The latest news on Iraq Oil Production – oil companies, oil output and more – brought to you by Iraq Business News
By John Lee. The Iraqi Cabinet has authorised the Ministry of Oil to exercise the necessary powers to address a potential crisis in crude oil and petroleum product exports resulting from the closure of the Strait of Hormuz. The decision relates to anticipated disruptions to export operations and is intended to enable the Ministry to […]
By Simon Watkins for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. How Chevron's New Deals Could Transform Iraq's Production Outlook The very recent signing of two sets of major oil deals by U.S. oil giant Chevron following the forced withdrawal of Russian […]
By John Lee. Iraq participated via video link in a meeting of OPEC+ countries to review global oil market conditions and the production outlook. The group agreed to modestly increase oil production starting April 2026, adding 206,000 barrels per day, as part of a gradual unwinding of earlier voluntary output cuts, citing stable economic conditions […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq braces for escalation amid fears of fallout from Iran-Israel-US war The continued region-wide confrontation has put Iraq on a knife's edge, driving fears that the country could be dragged further into the […]
By John Lee. In a statement to the markets this morning, Norway's DNO, which operates the Tawke license in the Kurdistan region of Iraq, has said it, "aims to access export markets or export prices later in the year." Some are interpreting this as meaning that DNO is considering joining the agreement that re-started the […]
By John Lee. Energy Intelligence reports that Iraq's state-owned Basra Oil Company (BOC) has subcontracted management of the West Qurna-2 oil field to a consortium of Italian engineering firm Bonatti and local firm Hilal al-Basra [Crescent Basra]. West Qurna-2, operated by Lukoil under a service contract, is fully state-owned. Following recent US sanctions on Lukoil […]
By John Lee. Russia's Lukoil has signed an agreement with US investment company Carlyle for the sale of LUKOIL International GmbH, a wholly owned subsidiary that holds the its international assets. The agreement is non-exclusive and subject to regulatory approval, including permission from the US Department of the Treasury's Office of Foreign Assets Control (OFAC). Lukoil […]
By John Lee. Genel Energy has issued a trading and operations update in advance of the company's full-year 2025 results, which are scheduled for release on 18 March 2026. Regarding the company's operations in Iraqi Kurdistan, it said: Production performance improved in the fourth quarter, supported by workovers and well interventions. Average production in unaffected […]
By Simon Watkins for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Is Iraq About to Make Its Biggest Geopolitical Pivot in Years? Washington's escalation of sanctions on Russia's top oil firms has opened space for Western majors to re-enter Iraq. Click here […]
By John Lee. The Iraqi Embassy in Moscow has issued a clarification regarding reports that Iraq plans to nationalise the West Qurna-2 oil field, operated by Russia's Lukoil. The embassy confirmed that the field is fully state-owned. Under the 2008 licensing round agreement, Lukoil managed and developed the field and produced oil under a service […]
By John Lee. Rudaw has quoted the Director General of Iraq's State Oil Marketing Organisation (SOMO), Ali Nizar al-Shatri [Shatari], as saying that the Ministry of Oil has signed a contract with British consulting firm Wood Mackenzie to calculate the actual production costs at oil fields in the Kurdistan Region. Iraq Business News has approached […]
By John Lee. Iraq participated via video link in a meeting of OPEC+ countries to review global oil market conditions and the production outlook, as the group confirmed it will maintain its current production policy during early 2026. Full statement from OPEC: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to […]
