Iraq








Energy Markets

Oil & Gas

Oil & Gas

Iraq thinks about Syria intervention as rebels advance

Iraqi Shi'ite Muslim ruling parties and armed groups are weighing the pros and cons of equipped intervention in Syria, viewing as a severe hazard the advance of Sunni Islamist rebels who have taken two Syrian cities and now bear down on a third. Baghdad has a dark history with Syria-based Sunni fighters, thousands of whom crossed into Iraq after the 2003 U.S. intrusion and fuelled years of sectarian killing before returning once again in 2013 as Islamic State to conquer a third of the nation. The Syrian rebels currently advancing in Syria, led by Hayat Tahrir al-Sham, have actually disavowed...

Oil & Gas

OPEC+ starts official talks at 1100 GMT Thursday; sources see oil cuts extended

OPEC+ is likely to extend its latest round of oil production cuts by a minimum of 3 months from January when it satisfies online at 1100 GMT on Thursday, OPEC+ sources informed Reuters, to offer additional assistance for the oil market. OPEC+, which pumps about half the world's oil, was preparing to start relaxing output cuts through 2025. However, a downturn in global need and rising output outside the group position hurdles to that strategy and have weighed on rates. Among the OPEC+ sources stated the group was also looking at a choice to extend the cuts throughout the very...

Oil & Gas

Iraq's fuel oil exports head for record year after Oct volumes leap

Iraq's fuel oil exports are on track to strike alltime highs this year after the country increase shipments in October, as domestic demand reduced while output rose, according to industry sources and shiptracking information. The increase in exports of the residue fuel will support oil earnings for the Company of the Petroleum Exporting Countries' (OPEC's) second-largest producer despite stagnant crude deliveries this year, due to production caps under quotas set by OPEC and its allies, or OPEC+. Higher exports from Iraq will likewise contribute to international supply and ease elevated costs in Asia while lowering feedstock expenses at refineries. Exports...

Oil & Gas

Iraq's SOMO seeks more high-sulphur diesel shipments for Dec, sources state

Iraq's stateowned refiner SOMO is seeking to purchase more highsulphur diesel shipments for December arrival, after earlier buying interest for one October cargo, 3 trade sources who saw the tender document said on Friday. SOMO is looking for a total of 85,000 metric lots of 2500ppm sulphur diesel, to be divided into 2 42,500-ton cargoes, for delivery in between Dec. 1 and Dec. 31 to Khor Al Zubair, they stated. The tender closes on Nov. 5, with credibility of approximately 20 days later on. SOMO did not instantly react to a Reuters ask for comment. This is the 2nd time...

Oil & Gas

Iraqi Kurds vote in local election in the middle of oil export crisis and political rifts

Iraqi Kurds voted on Sunday for a brand-new local parliament in the middle of an economic crisis caused by an implemented halt in oil exports and corrosive rivalry in between the 2 main political parties. The vote is to elect 100 legislators who will then pick a. parliament speaker, a president and a prime minister for the. semi-autonomous Iraqi Kurdistan region, which got self-rule. in 1991. Polls close at 6 p.m. (1500 GMT) and outcomes will be. announced 24 hours later on. The elections come as the region grapples with the fallout. from the suspension of its oil exports, a...

Oil & Gas

Iraq faces 2025 financial squeeze in the middle of oil rate decline, consultant to PM states

Iraq faces a spending plan crunch in 2025 due to the downturn in the rate of oil, the frustrating source of federal government earnings, a top financial advisor to Prime Minister Mohammed Shia alSudani said. We do not prepare for significant issues in 2024, but we require more stringent financial discipline for 2025, Mudher Saleh told Reuters in an interview late on Monday. Iraq, OPEC's second-largest manufacturer, is greatly reliant on oil earnings. The hydrocarbons sector accounts for the huge majority of export profits and some 90% of state income. This big dependence on oil makes Iraq especially susceptible to...

