Middle East > Iraq > Petroleum / Mining

Petroleum / Mining in Iraq

  • OPEC raises forecasts for global oil demand

    IRAQ, 2017/08/21 OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.

  • Iraq to boost oil output

    IRAQ, 2015/07/02 Iraq on Sunday began pumping oil to five floating terminals in the Gulf in an attempt to increase its export capacity to 850,000 barrels per day. Iraqi Prime Minister Nuri al-Maliki opened the valve of an oil pipeline from Iraq’s southern oilfields to the port of Faw. Ministry spokesman Assem Jihad told AFP that the inauguration of the initial terminal is part of a plan to increase production and export capacity of Iraq. According to him, the second terminal will be completed this year.

  • Occidental Petroleum To Sell 40% Of Middle East Unity

    IRAQ, 2015/07/01 Occidental Petroleum oil is looking to sell 40 % of its operations in the Middle East for eight billion Dollars, while the company seeks to invest in the Middle East unity within the framework of a broader plan to split the company. Chief Executive Officer, Steve Chazen has been speaking publicly since April about a possible transaction related to its origins in the Middle East and North Africa and in different nations from Libya to Iraq and Yemen.

  • Iraqi oil exports said to be at 30-year high; U.S. rig counts fall

    IRAQ, 2015/05/02 Oil futures ended lower on Friday, pressured by reports that Iraq’s crude exports rose to a 30-year high as production from the Organization of the Petroleum Exporting Nations stood at its highest level since late 2012. Prices came off their best monthly gain in nearly six years, and still scored a weekly gain—their seventh weekly rise in a row. June crude CLM5, -0.62% lost 48 cents, or 0.8%, to settle at $59.15 a barrel on the New York Mercantile Exchange. Prices had finished April with a 25% surge.

  • Turkey explores for oil in Iraqi Kurdistan

    IRAQ, 2015/03/30 Turkey said Monday it has clinched deals to explore for oil in Iraqi Kurdistan, a venture made possible by agreements with the central Baghdad government and the autonomous region. "We own blocs in the foothills of the Qandil mountains as part of contracts we concluded with Baghdad and northern Iraq," Energy Minister Taner Yildiz was quoted as saying by the national-run Anatolia news agency. The inhospitable region has long been the base of Turkish Kurds fighting for a separate national in bordering southeastern Turkey, but the move comes as momentum gathers for a historic peace accord to end the separatist conflict that has claimed some 40,000 lives.

  • Iraq's Minister of Oil Adil Abdel-Mahdi

    IRAQ, 2015/03/30 Oil is one of the primary issues in Iraq today, and a major factor in driving its political process. From the southern provinces all the way to the Kurdish region’s border with Turkey, oil is one of the majority contentious issue facing the country, which has become even convoluted because of foreign interests. Erbil — The Kurdish region’s oil supply is a major point of contention in Iraq as it brings up questions of wealth distribution and foreign exports. The matter is further complicated by the ambiguous relationship between the institutions of the Iraqi national, particularly the relationship between the central government in Baghdad and the regional government of Iraqi Kurdistan.

  • Iran has set certain priorities in signing contracts with foreign companies.

    IRAQ, 2014/10/09 For development of its oil and gas sector, Iran has set certain priorities in signing contracts with foreign companies. Iranian Oil Minister Bijan Namdar Zanganeh made the remark in an interview with the Japanese newspaper Yomiuri Shimbun, Press TV reported. He said Iran will rank the companies according to their stance towards Iran's nuclear program. Zanganeh said a lot of foreign firms are coming to Iran to seek business opportunities, expressing confidence about a final agreement with the six powers by the November 24 deadline and the removal of anti-Iran sanctions.

  • The KRG has said it plans to increase oil sales to around 1 million bpd

    IRAQ, 2014/09/01 Iraqi Kurdistan has shipped over 8 million barrels of oil from the Turkish port of Ceyhan since May, sources and energy officials said, as the autonomous region employs new tactics to establish independent oil sales in defiance of Baghdad. The 11th tanker sailed from the port on Thursday, a Turkish official said, with the Kurdistan Regional Government presently using a number of smaller tankers inclunding its original 1 million barrel carriers to evade Baghdad’s efforts to block the sales. “The new tanker carrying 250,000 barrels has just departed Ceyhan and the total all shipped through the port has exceeded 8 million barrels,” a Turkish official said.

  • Iraq’s Kurdish region pledged to export 100,000 barrels of oil per day

    IRAQ, 2014/03/21 Iraq's autonomous Kurdish region pledged on Thursday to export 100,000 barrels of oil per day through central government-controlled pipelines in a bid to resolve an impasse with Baghdad. The move comes with Kurdish authorities in Erbil and the central government locked in a row over energy exports in which Baghdad has choked off funds to the northern region, draining its reserves. "As a goodwill gesture, the Kurdistan regional government (KRG) has offered to make a contribution to Iraq oil pipeline exports to give the negotiations [between Baghdad and Erbil] the maximum luck of success," it said in a statement posted on its website. "The KRG contribution to oil export [sic] will be one hundred thousand [100,000] barrels per day" from next month onwards, the statement said, adding that exports will continue "while the negotiations are proceeding in a positive direction".

  • Iraq’s oil & gas trends and highlights for 2014

    IRAQ, 2014/01/04 While the start of major upstream projects over in the coming quarters highlights Iraq's potential, volatile production and weak gas production underscore the country's challenges. Although we expect strong increase in both oil and gas output over the course of our estimate period, we expect delays and setbacks to continue, causing production to underperform in light of the country's raw potential. As the political situation between Baghdad and Erbil remains strained, we see further challenges ahead as a pipeline to Turkey nears completion.
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