By John Lee. Iraq's oil ministry has said it will seek to limit oil production to 4.513 million barrels per day (bpd) for the next six months. based on the OPEC deal recently agreed. According to a statement from the Ministry of Oil, this would be a reduction of 140,000 bpd from the reference level […]
By John Lee. Financial Times reports that Iraq will comply with OPEC-led efforts to restrict crude oil production, even as Saudi Arabia said it is striving to boost its export capacity. It quotes Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] as saying that Iraq’s export capacity would reach 5m bpd by the end of this […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Mid-year Assessment of Oil Export Revenues and Budgetary Implications Iraqi data on oil exports and generated revenues for the first half of 2017 provide the material evidence to assess the impacts of […]
By John Lee. Oil Minister Jabar Ali al-Luaibi [Allibi] has met with the Algerian minister of energy Mr. Nooraldeen Botarfa in Baghdad at Wednesday to discuss increasing cooperation between the two countries in the oil sector. In addition to exchanging ideas about the development of the oil sector, they also discussed the "necessary coordination between […]
By John Lee. Algeria's Energy Minister is to visit Baghdad on Wednesday and Thursday. According to the report from Reuters, Nouredine Bouterfa (pictured) will discuss OPEC-related issues with the Iraqi Minister of Oil. (Source: Reuters)
By John Lee. The Director of the State Oil Marketing Organization (SOMO), Falah al-Amiri, has told reporters that crude oil exports so far in March average 3.756 million bpd, including 515,000 bpd exported by Iraqi Kurdistan. According to Reuters, Iraq's oil production is down by more than 300,000 bpd, to 4.464 million (bpd), due to OPEC […]
By Sara al-Qaher for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. On Feb. 20, the Iraqi Oil Ministry signed a memorandum of understanding with the Iranian Oil Ministry to settle disputes over the joint oil fields and examine the possibility of building […]
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 […]
