil Terminal FZE (VS Oil), which, though registered in the UAE, has its physical presence in Khor al-Zubayr, Iraq.  VS Oil manages six oil storage tanks where Iranian oil is dropped off to be mixed with Iraqi oil.  Vessels carrying Iranian oil also conduct ship-to-ship transfers with vessels carrying Iraqi oil in the vicinity of VS Oil's terminal facilities, and the blended oil is ultimately authenticated by complicit Iraqi government officials.  Vessel tracking data shows that multiple oil tankers known to transport Iranian petroleum products on behalf of U.S.-sanctioned Iranian oil and petrochemical broker Triliance Petrochemical Co. Ltd. and Iranian military front company Sahara Thunder have visited VS Oil.  VS Oil employees smuggle hard currency into Iran via cars and trucks, some of which carry millions of dollars each, as payment for oil.

VS Oil is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.

Said also owns UAE-based VS Petroleum DMCC, formerly Ikon Petroleum DMCC, and Rhine Shipping DMCC (Rhine Shipping) which, in 2022, were implicated in blending Iranian oil to sell as Iraqi oil.  Rhine Shipping was also previously exposed as the manager of the U.S.-sanctioned oil tanker MOLECULE, formerly named BABEL, which loaded oil in the Persian Gulf from an Iranian tanker that had turned off its location transponder to obfuscate the transaction.  OFAC subsequently sanctioned the MOLECULE for its role in shipping Iranian oil as part of the network of Iran-backed Houthi financial official Sa'id al-Jamal.

Said also owns United Kingdom-based companies The Willett Hotel Limited and Robinbest Limited.

VS Petroleum DMCC, Rhine Shipping, The Willett Hotel Limited, and Robinbest Limited are being designated pursuant to E.O. 13902 for being owned or controlled by, directly or indirectly, Said.

Shadow fleet actors

Iran's shadow fleet enables the regime to transport its petroleum to generate revenue.  Iran relies on non-sanctioned vessels to conduct ship-to-ship transfers and receive Iranian oil from sanctioned vessels before shipping the Iranian-origin cargo to buyers in Asia.

The National Iranian Tanker Company (NITC) uses Singapore-based Trans Arctic Global Marine Services PTE. LTD. (Trans Arctic Global) to arrange piloting services for NITC vessels transiting through the Strait of Malacca.  Trans Arctic Global has enabled NITC to transport tens of millions of barrels of Iranian oil through the Strait of Malacca for eventual ship-to-ship transfers to vessels waiting in the Singapore Eastern Outer Port Limits.

Trans Arctic Global is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.

The Cameroon-flagged VIZURI (IMO 9197909), Comoros-flagged FOTIS (IMO 9306548), and Panama-flagged THEMIS (IMO 9264570) and BIANCA JOYSEL (IMO 9196632), have collectively shipped tens of millions of barrels of Iranian oil and other petroleum worth billions of dollars.

Since mid-2023, the VIZURI has completed multiple shipments of Iranian oil and transported millions of barrels of Iranian oil.  Panama-flagged liquified petroleum gas carrier (LPG) FOTIS has transported millions of barrels of Iranian LPG and other petroleum to multiple locations.  Panama-flagged THEMIS, which was sanctioned by the United Kingdom on May 9, 2025 for transporting Russian oil, has also transported Iranian oil.

Seychelles-based Egir Shipping Ltd, and Marshall Islands-based Fotis Lines Incorporated and Themis Limited are the respective owners of the VIZURI, FOTIS, and THEMIS.  Egir Shipping Limited, Fotis Lines Incorporated, and Themis Limited are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. VIZURI, FOTIS, and THEMIS are being identified as blocked property in which Egir Shipping Ltd, Fotis Lines Incorporated, and Themis Limited, respectively, have an interest.

Panama-flagged BIANCA JOYSEL has transported more than ten million barrels of Iranian oil since mid-2024, conducting ship-to-ship transfers with sanctioned vessels owned by the U.S.-designated NITC, including the AMOR and STARLA.

British Virgin Islands-based Betensh Global Investment Limited And Dong Dong Shipping Limited owns the BIANCA JOYSEL.  Betensh Global Investment Limited And Dong Dong Shipping Limited is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy.  BIANCA JOYSEL is being identified as blocked property in which Betensh Global Investment Limited And Dong Dong Shipping Limited has an interest.

