Iraq

Two delegates said that the top OPEC+ Ministers meeting on Saturday will not make any new changes to oil output policy. This is after this week's unexpected decision by the group to increase production further sent prices to pandemic levels. At 1200 GMT, a joint ministerial monitor committee (JMMC), or Organization of the Petroleum Exporting Countries plus allies, led by Russia will be held online. The JMMC is a group of oil ministers that includes Saudi Arabia, Russia, and other major producers. It meets about every two months, and it can make policy recommendations. On Saturday, two sources stated that...

The United States is reviewing existing sanctions waivers which provide Iran with any degree of economic assistance, and the U.S. State Department spokesperson stated on Thursday that the United States was urging the Iraqi Government to eliminate their dependence on Iranian energy sources as soon as they can. At her first press briefing as the spokesperson for President Donald Trump, Tammy Bruce responded to a question about whether or not a waiver of sanctions that allows Iraqi electricity payments to Iran would be renewed. She said, "We don't have anything to announce regarding the current electricity exemption that expires (on)...

The commander of Kurdish-led force that controls northeastern Syria has said that the call for dissolution of the PKK by the leader in Turkey of the militant Kurdistan Workers Party, (PKK), does not apply to his group. Mazloum Abdi, commander of the Syrian Democratic Forces (SDF), welcomed Abdullah Ocalan's historic call for the PKK not to continue its decades-long struggle against the Turkish State. He said that this would have positive effects in the region. Abdi, however, said that the announcement made by Ocalan on Thursday by the PKK was only applicable to them and "had nothing to do with...

Iraq's oil minister announced on Monday that it is awaiting Turkey's approval before restarting the oil flow out of the Iraqi Kurdistan Region. Hayan Abdel Ghani, a reporter, said that he hoped to have the Kurdish oil exported in two days. When asked about the timing of Iraq's return to oil exports, he replied that "this issue would be resolved in a week." Kurdistan regional government announced on Sunday that the Iraqi Kurdistan officials have agreed to resume Kurdish crude oil exports, based on volumes available. In March 2023, the pipeline was shut down by Turkey after the International Chamber...

In a statement issued on Saturday, the Iraqi oil ministry stated that all procedures were completed for the resumed exports via the Iraq-Turkey pipe. Iraq's Oil Minister said Monday that oil exports will resume from the semi-autonomous Kurdistan Region next week. This resolves a dispute of nearly two years that has disrupted oil flows, as relations between Baghdad Erbil have improved. Sources have confirmed that the Trump administration has put pressure on Iraqi officials to allow Kurdish exports of oil to resume or else face sanctions along with Iran. Later, an Iraqi official denied the pressure and threat of sanctions....

India's November crude imports revealed Middle Eastern oil at a 9month high while Russia accounted for its smallest share in 3 quarters, ship tracking data obtained from sources showed. Refiners in India have actually been making a pig of on cheaper Russian oil regardless of problems postured by sanctions targeted at lowering Moscow's. oil profits to money its war in Ukraine. The world's third biggest oil importer and consumer in. November delivered in 13% less Russia oil compared with October at. 1.52 million barrels per day (bpd), about 32% of India's total. intake, the information revealed. It imported 2.28 million...

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...

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...

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...

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...

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...

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...

Three sources with knowledge of the situation have confirmed that several OPEC+ member countries will propose a second consecutive month of accelerating oil production increases in June. The oil price fell to a 4-year low in April. This was attributed to a U.S. - China trade war, and an unexpected decision made by OPEC+ (which brings together OPEC, Russia and other major oil producers) to increase production by 411,000 barrels of crude per day in May. This was three times the amount originally planned by the group. On May 5, eight OPEC+ member countries will gather to discuss the output...

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

Two OPEC+ sources told reporters on Thursday that a meeting of eight top ministers in OPEC+ is likely to keep the oil production policy unchanged. This calls for gradual increases in oil output from April. One source said that the talks started shortly after 0900 GMT. One source stated that the ministers will likely emphasize the importance of adhering to the oil production targets. Record Kazakhstan output Sources have said that the move has angered other members, including Saudi Arabia, which is the top producer in the group. OPEC+ has urged the Central Asian nation, as well as other members...

Sources said that as OPEC+ debated if they should keep oil production steady because of weak global demand, or increase it in response to pressure from the U.S. president Donald Trump and internal pressure, a record output from Kazakhstan helped sway their decision. OPEC, along with its allies, including Russia, a collective known as OPEC+ decided to increase production for the first since 2022. It stated that its decision was based on a healthy market and positive market prospects, without mentioning Kazakhstan. The group plans to increase production by 138,000 barrels a day starting in April. This is the first...

Eight OPEC+ sources have said that OPEC+ members are debating whether or not to increase oil production in April, as planned, or to freeze it, as they struggle to understand the global supply situation due to new U.S. sanctions against Venezuela, Iran, and Russia. OPEC+ confirms its policy of supply a month in advance, so that buyers have enough time to order crude. The group has until the end of March to decide on its April production, but some sources claim that no consensus has yet been reached. Several sources have said that the United Arab Emirates would also like...

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

OPEC's share in India's. petroleum imports edged up in 2024, increasing for the very first time in. nine years, after top supplier Russia's share dipped, information. gotten from trade sources showed. Russia's share in the world's third-biggest oil importer and. consumer is expected to drop further in 2025 after Washington. last Friday announced sweeping sanctions targeting Russian. manufacturers and tankers, interrupting supply from the world's No. 2. manufacturer to India and China and tightening up ship schedule. India imported 4.84 million barrels daily of oil in 2024,. up 4.3% from the previous year, the information showed. The share of Organization...

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...

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...

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...

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....