BP is about to make a big bet on Iraq—again. After years of false starts, geopolitical chaos, and stalled negotiations, the British oil major is reportedly gearing up to invest up to $25 billion in Iraq’s Kirkuk oil and gas fields. That’s according to a senior Iraqi official who spoke to Reuters in an exclusive.
The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by 5.025 million barrels for the week ending January 24. Analysts had expected a 3.17-million-barrel build.
Crude oil prices started trade today with a dip despite the latest news around President Donald Trump who on Tuesday confirmed he would be returning to a maximum pressure approach to Iran, aiming to reduce its oil exports to zero, and said he wants the U.S. to take over the Gaza Strip and develop it.
U.S. upstream earnings in 2024 were $6.426 billion and non-U.S. upstream earnings last year were $18.964 billion, the release highlighted. In 2023, U.S. upstream earnings came in at $4.202 billion and non-U.S. upstream earnings were $17.106 billion, the results statement pointed out.
Traders are closely watching storage levels amid fears that the market could tighten this summer as Europe needs more gas to replenish its depleting inventories. That makes restocking a challenge ahead of next winter, especially as summer gas contracts are trading above those for the following heating season.
Oil edged higher after a volatile session as US President Donald Trump’s tariffs on Mexico were delayed by a month and investors assessed the levies’ potential to slow global economic growth, undercutting concerns about short-term supply constraints.
Iraq quickly extinguished the blaze that erupted at a storage tank at the Rumaila oil field on Jan. 24, but said the incident knocked out about 300,000 barrels a day — or 25 percent of the field’s capacity — during the following week. The country’s production averaged just over 4 million barrels a day last month, in line with its OPEC quota.
NMDC Group won the contract for the chemicals port of the project. “When the port is complete, it will facilitate the export of chemicals and transition fuels, ensuring operational connectivity to regional and global markets and enhancing access to imported supplies”, TA’ZIZ said.
“TA’ZIZ will produce a range of chemicals, many of which have not previously been manufactured in the UAE, enabling the local manufacture of many new construction, agriculture and healthcare products”, ADNOC said in a statement. “In its initial phase, TA’ZIZ will produce six chemicals: caustic, ethylene dichloride, vinyl chloride monomer, polyvinyl chloride, low-carbon ammonia and methanol”.
“The first reason prices are higher is the 10 percent tariff President Trump put in place on Canadian energy imports,” David Seduski, the head of North American gas at Energy Aspects, told Rigzone. “The U.S. imports approximately five to seven percent of its daily gas supply from Canada (depending on the time of year). A 10 percent tariff raises the cost of those imports by about $0.20 per million British thermal units (MMBtu),” he added.