IRGC-QF oil Sales

The IRGC-QF has used the Al-Qatirji Company to facilitate oil sales to customers around the world, generating hundreds of millions of dollars of revenue for the IRGC-QF.  The Cameroon-flagged ELIZABET (IMO 9216717), which has impersonated a separate vessel, the S TINOS, loaded a cargo of Iranian oil off the coast of Malaysia in August 2024 via ship-to-ship transfer.  The cargo had originally been loaded at Kharg Island, Iran, by the ROMINA (IMO 9114608), a vessel previously identified for its role in transporting Iranian petroleum for the Al-Qatirji Company.  Seychelles-based White Sands Shipmanagement Corp. is the ship manager, operator, and technical manager of the ELIZABET.

The AI-Qatirji Company transported approximately two million barrels of Iranian oil on the Cameroon-flagged ATILA (IMO 9262754) in support of the U.S.-sanctioned Sa'id al-Jamal network.  The ATILA received the oil in a ship-to-ship transfer with the sanctioned vessel ARMAN 114. The Iranian oil carried by the ATILA was disguised as Malaysian oil.  Seychelles-based Grat Shipping Co Ltd is the manager, operator, and owner of the ATILA.  OFAC designated Sa'id al-Jamal pursuant to E.O. 13224, as amended, on June 10, 2021, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the IRGC-QF.

The Al-Qatirji Company has also used the Palauan-flagged GAS MARYAM (IMO 9108099) to transport Iranian petroleum products in support of the IRGC-QF.  Liberia-based Dima Shipping & Trading Company is the manager, operator, and owner of the GAS MARYAM.

White Sands Shipmanagement Corp, Grat Shipping Co Ltd, and Dima Shipping & Trading Company are being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of the Al-Qatirji Company.  The ELIZABET is being identified as blocked property in which White Sands Shipmanagement Corp. has an interest, the ATILA as blocked property in which Grat Shipping Co Ltd has an interest, and the GAS MARYAM as blocked property in which Dima Shipping & Trading Company has an interest.

SANCTIONS IMPLICATIONS

As a result of today's action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.  In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC's regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons.

Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons.  OFAC may impose civil penalties for sanctions violations on a strict liability basis.  OFAC's Economic Sanctions Enforcement Guidelines provide more information regarding OFAC's enforcement of U.S. economic sanctions.  In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons.  The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person.

Furthermore, engaging in certain transactions involving the persons designated today may risk the imposition of secondary sanctions on participating foreign financial institutions.  OFAC can prohibit or impose strict conditions on opening or maintaining, in the United States, a correspondent account or a payable-through account of a foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of a person who is designated pursuant to the relevant authority.

The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add persons to the Specially Designated Nationals and Blocked Persons List (SDN List), but also from its willingness to remove persons from the SDN List consistent with the law.  The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.  For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC's guidance on Filing a Petition for Removal from an OFAC List.

Click here for more information on the persons designated and any property identified as blocked today.

(Source: U.S. Department of the Treasury)

By John Lee.

Iraq's Minister of Oil, Hayan Abdul Ghani, held talks in Baghdad on Wednesday with Russian Ambassador Elbrus Kutrashev and a delegation from Russian energy giant Lukoil.

The meeting focused on strengthening cooperation between Iraq and Russia in the oil, gas, and energy sectors.

Also in attendance were Bassem Mohammed Khudair, Undersecretary for Extraction Affairs, and Bassem Tahir, Director General of the Petroleum Contracts and Licensing Directorate (PCLD) at the Ministry of Oil.

(Source: Ministry of Oil)

By John Lee.

The Iraqi Council of Ministers has authorised the Chairman of the Iraqi Atomic Energy Commission to negotiate and sign a draft cooperation agreement with the Russian Federation.

The agreement will focus on the peaceful use of nuclear energy, in line with Iraq's constitutional provisions. The Ministry of Foreign Affairs has been tasked with preparing the necessary documentation for final approval by Prime Minister Mohammed S. Al-Sudani.

This step marks an expansion of Iraq's international partnerships in science and energy, and aims to advance the country's capabilities in nuclear technology for civil applications.

(Source: PMO)

By John Lee.

Russia's Gazprom and its consortium partners have signed the first amendment to the service contract for the Badra oilfield with Iraq's Midland Oil Company (MdOC).

The signing ceremony, held on Thursday, was attended by Bassem Mohammed Khudair, Deputy Minister for Upstream Affairs; Russian Ambassador Elbrus Kutrashev; the Director General of Dhi Qar Oil Company (DQOC); the Director General of the Petroleum Contracts and Licensing Directorate (PCLD); the Director General of the Reservoirs and Field Development Directorate; and the Deputy Director General of the Technical Directorate.

