Tag Archives: Oil

The Iraqi Oil State Organization for Marketing of Oil (SOMO) confirmed today, Sunday, that Iraq is committed to OPEC decisions regarding the oil reduction. The director of the company, Alaa Al-Yasiri, said in an interview with Shafaq News agency that, “Iraq is committed to what was agreed upon OPEC members …

The Deputy General Manager of SOMO Company, Ali Nizar, said: “Iraq raised the price of its oil to the Asian market by $ 2.1 during the current month.” Nizar said, in a press statement that Iraq got benefit after the implementation of the (OPEC +) agreement, which is to reduce …

A survey conducted by Reuters concluded that Iraq’s oil production rose in July, despite Baghdad’s pledge to cut supplies in compliance with the OPEC+ agreement to support prices. The research indicated that OPEC oil production increased by about one million barrels per day in July, after Saudi Arabia and other …

The Ministry of Oil announced the signing of a contract with the Japanese company (GGC) to build an oil refinery with a capacity of 55 thousand barrels per day in Basra, in the south of the country. The ministry said in a statement that the National Iraqi News Agency (NINA) …

Oil prices fell on Tuesday as U.S. lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide. Brent crude futures fell 19 cents, or 0.4%, to settle at $43.22 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 56 …

Oil prices were steady on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus. Efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis had raised hopes for stronger oil demand. However, a proposal on …

Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors towards safe-haven assets. Brent crude LCOc1 dipped 20 cents, or 0.5%, to $43.14 a barrel by 1000 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 dropped to $41.15 a …

Global shares skidded further from five-month peaks on Friday as a bounce-back in European business activity did little to ease the jitters surrounding Sino-U.S. tensions, while gold approached a record high. The mood darkened after Beijing ordered the United States to close its consulate in Chengdu, in retaliation for being …

Brent crude contracts for September delivery rose today, Thursday, by 0.4 percent to trade at 44.5 dollars a barrel, thanks to the start of the “OPEC +” coalition countries to implement the agreement, which requires a historic reduction of 9.7 million barrels per day, immediately after sharp declines in oil …

Oil prices fell on Wednesday as U.S. government data showed a surprise rise in U.S. crude inventories and as tensions escalated between the United States and China. Brent crude fell 55 cents, or 1.2%, to $43.77 a barrel by 10:56 EST (1456 GMT). U.S. West Texas Intermediate (WTI) crude dropped …

Oil prices rose on Tuesday, helped by positive news about vaccine trials and a European Union stimulus deal reaching levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia. Benchmark Brent crude was up $1.17 cents at $44.45 by 0904 GMT, on track …

Oil prices dropped on Monday, amid concerns that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world. Brent crude LCOc1 was down 36 cents, or 0.8%, at $42.78 a barrel by 0653 GMT, after dropping slightly last week. U.S. …

The Libyan army dispatched several military vehicles Saturday to the west of Sirte province, while the Libyan National Oil Corporation (NOC) said clashes took place at the facilities over the weekend. A large number of military vehicles reached Abugrein as part of Operation Paths to Victory, which was launched to …

Libya’s National Oil Corporation (NOC) triumphantly said on 10 July that it was lifting force majeure on oil exports, heralding a new phase in a ruinous civil war that has ravaged the leading North African energy exporter. It proved embarrassingly premature as the state player was forced to reimpose the …

Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. Brent crude LCOc1 futures were up 22 cents, or 0.5%, at …

Oil prices rose slightly on Tuesday as OPEC and its allies cut production by more than agreed to in June, although demand concerns lingered due to increased cases of COVID-19 in the United States. Brent crude futures were up 35 cents to $43.07 a barrel at 11:54 a.m. EST (1554 …

The imf’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund’s outlook released Monday. The international lender expects an overall economic contraction …

The Libyan National Army vowed to continue its oil blockade in the war-torn North African country unless its demands are met as the conflict between the self-styled army and the UN-backed Government of National Accord rages on. Register Now The LNA, backed by a host of countries including Russia and …

The Libyan National Oil Company announced Friday the resumption of oil production and exports after a nearly six-month shutdown due to conflict dividing the country. “The NOC has lifted force majeure on all oil exports from Libya,” the company said in a statement, adding that production will take time to …

Oil prices dropped on Friday and were headed for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand. Brent crude was down by 95 cents, or 2.2%, at $41.40 a barrel by 0926 GMT, …