By John Lee. Iraq would reportedly consider selling crude through Iran if talks with Iraqi Kurdistan on an oil revenue-sharing agreement fail. Deputy Oil Minister Fayadh al-Nema told Reuters that Iraq's State Oil Marketing Organisation (SOMO) plans to hold talks with the Kurdish Regional Government (KRG), possibly this week. He said "If the negotiations come […]
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 John Lee. The Iraqi Ministry of Oil has declared oil exports of 100.9 million barrels for April, which brought in revenues of 3.386 billion dollars, according to the final statistics of the State Oil Marketing Organization (SOMO). This equates to an average selling price of $33.38 per barrel, and an export rate of 3.363 million […]
By John Lee. Reuters cites trade sources saying on Tuesday that crude oil exports from the southern Iraqi ports are set to fall to the lowest this year in May. A preliminary loading programme shows total Basra crude exports of 3.085 million bpd in May, down from 3.28 million bpd this month, with Basra Heavy […]
By John Lee. The head of Iraq’s State Oil Marketing Organization (SOMO) has said the world’s major oil producers must agree to freeze production, in order to shore up flagging oil prices. Falah Alamri said: “They should do this deal as this is the only way to support the oil price ... Everybody needs it […]
By John Lee. Kuwait Energy has announced the signing of an Export Oil Sales Agreement for its Block 9 project in Iraq. The agreement, signed between a consortium led by Kuwait Energy plc and Iraq's State Oil Marketing Organization (SOMO) puts in place the mechanism by which Kuwait Energy will be paid for services in […]
By John Lee. Platts reports that Iraq's oil ministry has received a bid from a Jordanian-Chinese consortium to build and operate a 1-million-bpd crude oil export pipeline to the Red Sea port of Aqaba. Jordan's Mass Group Holding, along with a consortium of Chinese companies, submitted a service fee proposal to Iraq's oil ministry for […]
By John Lee. The Iraqi ministry of oil has declared its final oil exports for February 2016. Assim Jihad, spokesman of the ministry, said it exported 93,500 million barrels, equating to 3,224 barrels per day, all of it from the southern ports. Final statistics from the State Oil Marketing Organization (SOMO) show revenue of 2.249 […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Where Are The Petrodollars? Kirkuk Oil Flowing Fast, But Locals Never See Any Money The province of Kirkuk exports millions of barrels of oil per month. But nobody knows where […]
By John Lee. Reuters reports that sellers of a new 'Basra Heavy' crude oil grade are competing fiercely to win market share on the U.S. Gulf Coast, as the high sulfur content has limited appeal for refiners. The State Oil Marketing Organization (SOMO) began selling the new grade -- which has an API gravity of […]