Khudair affirmed the Ministry's commitment to supporting production continuity in Iraq's oilfields and to facilitating the work of international oil companies operating in the country.

Mohammed Yassin, Director General of Midland Oil Company, said that the company is working with the contractor to boost production rates within the remaining term of the contract to enhance state revenues.

According to a statement from the Ministry, the amended contract includes provisions on gas production and expected financial returns for the remaining life of the project, but no details were provided.

(Source: Ministry of Oil)

By John Lee.

Eight key members of the OPEC+ alliance, including Iraq, have agreed to increase production starting in May 2025, citing healthier global market fundamentals and a positive outlook.

At a virtual meeting held on 3 April 2025, the countries reviewed market conditions and confirmed they would implement a 411,000 barrels per day (bpd) production increase in May. This figure comprises three scheduled monthly increments, including the one originally planned for May, and is part of the gradual reversal of the 2.2 million bpd voluntary cuts announced in April and November 2023.

In a statement, OPEC said this adjustment aligns with the decision made on 5 December 2024, reaffirmed on 3 March 2025, to return production gradually and flexibly. The group reiterated that these increases could be paused or reversed depending on evolving market dynamics.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on healthier oil market outlook and adjust production upward

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 April 2025, to review global market conditions and outlook.

In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision agreed upon on 5 December 2024, subsequently reaffirmed on 3 March 2025, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025, as detailed in the table below. This comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd JMMC meeting on 3 April 2024. They also confirmed their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025 which will be posted on the Secretariat's website.

The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on the 5th of May to decide on June production levels.

(Source: OPEC Secretariat)

By John Lee.

Iraq's Federal Integrity Commission and Russia's Prosecutor General's Office have begun implementing their Memorandum of Understanding (MoU) on anti-corruption cooperation, focusing on asset recovery and international legal assistance.

During a meeting with a Russian delegation, Dr. Mohammed Ali Al-Lami, Head of the Integrity Commission, emphasized the need to modernize anti-corruption mechanisms to counter evolving methods of financial misconduct. He also called on signatories of the UN Convention Against Corruption to fulfill their commitments on legal cooperation, asset recovery, and extradition, highlighting banking secrecy and legal system differences as key challenges.

Discussions covered judicial investigations, evidence sharing, and financial transparency, while Russian experts stressed the importance of bilateral and multilateral partnerships to coordinate efforts at international forums. Both sides explored the twinning of Iraq's Anti-Corruption Academy with Russia's Prosecutor General's University to facilitate training, research, and academic exchanges.

Workshops also addressed national coordination committees for anti-corruption enforcement and joint legal measures to track and recover illicit funds.

Iraq ranks joint 140th out of 180 countries in Transparency International's Corruption Perceptions Index (CPI), while Russia ranks joint 154th.

(Source: Federal Integrity Commission)

By John Lee.

Irish-based Petrel Resources Plc (LON: PET) has raised £250,000 through a share placement managed by Novum Securities.

The placement represents a 45% discount to the closing price on 5 March 2025.

According to a statement from the company, the funds will provide additional working capital, supporting Petrel's efforts to secure new oil and gas projects in Iraq and beyond.

Full statement from Petrel Resources:

Petrel Resources Plc (Lon: PET) is pleased to announce that the Company has raised £250,000 (before expenses) through a placing by Novum Securities of 23,809,523 new ordinary shares (the "Placing Shares") at a placing price of 1.05p per Placing Share ("Placing").  Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 2p per new ordinary share for a period of two years. The Placing Shares are being issued under the Company's existing share authorities and will represent approximately 11.5% of the Company's issued shares, as enlarged by the Placing. The Placing price represents a 45% discount to the closing price on 5 March 2025.

Use of Funds

The net proceeds of the Placing will provide the company with additional working capital, as Petrel's board continues to assess new projects in Iraq, and elsewhere.

The security situation in Iraq continues to improve, while an investment slow-down since 2014 has led to potential improvements on contract terms which should improve scope for development.

Petrel has recently submitted an application to assume an existing contract east of Baghdad

• 4^th Bid round award in 2012, at a remuneration per barrel of $5.38.
• Block 8 covers 6,000 km2 in Wasit and north-eastern Diyala

Petrel has previously conducted a Technical Cooperation Agreement on the Merjan oil-field in west-central Iraq, in a 50% partnership.

Following the steadily improving security conditions in this part of Iraq, and better global oil and gas prices, Petrel has proposed to develop this discovery under applicable Iraq contracts.

Petrel may be invited to enter into pre-qualification discussions with the Ministry of Oil.  Discussions may also cover Petrel's past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert. 

