Tag Archives: Oil

Iraq’s Ministry of Oil announced, on Tuesday, it made a contract with a Chinese company for an oil refinery with a capacity of 300,000 barrels per day. The Ministry said in a brief statement, ” the Chinese state-owned CNCEC will work in the Al-Faw investment refinery and will be responsible …

Oil prices were heading towards three-year highs on Tuesday, towing petrol currencies and bond yields with them, after the world’s main oil producers failed to agree on production plans. Europe’s stocks spluttered at the prospect of faster inflation. China had spooked its tech sector too with another high-profile clampdown, but …

OPEC+ ministers will look to salvage their oil output talks on Monday after clashing last week when the United Arab Emirates balked at a proposed eight-month extension to output curbs. Saudi energy minister Prince Abdulaziz bin Salman on Sunday called for “compromise and rationality” to secure a deal after two …

Iraq collectively grossed nearly six billion dollars from oil sales last June, according to a survey by the state oil marketer, SOMO. Crude oil exports amounted to 86,765,589 barrels, yielding 6,141,077,000 dollars, SOMO survey said. Exports from Oilfields in Mid and south Iraq were 83,690,352 barrels, while Kirkuk oilfields exports, …

Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. Brent crude futures fell 35 cents, or 0.5%, to $74.33 a barrel by 0706 GMT, after slumping 2% …

The Chair of the Ministerial Council for Energy, Minister of Oil Ihsan Abdul-Jabbar, signed on Thursday a contract for a clean energy project with the Emirati “Masdar” company.

Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed US crude inventories declined as travel picks up.

Iran said on Wednesday that Washington had agreed to remove all sanctions on Iran’s oil and shipping, and take some senior figures off a blacklist, at talks to revive Tehran’s 2015 nuclear deal with global powers which are now on a pause.

OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on-demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said on Tuesday.

The increasingly bullish sentiment in oil markets has several analysts predict $100 in 2022, but some think that prices could hit that level in 2021 already.

Americans are becoming more comfortable meeting friends, returning to offices, and attending large events, as per a survey. Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Brent crude was up 14 cents, or 0.2 percent, …

Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half. The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair. …

Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs. Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. …

The Yemeni Petroleum Company (YPC) has criticized the United Nations for its silence and inaction to step in and pressure the Saudi-led coalition into releasing ships carrying energy derivatives destined for the impoverished and war-ravaged Arab country. Speaking at a protest rally outside the UN office in Sana’a on Monday, …

A serious fire erupted at a refinery in the southern part of Tehran on Wednesday, with eyewitnesses sharing dramatic footage of huge plumes of black smoke billowing into the skies and red flames at the base of the blaze. “The fire has started at the liquefied gas line of Tehran’s …

Iraqi Intelligence Agency announced the seizure of three explosive devices near an oil field in Salah al-Din. The agency said in a statement received by the Alghadeer News that through the receipt of intelligence information and continuous field follow-up, the Federal Intelligence and Investigation Agency’s detachments in the Ministry of …

Oil Minister Ihsan Abdul-Jabbar Ismail confirmed Iraq’s efforts to provide new investment opportunities in the gas and clean energy sectors. The media office of the Ministry of Oil said in a statement received by the Alghadeer News, that the Minister of Oil received the first vice manager of Exxon Mobil, …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraqi oil exports to the United States decreased by 184 thousand BPD in the past week. EIA stated in a report, “Iraq oil exports dropped to about 184 thousand BPD in the second week of November, while US imports also …

Iraq is building a new oil pier off its southern coast, financed by Japan, that’s expected to boost exports and imports of crude-derived products and increase revenue, officials said Friday. The construction within the port of Khor al-Zubair — Iraq’s main fuel export and import facility — is over 70% …

The Iraqi Ministry of Oil disclosed the final statistics of the exported quantities of crude oil and the revenues of April 2021. The ministry said in a statement that last April’s revenues amounted to 5,549,517,000 dollars, while crude oil exports amounted to 88,398,319 barrels. The average price per barrel amounted …