Oil & Gas

Iraq to cut oil production to 3.85-3.9 mln bpd in Sept, source says

Iraq plans to lower its oil output to in between 3.85 million and 3.9 million barrels each day in September as part of a strategy to make up for producing over its quota concurred with OPEC and allies, a source with direct understanding of the matter told Reuters on Thursday. The plan comes just as Libyan oil production drops due to a. political conflict in between various factions. The declines will tighten the oil market ahead of a prepared. output boost by OPEC and its allies - called OPEC+ - from. October to begin loosening up some production cuts. Iraq...

Climate Change

Oil business flare more natural gas, defying effort to remove practice

Oil business worldwide last year burnt the most natural gas in five years while likewise increasing the strength of the extremely contaminating practice, a. World Bank report found on Thursday. With only six years left to meet a World Bank objective of. stopping regular flaring, the business burned off an approximated. 148 billion cubic meters of gas in 2023, up 7% from 2022 even as. crude oil production increased only 1% over the same time. Drilling for oil frequently yields natural gas too, and some. companies decide to flare, or burn, this gas rather of catching. and saving it, generally...

Oil & Gas

Iraq 'committed' to make up for oil overproduction in 2024, ministry says

Iraq's oil ministry said on Wednesday it is totally committed to compensating for any crude oil overproduction in 2024, referencing quotes by secondary sources of overproduction by 203,000 barrels in May above levels concurred with OPEC+. The ministry is dedicated to the production level required in the arrangement, of 4 million barrels daily, for June and the subsequent months, in addition to compensating the surplus production considering that the beginning of this year throughout the payment duration, which will run till September 2025, it stated in a declaration. OPEC+, which groups the Company of the Petroleum Exporting Countries (OPEC) and...

Environment

Some OPEC+ ministers heading for Riyadh for oil output meeting, sources say

In spite of moving Sunday's. oil output decisionmaking conference online, a number of OPEC+. ministers prepare to fly to Saudi Arabia's capital Riyadh, 2. OPEC+ sources stated. OPEC oil-producing countries plus others including Russia make. up OPEC+, which is set to choose its production policy for the. remainder of 2024 and potentially next year. Sources stated OPEC+ is expected to talk about a complex deal. that may extend deep oil production cuts into 2025. Numerous OPEC+ ministers have actually been welcomed to Riyadh, sources. stated on Friday. OPEC+ members are currently cutting output by a total of. 5.86 million barrels...

Oil & Gas

Iraq's Kurdish authorities working to resume Khor Mor gas supply after fatal attack

The Iraqi Kurdish ministries of electrical power and natural resources said on Saturday they are working with their partners to bring back operations at the Khor Mor gas field in Iraq's Kurdistan area after output was suspended due to a fatal drone attack. At least 4 Yemeni workers were killed and 2 other workers hurt in the attack late on Friday, the Kurdish local government said on X. It stated gas materials to power plants were likewise halted, leading to a decrease of around 2,500 MW of power generation. Up until now no group has claimed duty for the attack....

Natural Gas

4 killed in attack on northern Iraq's Khor Mor gas field, consultant to Iraqi Kurdish PM states

4 expatriate workers were killed in a drone attack targeting the Khor Mor gas field in Iraq's Kurdistan region on Friday, a consultant to the Iraqi Kurdish prime minister told . Production has likewise been suspended, the advisor to the Iraqi Kurdish prime minister and a senior Kurdish politician stated. The 4 migrant workers killed in the attack were from Yemen, a declaration from the Kurdish regional government said. Iraqi President Abdul Latif Rashid, in a Saturday post on X, condemned the attack that led to numerous deaths and injuries, and has actually affected the regional electricity supply network. The...