Admission and Total Voting Rights

An application will be made for the admission of the Placing Shares, which will rank pari passu with the existing ordinary shares in issue, to trading on AIM which is expected to occur on or around 20  March 2025 ("Admission").

Following Admission, there will be a total of 207,681,323 ordinary shares in issue with each ordinary share carrying the right to one vote.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

 David Horgan, Director, commented:

"The supply/demand balance for oil is shifting in Iraq's favour.  New global oil & gas investment falls short of levels needed to support anticipated demand.  The dramatic growth in North American fracked output between 2005 and 2014 is less of a concern for OPEC exporters.  Sanctions on Russia, Iran and Venezuela had constrained the early development of their resources, while demand for oil products and LNG continues to grow - particularly in Asia."  

"As reported recently in connection with BP negotiations, the Iraqi Government plans to streamline contract awards and fiscal terms so as to deliver increased output for Iraq's economic development.  We have the team, experience and skills to participate in the coming boom."

(Source: Petrel Resources)

By John Lee.

The 10th meeting of the Iraqi-Russian Joint Committee was held in Baghdad this week, co-chaired by Iraq's Deputy Prime Minister and Foreign Minister Fuad Hussein and Russia's Minister of Energy Sergei Tsivilev.

Hussein emphasized the longstanding ties between the two nations and the broad scope of cooperation, while Tsivilev reaffirmed Russia's commitment to expanding bilateral relations and invited Iraq to participate in upcoming conferences in Russia.

During the meeting, both sides signed key agreements, including:

• A Maritime Transport Agreement between the Ministries of Transport.
• A Memorandum of Understanding (MoU) for Health Cooperation between the Ministries of Health.
• An MoU between the Federation of Iraqi Chambers of Commerce and the Federation of Russian Chambers of Commerce and Industry.
• A Protocol of Understanding between Gazprom and Iraq's Midland [Middle] Oil Company (MdOC].

Hussein noted what he described as Iraq's "balanced" stance on the Russia-Ukraine conflict, calling for a ceasefire. He also highlighted upcoming international events in Iraq, including the Arab Summit, and stressed the importance of enhancing collaboration in sectors such as health and industry.

The discussions included Iraq's oil exports from the Kurdistan Region to Turkey and Russia's continued investment in Iraq's oil sector, currently valued at approximately $19 billion. Tsivilev confirmed additional agreements are under negotiation, praising the positive outcomes of the meeting.

(Source: MoFA)

By John Lee.

The Iraqi Ministry of Oil has reaffirmed its full commitment to the OPEC+ production agreement, including additional voluntary cuts and compensation for excess production.

In a statemet on Monday, the Ministry will implement necessary measures to ensure compliance, including submitting an updated plan to offset previous overproduction.

This commitment was reiterated during a joint phone call between:

• Hayan Abdul Ghani Abdul Zahra, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil.
• HRH Prince Abdulaziz bin Salman Al Saud, Saudi Energy Minister.
• Alexander Novak, Russian Deputy Prime Minister.
• Haitham Al Ghais, OPEC Secretary-General.

According to what the Ministry described as data issued by secondary sources approved by OPEC, Iraq's crude oil production in January 2025 stood at 3.999 million barrels per day (bpd), reflecting adherence to agreed production levels.

Key Developments:

• Iraq will continue efforts to compensate for past overproduction.
• The government is preparing for the resumption of Kurdistan oil exports via the Iraq-Turkey pipeline.
• Iraq remains committed to its OPEC+ voluntary production cut obligations.

The Ministry of Oil emphasised the crucial role of OPEC+ agreements in stabilising global oil markets and highlighted the importance of collective efforts from all member states to maintain market balance.

On Saturday, Baghdad confirmed the completion of procedures for resuming the export of oil produced in the Kurdistan Region through Ceyhan Port, in accordance with the mechanisms outlined in the Budget Law and its amendments and within Iraq's OPEC production quota.

(Source: Iraqi Ministry of Oil)

By John Lee.

Iraq's Minister of Oil, Hayan Abdul Ghani Al-Sawad, met on Sunday with Russian Ambassador to Baghdad, Elbrus Kutrashev, and a delegation from Russia's OMK Group.

Discussions focused on enhancing bilateral cooperation in the oil, gas, and energy sectors.

According to its LinkedIn page, United Metallurgical Company (OMK) is one of Russia's largest producers of pipes, railway wheels and other steel products for energy, transport and industrial companies.

(Sources: Ministry of Oil, LinkedIn)