The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
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 […]
By John Lee. The State Oil Marketing Organization (SOMO) has denied that it is waging a price war against other oil producers. The company recently slashed price to its Asian customers due to what it described as "changes in the market" but has denied that this was an attempt to undercut other members of the […]
By John Lee. Iraq is reported to be giving bigger discounts for heavy crude from Basra from January. The State Oil Marketing Organization (SOMO) recently abandoned plans to split its "Basra Light" grade into two grades, light and heavy. Reuters says this latest move is aimed at pacifying buyers who have had to deal with […]
By Mohammed A. Salih for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The new oil agreement between Iraq’s federal government and the autonomous Kurdish government in the north appears to have left some room for confusion as to what the Kurds should do […]
The Balance Sheet of the Recent IFG-KRG Oil Deal By Ahmed Mousa Jiyad. On 2 December the Council of Ministers-CoM website posted the decisions taken by the Cabinet including one approving the agreement concluded between the Iraqi Federal Government (IFG) and Kurdistan Regional Government (KRG). Soon after its announcement and due to lack of transparency, […]
By Cengiz Çandar for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Adel Abdul-Mahdi, Iraq’s former vice president and current oil minister in Haider al-Abadi's government, spotted me aboard a flight from Beirut to Istanbul. He was in a rush, on his way back […]
By Mushreq Abbas for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. As soon as the oil agreement signed Dec. 2 between the Iraqi government and the Kurdistan Regional Government (KRG) was announced, optimism emerged in Iraqi and international circles, which considered the agreement to be the […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million (36 billion Iraqi dinars) as first payment for oil exported by the Kurdistan Regional Government from the Tawke field during 2014. The payment will be shared by DNO (USD 20.625 million) and partner Genel Energy plc (USD […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq's government has reached a temporary agreement with authorities in the Kurdish region to end a dispute over oil exports and budget payments to the semi-autonomous region. Al Jazeera's Jane Arraf reports from […]
