Tag Archives | oil glut

Luaibi Targets More Production Ahead of OPEC Meeting

By Simon Kent.  Iraq's Oil Minister Jabbar Ali al Luaibi has met with IOCs and asked them to do their utmost to increase production in Iraq's southern fields, which has fluctuated in 2016. The announcement, relayed by Ministry of Oil spokesman Asim Jihad, comes over a month before a meeting on the 26th of September […]

Luaibi: Iraq will work with OPEC

By Simon Kent. New Iraqi Oil Minister Jabar Ali al-Luaibi  has said he wants to work to increase Iraq's oil reserve estimates and increase exports while working with OPEC on quotas, which currently stand at 14% of OPEC production for Iraq. Luaibi noted, "We will work to draw up stable policies and work to achieve […]

Iraqi Oil Selling for $30 Per Barrel

By Simon Kent. Traders in Europe have reported to Reuters that the Basra Light grade of crude is selling for $30 on the European market, as Iraq gains on Saudi Arabia as one of the main suppliers of oil to EU countries. Last year, Basra split its exports into Basra Light and Basra Heavy grades and […]

Jump in Iraqi Crude Exports to US

By Simon Kent. Iraqi crude exports to the US surged to 521,000 bpd for October, according to the US Energy Information Administration (EIA.) The increase in exports of Iraqi crude to the US marks a historic shift, since US imports of Iraqi crude actually decreased after 2003 despite the gradual increase in Iraqi production, with […]