By John Lee. Seven OPEC+ member countries have agreed to implement a production adjustment of 188,000 barrels per day (bpd) from their additional voluntary cuts, effective September 2026. The decision was taken at a virtual meeting on Saturday, which was attended by Iraq's Ministry of Oil. The seven countries involved are Saudi Arabia, Russia, Iraq, […]
By John Lee. Iraqi Airways is to resume flights between Baghdad and Moscow on Tuesday, following a five-month suspension. According to the Ministry of Transport, the service will operate twice weekly, on Saturdays and Tuesdays, beginning on Tuesday 4th August 2026. Flights were suspended for security reasons following an escalation of conflict in the region […]
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. Inside Washington's Quiet Bid to Break China's Grip on Iraq It looks like the U.S.'s renewed engagement with Iraq could signal a major shift back in Baghdad's geopolitical alignment away from […]
By John Lee. Seven OPEC+ countries, including Iraq, have agreed to a production adjustment of 188,000 barrels per day (bpd) from the additional voluntary adjustments announced in April 2023, to be implemented in August 2026. The countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 5 July 2026 to review global […]
By John Lee. Basra Oil Company (BOC) signed a confidentiality agreement with Chevron of the United States on Wednesday to regulate the exchange of information for the evaluation of the West Qurna 2 oil field, and to negotiate future agreements. According to the Ministry of Oil, West Qurna 2 is one of Iraq's giant oil […]
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. The Clock Is Ticking Down To Iraq's Economic Disaster On 27 July OPEC's second-largest oil producer, Iraq, has less than two months before it loses the key means to export its […]
By John Lee. Seven OPEC+ member states have agreed to implement a combined production adjustment of 188,000 barrels per day (bpd) in July 2026, according to a statement from the group. The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The group met virtually on Saturday to review global market conditions. […]
By John Lee. The Iraqi government has confirmed tax settlement arrangements related to operations at the West Qurna 2 oil field, as part of broader contractual and financial adjustments. Under the decision, North Oil Company (NOC), as the government partner in the contract, will settle the tax obligations in accordance with Decision No. 41 of […]
By John Lee. OPEC has announced that eight OPEC+ countries will implement a production adjustment of 206,000 barrels per day in May 2026, as part of ongoing efforts to stabilise global oil markets. The decision was taken during a virtual meeting on 5 April involving Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman. […]
By John Lee. The Iraqi government has reviewed a proposed settlement with Lukoil following its withdrawal from the West Qurna 2 field. The discussions took place during a meeting chaired by Prime Minister Mohammed Shia Al-Sudani, with the participation of Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani Al-Sawad, Finance […]
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 […]