Fossil Fuels

Fossil Fuels

China's Hengli uses additional import quota to buy Mideast oil from Overall, traders state

Private Chinese refiner Hengli Petrochemical has actually bought Middle East crude, 6 traders acquainted with the matter stated, mostly from TotalEnergies after the French major accumulated a big volume of the oil and as Iranian supply to China has actually tightened. The purchases follow Hengli receiving an extra crude import quota of 2 million lots (14.6 million barrels) that can be used in 2024 and 2025. In late November, Hengli Petrochemical purchased about 12 million barrels of Middle East crude from Totsa, the trading arm of TotalEnergies, along with from PetroChina and Aramco Trading Co, according to some of the...

Fossil Fuels

War-weary Iraq weighs Syria intervention as rebels advance

Iraqi Shi'ite Muslim ruling parties and armed groups are weighing the advantages and disadvantages of armed intervention in Syria, deeming a severe hazard the advance of Sunni Islamist rebels who have taken 2 Syrian cities and now bear down on a third. Baghdad has a dark history with Syria-based Sunni fighters, countless whom crossed into Iraq after the 2003 U.S. invasion and sustained years of sectarian killing before returning again in 2013 as Islamic State to conquer a 3rd of the nation. The Syrian rebels advancing in Syria today, led by Hayat Tahrir al-Sham, have actually disavowed Al Qaeda and...

Fossil Fuels

OPEC+ will postpone oil output trek at conference, source says

OPEC+ will postpone its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to supply additional support for the oil market in 2025. OPEC+, which pumps about half the world's oil, was preparing to begin relaxing output cuts through 2025. However, a slowdown in international demand and rising output outside the group posture difficulties to that strategy and have actually weighed on prices. Numerous OPEC+ sources have told Reuters an extension of the output cuts for three months is the most likely result, while others have stated...

Crude Oil

Refined Products

Oil Refineries

China's Nov petroleum imports to rebound as low prices enhance buying

China's crude oil imports are set to rebound in November after sharp price cuts increased demand for Iraqi and Saudi oil, offsetting a drop in Iranian supply, according to experts, traders and shiptracking data. A downturn of 17% in global oil rates in the 3rd quarter likewise stimulated Chinese stockpiling demand while refiners prepare for greater seasonal fuel usage ahead of the Lunar New Year vacation looking in late January, analysts say. The November rebound in volumes for the world's leading crude oil importer comes after 6 successive months of yearly declines as Chinese refiners dealt with weak margins and...

Refined Products

OPEC+ could delay organized December oil output walking, sources say

OPEC+ could postpone a. planned hike in oil production arranged to take effect in. December by a month or more, three sources informed Reuters on. Wednesday, pointing out concern about soft oil need and increasing. supply. The prepared 180,000 barrels per day hike in December, which. is arranged to come from the 8 OPEC+ members who have been. making the group's newest layer of output cuts, was already. postponed from October in the middle of falling rates. Two of the sources, who are people familiar with OPEC+. talks, stated the December increase might be postponed for a month. a minimum...

Refined Products

Hong Kong's Wah Kwong orders more LNG carriers counting on growing trade

Hong Kongbased shipping business Wah Kwong is finalising an offer later this month to double the number of liquefied natural gas (LNG) providers that it has actually bought to four, as it eyes growing global trade in the superchilled fuel, its chairman stated. The ships would be provided from 2027 onwards, Wah Kwong's. Executive Chairman Hing Chao told on the sidelines of. the Singapore Maritime Week ShipZERO28 event late recently. We have constantly been extremely optimistic about the outlook of. LNG as a worldwide energy, said Chao, including that a great deal of supply. will have to originate from the...

Refined Products

OPEC switches to 'get in touch with OPEC+' in worldwide oil need outlook, sources say

OPEC will stop publishing a. calculation of the world's demand for its own crude in its. month-to-month oil report, 2 sources near the matter said,. focusing rather on forecasts for demand for oil from the wider. OPEC+ group. The modification shows what has ended up being enduring. cooperation between the members of the Organization of the. Petroleum Exporting Countries and the larger grouping on taking. cumulative oil supply decisions. OPEC's Vienna secretariat has in its month-to-month reports. released a quote of the demand for OPEC crude, in some cases. known as the 'contact OPEC'. The number is seen by experts....