Tag Archives: Oil

Oil fell for a second day as bullish impetus from OPEC+ production cuts faded against a weaker-than-expected demand picture. West Texas Intermediate dropped below $80.50 per barrel after weakening 2 percent on Monday, the biggest daily fall in four weeks. US shale production is seen higher in May, while there …

Oil prices surged on Monday after Iraq, Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets, though the dollar failed to hold onto its early gains. Brent crude futures looked set for its biggest daily percentage gain in …

After long disagreements, it seems that the federal government and the regional government finally agreed on a joint mechanism to sell Kurdistan’s oil. Sources revealed that representatives of the Kurdistan region and the federal government, during a meeting held on Friday in Baghdad, agreed on a new mechanism to jointly …

Iraqi Prime Minister Mohammed Shia al-Sudani has inaugurated the Karbala oil refinery which has a production capacity of 140,000 barrels per day (bpd), his office said in a statement on Saturday. In January, a source at the refinery told Reuters commercial production will be a test run at 60 percent …

Syria has condemned in the strongest terms the United States military for carrying out multiple air strikes in the eastern parts of the country against resistance groups, saying the raids are a cover-up for Washington’s ferocious attempts to further plunder energy resources there. Syrian Ministry of Foreign Affairs and Expatriates …

Iraq halted crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields on Saturday, an oil official told Reuters, after the country won a longstanding arbitration case against Turkey. Turkey informed Iraq that it will respect the arbitration ruling, a senior Iraqi oil official said. Turkish shipping officials informed …

The move follows US oil giant’s pull-out from Chad in December Chad’s energy ministry has announced the nationalization of all the assets and rights that belonged to a subsidiary of US oil major ExxonMobil, including hydrocarbon permits as well as exploration and production permits, according to a Reuters report on …

The Kuwait Oil Company declared a “state of emergency” on Monday following an oil spill on land, but said no injuries or disruption to production had been reported. The emergency followed an “oil leak in the west of the country”, the state-owned company said in a statement, as video posted …

Talks between French oil major TotalEnergies and Iraq to resolve sticking points in a long-delayed $27 billion energy deal “have reached advanced stages”, Iraqi oil minister Hayan Abdel-Ghani said on Sunday. “We will activate the deal very soon,” Abdel-Ghani said at an energy event. The proposed deal, which Baghdad hopes …

Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But battered by fears of a deepening crisis for banks worldwide, market sentiment remained fragile with both benchmarks …

Iraq has raised the official selling price (OSP) for Basra intermediate crude to Asia by 0.11% $79.3 a barrel. The price tag of the heavy counterpart rose by 0.12% to $73.55. Oil slipped on Wednesday, giving up an earlier gain, as signs of ample supply and rising U.S. crude inventories …

The Iraqi government is expected to vote on oil’s reference price in the 2023 budget in its next meeting, lawmaker Ali Saadoun al-Lami said on Friday. “The cabinet has already discussed the reference price of oil in the budget,” al-Lami told News Agencies, “a vote on the bill is expected …

Oil prices fluctuated in a narrow range on Thursday as the market weighed mixed U.S. economic signals and prospects for a Chinese demand recovery with a build in U.S. crude stockpiles and a stronger dollar. Brent crude futures rose 7 cents to $85.45 a barrel by 11:33 a.m. EST (1633 …

An OPEC+ panel is likely to recommend keeping the oil producer group’s current output policy unchanged when it meets this week, three OPEC+ delegates told Reuters on Monday. Ministers from OPEC+ countries – members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia – are due …

The average price of gasoline in Iraq reached 5.14 U.S. dollars per liter. In its report for January 2023, Global Petrol Prices said that Iraq ranked 12th among countries with the cheapest gasoline prices (514 cents per liter) and fifth among Arab countries, preceded by Libya, Syria, Algeria, and Kuwait. …

American “occupation troops” stationed in Syria are “looting” the country’s resources, Beijing has claimed China has blasted the United States for its “banditry” in Syria, claiming that Washington’s years-long military occupation and the “plundering” of Syrian resources have placed the country on the brink of a “humanitarian disaster.” Addressing reporters …

The decision of the OPEC+ group of leading oil producers to reduce output by two million barrels per day is aimed at market stabilization, a Kremlin spokesman said on Thursday. Dmitry Peskov also said that by agreeing to reduce output, OPEC+ has confirmed its credentials as an organization responsible for …

The OPEC+ group of oil producers is discussing output cuts of more than 1 million barrels per day (BPD), OPEC sources said, and voluntary cuts by individual members could come on top of that, making it their largest cut since 2020. The group is set to meet on Oct. 5 …

Oil prices sank on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes trumped support from OPEC+’s first output target cut since 2020. Brent crude was down $3.26, or 3.4%, to $92.48 at 11:27 a.m. EDT (1527 GMT). U.S. West …

Oil prices rose about 4% on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices. Brent crude futures for November delivery rose $3.53 to $96.55 a barrel, up 3.8%, by 11:07 a.m. ET (1507 GMT). U.S. West Texas Intermediate crude was up $3.08, or …