By Ahmed Mousa Jiyad. Oil Export Revenue Distribution Issues in Iraq This is part two of a research work commissioned by the Natural Resource Governance Institute-NRGI (USA) as part of the preparation for NRGI’s strategic plan for interlinked and complementary interventions in Iraq during the upcoming three years. The Executive Summary of the study was […]
By Simon Kent. After months of talks, the Kurdish Regional Government says it has authorisation from Baghdad to issue bonds, in a move aimed at easing growing financial pains in the semi autonomous region. According to Bloomberg, the region needs approximately $1.4 billion to balance its books. Quoting IBN blogger Robert Tollast, the report noted how the KRG […]
By John Lee. Prime Minister Haider al-Abadi said in televised remarks on Saturday that Iraq's oil revenues are even lower than projected in the country's already austere 2015 budget. According to a report from AFP, al-Abadi declined to providing exact figures on the shortfall. Iraq's parliament approved a budget of 119.5 trillion Iraqi dinars in January […]
By John Lee. Iraq exported an estimated 97 million barrels of oil in May through the State Oil Marketing Organization (SOMO), giving a daily rate of 3.13 million bpd. Early statistics indicate that this brought in revenues of $5 billion (6 trillion Iraqi dinars), equating to about $51.5 per barrel. (Sources: AIN)
To review the latest prospects for and progress of the December 2, 2014 agreement between the KRG and the Federal Government of Iraq, a joint meeting between the Kurdistan Region Council of Ministers’ Presidency and Kurdistan representatives in Baghdad was held in Erbil on Wednesday. After being presented with details and data of oil export […]
By John Lee. Iraq's oil exports hit a record 3.08 million bpd in April, according to Reuters, up from 2.98 mln bpd in the previous month, Exports from the southern terminals reached 2.627 million bpd, while exports from the north via the Kurdistan pipeline were 450,000 bpd. At an average price of $51.70 per barrel, […]
By John Lee. The Iraqi Oil Minister Adil Abdul Mahdi claims that the Islamic State (IS, ISIS, ISIL) are selling oil for as little as $30 a barrel. BasNews quotess the Minister as saying that the militants are getting their oil from two major sites in Salahaddin Province; the Allas and E’jeel oil fields. This […]
The Ministry of Natural Resources (MNR) welcomes the passage of the Oil & Gas Revenue Fund law through the Kurdistan Parliament and congratulates the people of the Kurdistan Region, the members of parliament, and the Kurdistan Regional Government Council of Ministers for the entry of the law into the Region’s statute books. MNR will ensure […]
By Ahmed Mousa Jiyad. The Minister of Oil, Mr. Adil Abdul Mahdi, made a recent statement through which he highlighted three interrelated important issues: the first is that Iraq “lost $14,448,146,000” since 2011 up to the end of 2014 as “compensation” payment to IOCs; the second he referred to article 12.5 of the long term […]
By John Lee. The Deputy Minister for gas refineries at the Ministry of Oil, Fayaz Hassan, has told reporters that Iraq owes almost $20 billion (24 trillion Iraqi dinars) to foreign oil companies working in the country. BasNews quotes him as saying that the Iraqi Oil Ministry has met with the Finance Ministry and Central […]
By John Lee. Turkish Energy Minister Taner Yildiz (pictured) said on Thursday that oil shipments from Iraq via Turkey now amount to 47 million barrels since the beginning of last. He told a news conference that 57 tankers have loaded Iraqi crude at Ceyhan, bringing revenues of $3 billion (3.6 trillion Iraqi dinars). (Source: Reuters)
By John Lee. Reuters reports that Iraq's oil exports rose in February to an average 2.597 million barrels per day, up from 2.535 million bpd in January. Iraq's southern terminals reached 2.293 million bpd, slightly down on the previous month due to bad weather, while exports from the north via the Kurdistan pipeline more than […]
