The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
By Patrick Schmidt. The Ministry of Oil has announced that 91.14 million barrels of oil were exported during the month of December. This amount marks the highest number of barrels exported since 1980. Despite this increase, the overall profits for the month only increased marginally as the price of oil has dropped sharply. According to […]
By Mustafa al Kadhimi for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the opinions of Iraq Business News. On Dec. 23, Iraq's Cabinet approved and submitted the 2015 federal budget to parliament. This development occurred following months of study to review and reduce the initial budget’s large […]
By John Lee. Dublin registered Dragon Oil has announced a second oil discovery at the Block 9 exploration well, 'Faihaa-1'. This is good news for the consortium who have a 30% stake in the well along with the operator, Kuwait Energy who have a 70% stake in the block, located in the northern part of Basra […]
By John Lee. Iraq and Russia are leading the global surge in oil exports despite a highly competitive market. This has maintained low prices not seen since 2009, with a February settlement for Brent Crude at $56.42 a barrel. Bloomberg reported record export data of 10.6 million barrels a day from Russia and 2.9 million bpd […]
By Padraig O'Hannelly. Dr Ashti Hawrami (pictured), the KRG's Minister for Natural Resources, has clarified the two stage process involved in the recent agreement between Erbil and Baghdad regarding oil exports. Speaking at CWC's Kurdistan-Iraq Oil & Gas Conference recently in London, Dr Hawrami said that the first stage of the resolution covers the issues […]
The opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Statement/ Open Letter* by Iraqi Energy Experts and Professionals on the Latest Oil Agreement with KRG H.E. the Prime Minister esquire; H.E. the Speaker of the Federal Parliament esquire; T.E: Members of the Federal Parliament and […]
By John Lee. Reuters reports that Iraq’s oil exports may hit a record high in December. Shipping data for the first 23 days of December suggest that exports from Iraq’s southern terminals have averaged at least 2.6 million barrels per day. Additionally, the State Oil Marketing Organization (SOMO) has been exporting about 180,000 bpd of […]
Highlights from December’s London Conference. By Robert Tollast. According to current plans, the Kurdish region of Iraq will be able to export 1 million barrels of oil in the not too distant future--by some accounts by the end of 2015. By 2020 as much as 10 billion cubic metres of gas will be exported from […]
By Padraig O'Hannelly. The Director for the Middle East & Asia at the US State Department's Bureau of Energy Resources has said that while the Islamic State (ISIS, ISIL, IS) is not able to fully exploit the oilfields under its control, it could be able to produce as much as 50,000 barrels of oil a […]
By John Lee. According to a 2009 revision of Iraq's Provincial Powers Act (also known as Law 21) the province of Basra is supposed to be receiving an extra $5 dollars of oil revenue per barrel produced in the province. If this was the case, the province could be receiving an income equivalent to that […]
By John Lee. Chinese oil companies are to maintain their purchasing of crude oil from Iraq's State Oil Marketing Organization (SOMO) at the 2014 level for next year, according to a report from Reuters. The decision has been attributed to a slowing of demand growth in China, the varying quality of Iraq's "Basra Light" crude, […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed up more than 16 percent up on Tuesday, after the company issued an update on its operations at Shaikan, its key producing asset in Iraqi Kurdistan. The shares had been languishing at new lows earlier in the week, having lost more than three-quarters of their […]
