By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Oil Export, OPEC Cut Effects and Budget Implications Monthly data during the first half of this year are important for Iraq for two main reasons: they reveals the test of OPEC-cuts and […]
Iraq’s Oil Ministry announced that Tehran and Baghdad have signed a memorandum of understanding (MoU) to carry out studies on the construction of a pipeline to export crude oil from the northern Iraqi fields of Kirkuk via Iran. In a statement, the Iraqi ministry said the agreement was signed during a recent ceremony in the […]
By John Lee. According to a report from Markets Insider, the biggest challenge to the recently-announced OPEC oil production cuts is Iraq. Under the agreement, Iraq has committed to cut production by 210,000 barrels per day. "That sounds simple in theory," writes Michael McDonald, "just switch off a few pumps. In reality it’s much more […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Analyzing December 2016 data prompts three disturbing remarks: First, there is more than 128% difference between what the Minister of Oil and the DG of SOMO said on how much Iraq should […]
By John Lee. Iraq has begun reducing its crude oil output from the start of the year, in line with its OPEC commitments. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said in a statement on Thursday: "Iraq confirms its commitment to the decision of OPEC, which was taken during the last meeting in Vienna, by […]
By John Lee. Qatar's Energy Minister has reportedly said that Iran and Iraq are being asked to freeze oil output at current levels, as part of a wider deal to restrain production. According to ArabianBusiness.com, Mohammed Al Sada told reporters: "We are discussing with both countries on that and we are looking at various ways and […]
The Iraqi Minister for Oil has committed to support the efforts of the Organization of the Petroleum Exporting Countries (OPEC) aimed at stabilization of the oil market. At a meeting in Baghdad on Wednesday, Minister Jabar Ali al-Luaibi [Allibi] told OPEC Secretary General, HE Mohammad Sanusi Barkindo: “Your visit comes at a time when Iraq […]
By John Lee. Reuters reports that oil prices came under pressure on Monday as Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said Baghdad wants to be exempt from any production cut the Organization of the Petroleum Exporting Countries (OPEC) is aiming to achieve. Falah al-Amiri, head of the State Oil Marketing Organization (SOMO) added that […]
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 Simon Kent. New Iraqi Oil Minister Jabar Ali al-Luaibi has said he wants to work to increase Iraq's oil reserve estimates and increase exports while working with OPEC on quotas, which currently stand at 14% of OPEC production for Iraq. Luaibi noted, "We will work to draw up stable policies and work to achieve […]
By John Lee. Iraq plans to supply an additional 5 million barrels of crude oil to its partners in June, according to industry sources cited by Reuters. The country joins other Middle East producers in attempting to increase market share ahead of an OPEC meeting in Vienna later this week. Iraq had already been targeting […]
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 […]
