Tag: Iraq

Iran will not comply with US sanctions

Iran will not comply with US sanctions

Iran will not comply with the “fully illegal” US sanctions imposed on Tehran, according to the country’s oil minister Bijan Zanganeh. Speaking at a joint news conference in Baghdad with Iraqi Oil Minister Thamer al-Ghadhban, Zanganeh said Iran would not disclose the extent or destination of its oil exports while […]

Iraq to build tanker fleet

Iraq to build tanker fleet

OPEC’s second largest oil producer has moved towards building its own fleet of oil tankers that will allow Iraq to sell its crude on a delivered basis. Currently Iraqi crude is sold on a ‘free on board’ system, which means the seller pays for the transportation and loading costs of […]

Iraq fails to gain investment from top energy firms

Iraq fails to gain investment from top energy firms

In its latest oil and gas exploration/development contract auction, Iraq failed to gain any foreign investment from the world’s top energy companies, with Italy’s Eni submitting the only major offer. The auction held by the Oil Ministry offered 11 blocks near the border with Iran and Kuwait and in offshore […]

BP to boost Kurdish production

BP to boost Kurdish production

Three months after Baghdad reclaimed disputed land from the Kurdistan Regional Government (KRG), BP is has signed an agreement with Iraq to increase levels of production from the Kirkuk oilfield. Oil Minister Jabar al-Luaibi and BP’s president for the Middle East region, Michael Townshend, signed a memorandum of understanding at […]

US oil & gas companies see growth opportunities in Iraq

US oil & gas companies see growth opportunities in Iraq

Companies in the US have shown interest in boosting bilateral cooperation with Iraq across all industries, especially oil and gas, according to the Iraqi Ministry of Oil. Last week Douglas Silliman, the US Ambassador to Iraq met with the Iraqi Oil Minister, Jabbar Alluaibi, who invited US companies to participate […]

OPEC output fell by 300,000bpd in November

OPEC output fell by 300,000bpd in November

According to a new Reuters survey, OPEC’s oil output dropped by 300,000 bpd in November – the bloc’s lowest levels since May. A number of factors contributed to this, including pressure from a fall in output from Angolan and Iraqi producers, as well as strong compliance with OPEC’s supply cut […]

Kurdistan ready to hand over oil

Kurdistan ready to hand over oil

The Kurdistan Regional Government (KRG) is prepared to hand over oil, airports, border points and all revenues to Baghdad if Iraq’s federal government provides the region with its 17% share of the budget, according to the KRG Primes Minister, Nechirvan Barzani. In a press statement on Sunday, the KRG’s council […]

OPEC oil output falls by 80,000 bpd in October

OPEC oil output falls by 80,000 bpd in October

A new Reuters survey has found that recent disruptions in Iraq as well as increased agreement on established quotas by the rest of the bloc’s countries has led to a significant decline in oil output during October. The Organisation of the Petroleum Exporting Countries (OPEC) oil output fell by 80,000 […]