Iraq has raised production from three key projects in the country’s oil heartland to full capacity as tankers have started arriving to export cargoes, a person familiar with the operations said. The increase follows an order from state-run Basra Oil Co., which oversees fields in the country’s south, to boost output at West Qurna 1, North Rumaila and Artawi, according […]
Iraq signed a five-year agreement with U.S. oilfield services company Halliburton to manage and develop the Bin Umar and Sindbad oil and gas fields in the southern province of Basra, advancing the government’s strategy to expand hydrocarbon production and strengthen fuel supplies for the domestic power sector.
Seven OPEC+ members have agreed to increase collective oil production by 188,000 bpd in August, continuing the gradual rollback of voluntary production cuts while reaffirming their commitment to maintaining market stability.
Iraq stepped up its push for bigger OPEC production quotas as it seeks to recoup oil sales that were lost because of the Iran war, even raising the prospect that it could consider an exit in the future.
Nobody, especially not Iraq, wants to be caught relying on Hormuz ever again. Iraq is preparing to export crude oil and naphtha through Syria’s Mediterranean port of Baniyas, expanding an emergency workaround that emerged after the closure of the Strait of Hormuz disrupted the country’s primary export routes and left storage tanks filling up. According […]
Iraq is preparing to boost oil exports from its southern ports with a formal deal to open the Strait of Hormuz scheduled to be signed on Friday.
Most oil producers in the Middle East will see their crude oil production surge by double-digit percentages next year, rebounding from this year’s shut-ins due to the Iran war and the closed Strait of Hormuz.
Three supertankers laden with crude oil successfully exited the Strait of Hormuz last week, carrying Iraqi and Emirati oil, Reuters has reported, citing data from Kpler and LSEG. The vessels switched off their transponders to avoid detection.
OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz.
Crude oil production from Iraq’s southern fields has dropped by 70% since the start of the U.S. and Israeli war on Iran, with the average daily production at 1.3 million barrels, compared with 4.3 million barrels daily before the war began.