From Bloomberg Yamani, al-Naimi, al-Falih. These three men, all Saudi Arabian energy ministers, moved global oil markets for the past 50 years, sometimes with just an utterance. But the kingdom may be about to lose some of its power. Lurking in the shadows are oil sages in Iraq, which has quietly emerged as the world’s fourth-biggest oil producer. They want a
Agreements reinforce the close connections between the two majority Shia countries From Irish Times Iranian president Hassan Rouhani will conclude his first official visit to Iraq on Wednesday after signing agreements on energy, trade and the construction of a railway linking the neighbours. These deals reinforce the close connections between the two majority Shia countries and defy the Trump administration, which has stepped
From Middle East Eye Agency Iraq’s foreign minister has said that his country is “not obliged” to abide by sanctions imposed by the US against Iran and would be pursuing options to continue trade. On 20 December, the US granted Baghdad a 90-day extension to a waiver on abiding by the sanctions that were reimposed on the Islamic republic in
From The Wall Street Journal The Trump administration has given Iraq permission to buy Iranian natural gas without penalty for at least three more months, after pledges from Baghdad to buy American oil and energy technology, U.S. and Iraqi officials said. The decision extends a 45-day waiver Iraq received from the U.S.’s Iran sanctions in November, as the country relies on Iranian
From Reuters BAGHDAD (Reuters) – Iraq plans to increase the production and exports of light crude oil to 1 million barrels per day in 2019, as part of its strategy to boost state revenue, its oil minister Jabar al-Luaibi said on Sunday. The light crude oil is a new grade with an API gravity of around 34-43, while the current
From Arab News The state-run company responsible for oil projects in mid-stream had “a spotty execution track record” LONDON: Growth in Iraqi oil production will be squeezed for the next decade despite the country being the second largest OPEC producer after Saudi Arabia and the fourth biggest in the world, according to a report by US consultancy IHS Markit. The
From MENAFN – Asia Times Basra protesters set the Iranian consulate ablaze on Friday night, the latest manifestation of outrage against influential actors in Basra city, which should be one of the richest in the country with its massive oil reserves and port, but which has become one of the most decrepit. More than 18,000 Basra residents have been poisoned
Youthful protesters seek jobs, drinkable water and steady electricity for air conditioning From The Washington Times BAGHDAD — Protesters poured into the streets and picketed oil fields in southern Iraq amid growing discontent over the government’s failure to combat unemployment, provide drinkable water or guarantee a steady electricity supply to power the air conditioning needed to survive the country’s grueling August heat. Having
From Kurdistan 24 Authorities in Iraq have not yet resolved a dispute regarding agreements signed by Russian energy giants Rosneft and the Kurdistan Regional Government (KRG) for assets in the region, Iraqi Ambassador to Russia Haidar Mansour Hadi said earlier this week. Despite objections from the Iraqi government, the Russian energy giant has continued to sign deals with the KRG, most recently
From Financial Times In many ways Iraq’s oil industry is a success story. After decades of isolation, oil production has risen by more than 75 per cent since 2013 to almost 4.5m barrels a day and, despite conflicts with the Kurds and Isis, security has been maintained and exports steadily increased. There are plans for a further rise in output to more
Iraq’s five year development plan calls for production to rise to 6.5 MMBOPD by 2022 BAGHDAD — Iraq is opening more of its untapped oil and gas resources to foreign developers, hoping to increase revenue after its costly war with the Islamic State militant group, but analysts say the rushed bidding process — now timed to precede national elections —
From PNG News IRAQ’S oil ministry has postponed its latest exploration licencing round to April 25, giving international oil companies 10 days to study the proposed model contracts. SP Global’s Adal Mirza writes from Dubai that the petroleum contracts and licencing directorate sent the final tender document outlining the bidding process and model for two proposed contracts to the companies
