The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
A Kurdistan Regional Government senior delegation, headed by Prime Minister Nechirvan Barzani was received in Baghdad yesterday by Iraq’s Prime Minister Haider al-Abadi and a number of Iraq’s federal government officials. The two sides held two meetings during this one day visit of the Kurdistan Region delegation to Baghdad. The main objective of the meetings […]
By Patrick Schmidt. The Ministry of Oil announced that oil exports averaged 2.516 million barrels per day in January. This number represents a decrease of almost fifteen percent from December 2014. Based on international oil prices, this would create revenue of $3.258 billion. December 2014 boasted revenue of $5.161 billion for Iraq. Oil revenue makes […]
By John Lee. Anadolu Agency reports that international oil companies (IOCs) operating in Iraqi Kurdistan are reconsidering their investments as they have not yet been paid by the Kurdistan Regional Government (KRG). Gulf Keystone Petroleum (GKP) recently suspended crude oil exports by truck from Iraqi Kurdistan, and was reported in November as saying that it […]
By John Lee. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] has announced a plan to build new oil storage tanks to help smooth oil production during bad weather. Iraq's exports were restricted in January due to bad weather in the Gulf. (Source: AIN) (Oil tanks image via Shutterstock)
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were down 10 percent on Friday morning, after it announced the suspension of crude oil exports by truck from Iraqi Kurdistan. The company said it remains in a dialogue with the Kurdistan Regional Government's Ministry of Natural Resources ("MNR"), in order to receive the outstanding payments […]
By John Lee. Exports of crude oil from Iraq's southern ports dipped in January to an average of 2.389 bpd, according to a report from Reuters. This is down from the record high of 2.76 million bpd in December, and was due to bad weather in the Gulf. (Source: Reuters)
By John Lee. The tanker of oil from Iraqi Kurdistan, which had been waiting off the US coast for six months due to legal proceedings, is reported to have finally set sail on Tuesday. According to a report from BasNews, the United Kalavyrta [United Kalavrta] (pictured) is now headed for the Straits of Gibraltar, following […]
By Ayah Aman for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. Iraqi Prime Minister Haider al-Abadi’s visit to Cairo on Jan. 11 included several political, military and economic agreements, and marked a new chapter in Egypt-Iraq relations. These agreements also contributed in […]
By Patrick Schmidt. The Iraqi Deputy Prime Minister announced that Iraq would try to increase its oil production along with exports in order to compensate for low oil prices. Iraq has recently lost 50 percent of its revenue due to the slump in world crude prices. The country aims to boost production with the Kurdistan […]
Shares in Genel Energy were down 3 percent on Wednesday morning following the company's trading and operations update in advance of the its full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review: HIGHLIGHTS A combination of low […]
By John Lee. Reuters reports that the State Oil Marketing Organization (SOMO) is planning to export 3.3 million bpd of Basra crude from its southern ports in February. December's total figure hit 2.94 million bpd, the highest since 1980, of which a record 2.76 million bpd of oil was exported from the country's southern terminals. (Source: […]
By Mark A. DeWeaver. Last month Barcelona-based economics consultancy FocusEconomics launched an interesting new product—a survey of professional forecasters for the Middle East and North Africa (MENA) region. The section on the Iraqi economy is particularly useful given the lack of attention this subject normally receives. It includes consensus projections for 25 macro variables going […]
