By John Lee. Iraq's crude oil production in July rose to 4.632 million bpd, compared with 4.559 million bpd in June, and its highest level since January's 4.775 million bpd according to Reuters. Exports from the southern ports rose to an average daily rate of 3.202 million bpd in July, up from 3.175 million bpd in […]
By John Lee. The Iraqi Ministry of Oil has declared oil exports of 100.9 million barrels for April, which brought in revenues of 3.386 billion dollars, according to the final statistics of the State Oil Marketing Organization (SOMO). This equates to an average selling price of $33.38 per barrel, and an export rate of 3.363 million […]
By Simon Kent. Iraq's representative to OPEC Falah Al-Amri has announced that plans are underway for a second round of talks on freezing OPEC output in June. Currently, Iran is now the sticking point in any such deal, aiming for 4 million BPD by March, and one Iranian official has called talks by non-OPEC members of […]
By Simon Kent. Hard-line cleric Moqtada al Sadr has given PM Haider al Abadi (pictured) until this afternoon to announce new nominees for a new "technocratic cabinet," a reform idea first touted in February, although the composition of the cabinet will depend on parliament. Abadi has called on parliament "to convene immediately in order to overcome the […]
By Simon Kent. The Kurdish Regional Government has announced a plan to implement a series of economic reforms in the face of a growing recession. Currently, the region has debt of up to $18 billion, a crisis made far worse by expenditures in the war against ISIS, the collapse in oil prices and a bloated […]
By Simon Kent. WesternZagros Resources has announced that an agreement has been reached with its major shareholder, Crest Energy International to defer the latest first drawdown notice date under the first tranche of its US$200 million unsecured credit facility from the original date of January 1, 2016 to May 1, 2016. The Company felt it […]
By John Lee. Iraq's oil exports rose to a record average of 3.37 million barrels per day in November, up from 2.7 million bpd the previous month, reports Reuters. Officials at the South Oil Company (SOC) said the jump in exports was facilitated by the large quantities of crude held in storage due to bad […]
By John Lee. Iraq's Cabinet has approved a budget of 106 trillion Iraqi dinars ($91 billion) for 2016. The figures are based on crude oil output of 3.6 million barrels per day (BPD) at a price of $45 a barrel. Spokesman Saad al-Hadithi told The Associated Press that Iraq will run with a deficit of […]
If Iraq didn't face enough challenges already, the slump in the price of crude oil is another unwelcome development for the new Abadi government to deal with. At a current price of $81.78, the benchmark West Texas Intermediate (WTI) crude is down nearly 25 percent from its June high, driven in part by a strong […]
By John Cookson. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Traders will tell you the price of oil is a speculative market based on expectations. Most of Iraq's oil production is from the mega fields in the south, far from any fighting. But […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for June. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for May. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); Shipments to […]
