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. Iraq's cabinet has approved a plan to significantly increase crude oil exports, including through a new route via Syrian Mediterranean ports, according to the Ministry of Oil. The cabinet, chaired by Prime Minister Ali al-Zaidi, endorsed recommendations from a meeting held on 20th May between the prime minister and senior Ministry of […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) reports that it has successfully marketed and exported sulphur to global markets, with the current average price reaching around $755 per tonne. The company says the achievement reflects flexible marketing policies based on close analysis of global market conditions and sulphur demand. All available quantities from […]
By John Lee. The US Treasury Department's Office of Foreign Assets Control (OFAC) has designated Iraq's Deputy Minister of Oil, Ali Maarij Al-Bahadly, along with several other individuals and businesses, as part of a sanctions action targeting what it describes as the exploitation of Iraq's oil sector to benefit Iran and Iran-aligned militias. The Treasury said […]
By John Lee. The first shipments of Iraqi oil were loaded at Syria's Baniyas [Banias] port on Thursday, marking the launch of a new export route to European markets, according to the State Oil Marketing Organization (SOMO). The development establishes a new Mediterranean outlet for Iraqi oil exports, enabling access to European refineries and consumers. […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has confirmed that Iraq exported approximately 18 million barrels of oil in March, generating revenues of nearly $2 billion, equivalent to about 28 percent of February's pre-crisis revenues. In a video statement, Director General Ali Nizar Al-Shatri [Shatari] said that SOMO coordinated closely with buyers and increased […]
By John Lee. Iraq's Ministry of Oil has confirmed steps to export oil and oil derivatives via Turkey, Jordan and Syria. According to the state-run Iraqi News Agency (INA), Deputy Minister for Extraction Affairs Bassem Mohammed Khudair said that the State Oil Marketing Organization (SOMO) has begun signing contracts with international carriers and buyers to export […]
By John Lee. Iraq's State Oil Marketing Organization (SOMO) has expressed strong concern following attacks on two oil tankers operating within Iraqi territorial waters. According to SOMO, the tanker SAFESEA VISHNU, flying the flag of the Marshall Islands and chartered by an Iraqi contracting company, and the tanker ZEFYROS, flying the Maltese flag and carrying condensate […]
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Efforts underway to renew Kurdistan Region oil export deal: SOMO Iraq's national oil marketer is moving to renew the agreement governing exports of the Kurdistan Region's oil, a senior official said Wednesday. Click here […]
By John Lee. Energy Intelligence reports that Iraq's state-owned Basra Oil Company (BOC) has subcontracted management of the West Qurna-2 oil field to a consortium of Italian engineering firm Bonatti and local firm Hilal al-Basra [Crescent Basra]. West Qurna-2, operated by Lukoil under a service contract, is fully state-owned. Following recent US sanctions on Lukoil […]
By John Lee. Russia's Lukoil has signed an agreement with US investment company Carlyle for the sale of LUKOIL International GmbH, a wholly owned subsidiary that holds the its international assets. The agreement is non-exclusive and subject to regulatory approval, including permission from the US Department of the Treasury's Office of Foreign Assets Control (OFAC). Lukoil […]
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. Is Iraq About to Make Its Biggest Geopolitical Pivot in Years? Washington's escalation of sanctions on Russia's top oil firms has opened space for Western majors to re-enter Iraq. Click here […]
