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 is committing 27,000 security personnel to protect its oil and energy infrastructue from attacks by the Islamic State (IS, ISIS, ISIL). Oil Minister Adel Abdel Mahdi (pictured) announced the new force following the latest round of meeting with the Organisation of Petroleum Exporting Countries (OPEC). According to a report from The […]
By John Lee. Genel Energy's chief executive has said he may step down as CEO as early as the end of this year to become Chairman. Reuters reports that Tony Hayward (pictured) also told the FT Commodities Summit in Lausanne, Switzerland, on Wednesday that low oil prices will trigger consolidation in the oil industry in […]
By John Cookson. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Traders will tell you the price of oil is a speculative market based on expectations. Most of Iraq's oil production is from the mega fields in the south, far from any fighting. But […]
Iraqi Oil Minister Abdul Kareem al-Luaibi [Elaibi] talks about the extension of Abdalla El-Badri's tenure as secretary general of the Organization of Petroleum Exporting Countries (OPEC). He spoke with Bloomberg Television's Ryan Chilcote in Vienna: (Source: Bloomberg)
By John Lee. OPEC ministers have failed to agree on a new secretary general and have asked Abdalla el-Badri to stay in the post for another year. Four countries had been competing for the job -- Saudi Arabia, Iran, Iraq and Ecuador -- but Ecuador’s candidate, oil minister Wilson Pastor-Morris, announced last week that he […]
The opening address to the 162nd Meeting of the OPEC Conference, by HE Abdul-Kareem Luaibi Bahedh, Minister of Oil of Iraq and President of the Conference: Excellencies, ladies and gentlemen, Welcome to Vienna for the 162nd Meeting of the OPEC Conference. I should like to extend a special welcome to His Excellency Dr Abdel Bari […]
Reuters reports that OPEC has delayed a meeting of officials to help select its new secretary general, putting off delicate talks that could reignite rivalry for influence as Saudi Arabia, Iran and Iraq seek the top post. A panel of officials was initially planned to convene at OPEC's Vienna headquarters during August, but the meeting […]
By John Lee. Iraq’s crude oil production overtook Iran’s last month for the first time since 1988, when the countries ended their eight-year war, reports Bloomberg. Iraq pumped 2.984 million barrels a day in June, versus 2.963 million bpd for Iraq, OPEC said today in its Monthly Oil Market Report. Production from Iran fell ahead […]
The spokesman of the Ministry of Oil, Assem Jihad, told Alsumaria News on Sunday that Iraq has exported more than $45 billion worth of oil in the first half of the 2012. Jihad said that "the surplus in the budget for Iraq will reflect positively on the Iraqi economy and thus help the government create […]
The output of OPEC in April hit its highest point since 2008 as extra crude from countries such as Libya, Saudi Arabia, and Iraq more than compensated from the loss of Iranian crude supply. Analysts found that the 12 member countries making up OPEC averaged 31.75 million barrels per day (mbpd). In April it was […]
If Iranian President Mahmoud Ahmadinejad doesn't choose a minister for the ministry to replace the Iranian Ministries of Oil and Energy, then Iraq will chair the 159th meeting of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna next June, an oil expert has said. Jawad Barjani, speaking to Iranian news agency, […]
