Tag Archives: Oil

Iraq’s Ministry of Oil has released its final statistics for oil exports and associated financial revenues for August. According to the data provided by the Iraqi Oil Marketing Company (SOMO), Iraq exported 106,122,679 barrels of crude oil, generating $8,997,851,000 in revenue. Of this total, the majority came from oil fields …

Oil prices spiked on Wednesday, bolstered by supply disruptions in Libya, output cuts from Saudi Arabia and Russia, and positive expectations over the trajectory of the global economy. International benchmark crude Brent traded at $92.29 per barrel at 09.59 a.m. local time (0659 GMT), a 0.25% gain from the closing …

The benchmark oil price settled largely unchanged on Monday, holding above the $90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts. Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled …

The Iraqi Minister of Oil, Hayan Abdul-Ghani, stated on Sunday that Iraq’s average oil production is 4.23 million barrels per day and its oil exports are 3.35 million barrels per day. Abdul-Ghani mentioned that an agreement has not yet been reached with Turkey regarding the resumption of oil exports from …

Iraq’s Government spokesperson Bassem Al-Awadi confirmed on Friday, that the federal government has fully implemented its financial obligations towards Kurdistan region. “The federal government has fully implemented its financial obligations towards the Kurdistan region, and has made the utmost efforts to provide solutions,” Al-Awadi said in a post on the …

Oil prices rose on Wednesday amid market concerns of a supply shortage after Saudi Arabia and Russia announced an extension of voluntary production cuts until the end of the year. Futures for Brent crude oil increased by 17 cents, or 0.2%, to $90.21 per barrel as of 00:08 GMT. On …

Iraq’s Prime Minister,Mohammed Shia al-Sudani, on Wednesday said that Iraq would no longer remain dependent on oil, highlighting that “ready alternatives” will be available after 2028. In a meeting with the Iraqi-American Business Council delegation, led by the Council President and Deputy Head of the U.S. Chamber of Commerce for …

Oil prices fell to multi-week lows on Monday as analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a U.S. Federal Reserve meeting later this week. Brent crude futures fell $2, or 2.7%, to $72.79 a barrel by 11:50 a.m. EDT (15:50 …

A classified document has revealed that Saudi Crown Prince Mohammed bin Salman (MbS) threatened to impose significant economic costs on Washington after US President Joe Biden warned Riyadh over its decision to slash oil production last fall. Even though the Saudi government publicly defended its actions politely via diplomatic statements, …

On Friday, Basra crude oil prices declined in their last trading session. Basra Heavy crude closed at $72.03, down 6 cents, while Basra Intermediate crude closed at $75.18, also down 6 cents. Despite the daily decrease, both crudes recorded weekly gains. Basra Heavy crude saw a weekly gain of $1.29 …

OPEC and its allies pumped 380,000 b/d fewer barrels of crude oil in April compared to March, according to the latest Platts survey by S&P Global Commodity Insights, as Iraq was unable to export its northern production, while Nigeria suffered major outages. OPEC’s 13 members produced 28.60 million b/d, down …

Basra crude prices on Wednesday, showed a mixed trend amid a drop in global oil prices. Basra Heavy crude experienced a slight increase of 1.04%, rising by 75 cents to $72.75. On the other hand, Basra Medium crude prices declined by 1%, falling by 75 cents to reach $75.90. In …

Iraq has extended an agreement with Jordan for another year to supply it with 10,000 barrels per day (bpd) of crude oil under preferential terms, the Iraqi oil ministry said on Thursday. The announcement came after a meeting on Thursday between Iraqi Oil Minister Hayan Abdel-Ghani and Jordan’s Energy Minister …

Prime Minister Mohammed Shia al-Sudani on Wednesday said that Iraq is capable of developing a competitive national industry to rival international industries. Al-Sudani made these remarks during an exclusive interview on the sidelines of the first Metal, Petrochemical, Fertilizer, and Cement Investment Conference, organized by the Ministry of Industry and …

Iraq’s federal government and the Kurdistan Regional Government (KRG) have not reached an agreement needed to resume oil exports from the semi-autonomous Kurdistan region in northern Iraq to the Turkish port of Ceyhan, Iraqi oil minister Hayan Abdel-Ghani said on Wednesday. Turkey halted Iraq’s 450,000 barrels per day (bpd) of …

Oil prices sank 4 percent to a five-week low on Tuesday along with a drop in Wall Street stocks on worries about a US bond default, weak economic data from China, and expectations the US and Europe will raise interest rates again this week. Brent futures fell $3.16, or 4.0 …

Iranian oil production has surpassed 3 million barrels per day, Iran’s Oil Minister said on Tuesday according to the Oil Ministry’s website SHANA. “Over the last 20 months, Iran’s oil production has reached levels above 3 million barrels per day and natural gas output has reached more than 1 billion …

The Americans claim there is “unsafe and unprofessional” activity where they have no right to be The US military, with the help of its Kurdish allies, occupies a third of Syrian territory with no legal basis and is now complaining about Russia antagonizing its troops. Although Moscow has been invited …

A drone strike caused a fire at a fuel storage facility in the Crimean port of Sevastopol, sending a vast column of black smoke into the sky before it was extinguished, the city’s Moscow-installed governor said on Saturday. Experts examined the site and “it became clear that only one drone …

Oil prices rose on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer. Brent crude rose 1.06, or 1.3%, to $82.72 a barrel by 12:17 p.m. EDT (1717 GMT). U.S. West Texas Intermediate crude rose 95 cents, …