Iraq Business News brings you information on oil prices in Iraq, with the latest developments and opportunities.
From the World Bank: Iraq Economic Monitor, Fall 2022: A New Opportunity to Reform The World Bank's new Iraq Economic Monitor, A New Opportunity to Reform finds that high oil prices have boded well for Iraq's economy pushing fiscal and external balance into double digit surpluses. After growing by 2.8 percent in 2021, GDP growth […]
The Kurdistan Regional Government (KRG) has released its annual oil and gas audit report for 2020, which revealed several drops in production due to the COVID-19 pandemic. The region's total exported and consumed oil for the year stood at 165,942,861 barrels, about 5 million barrels less comparing to 2019. The average price of oil dropped […]
Stephen Whyte, Chairman of Genel Energy, gave the following update on the business at the Company's Annual General Meeting, held in London on Thursday: Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering […]
By John Lee. Iraq’s Ministry of Oil has announced final oil exports for June of 105,640,161 barrels, giving an average for the month of 3.521 million barrels per day (bpd), an increase from the 3.490 bpd exported in May. These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan. Revenues for […]
By John Lee. Iraq’s Ministry of Oil has announced interim oil exports for June of 105,640,160 barrels, giving an average for the month of 3.521 million barrels per day (bpd), an increase from the 3.490 bpd exported in May. These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan. Revenues for […]
By John Lee. Iraq’s Ministry of Oil has announced final oil exports for May of 108,175,920 barrels, giving an average for the month of 3.490 million barrels per day (bpd), an increase from the 3.340 bpd exported in April. These exports were entirely from the southern terminals, with no exports registered from Kirkuk via Ceyhan. Revenues for […]
By John Lee. Iraq is considering changing its price benchmark for Basra crude oil sales to Asia. From January, the State Oil Marketing Organization (SOMO) proposes to price relative to Dubai Mercantile Exchange (DME) Oman futures, rather than the average of Platts’ Oman-Dubai quotes. According to a report from Reuters, this would mark a significant […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Budget Law 2017 and OPEC Production Cut Impact - Preliminary Remarks On 7 December, the Iraqi Parliament passed Budget Law 2017 by a majority voting with 186 attendances, before the House went […]
By John Lee. Iraq's Ministry of Oil has announced that it has agreed to limit its oil production target to 4.75 - 5 million barrels per day. The country is currently producing around 4.6 million bpd. Oil Minister Jabar Ali al-Luaibi (Allibi) is going to participate in the OPEC meetings at the end of November, […]
By John Lee. Iraq’s crude oil exports from its southern ports rose to 3.230 million bpd in August, compared with 3.202 million bpd in July, according to the Ministry of Oil. Revenues for the month hit $3.93 billion, giving an average selling price of $39.248 per barrel. (Source: Ministry of Oil)
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Falling oil prices over the past year has caused a cash crisis in oil producing countries, including Iraq. The fall in oil revenue has exacerbated a political disagreement between federal government leaders in […]
At the Iraq Britain Business Council (IBBC)'s Spring Conference in London last week, there was a general feeling that the downturn in oil prices is temporary, and that Iraq's finances will rebound in due course. Referring to the long-term trend in oil prices, Vikas Handa of Weir Group was adamant that "there is only one […]
