Iraq Business News brings you information on oil prices in Iraq, with the latest developments and opportunities.
By John Lee. Genel Energy chief executive Tony Hayward said on Tuesday that Iraq's output of crude oil would grow much more slowly than many expect. He told a conference in London that the world has entered a new era of lower oil prices, which would not recover to the $110 a barrel level in […]
By John Lee. Anadolu Agency reports that international oil companies (IOCs) operating in Iraqi Kurdistan are reconsidering their investments as they have not yet been paid by the Kurdistan Regional Government (KRG). Gulf Keystone Petroleum (GKP) recently suspended crude oil exports by truck from Iraqi Kurdistan, and was reported in November as saying that it […]
By John Lee. Iraq’s parliament approved the country’s 2015 budget on Thursday, based on a crude oil price of $56 a barrel. According to a report from the Wall Street Journal, the budget projects a deficit of $20 billion, compared with $40 billion in an earlier version. Iraq didn’t pass a budget for 2014. The […]
By John Lee. A report published on Thursday by the World Bank focuses on the implications of low oil prices for eight developing countries -- Egypt, Tunisia, Lebanon, Jordan, Iran, Iraq, Yemen and Libya -- and the economies of the GCC (Gulf Cooperation Council). The Plunging Oil Prices report questions the practice of pegging the […]
By Patrick Schmidt. The Iraqi Deputy Prime Minister announced that Iraq would try to increase its oil production along with exports in order to compensate for low oil prices. Iraq has recently lost 50 percent of its revenue due to the slump in world crude prices. The country aims to boost production with the Kurdistan […]
By John Lee. Iraqi Oil Minister Adel Abdul Mahdi told a conference in Kuwait on Wednesday that oil prices are unlikely to fall further, following the drop of nearly 60 percent since June: "Our estimate is that the prices (of oil) have reached the bottom. It is very difficult to drop lower than this ... […]
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for February. 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 […]
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 John Lee. Finance Minister Hoshiyar Zebari said he will soon present his proposed 2015 budget to Cabinet, based on an oil price of $70 per barrel. The Minister said: “We are proposing a budget of $100 billion. This is projected ... “We have based our projections on about $70 a barrel. This could fluctuate. […]
Oil Prices between Economic Realities and Geopolitical Motives By Ahmed Mousa Jiyad. From June to mid-November 2014, oil lost almost one-third its price. Much has been written about this dramatic decline and different thoughts were offered attempting to explain what has been behind such downward movement. This paper addresses firstly the recent price movement by […]
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for December. 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 […]
