Iraq

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...

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...

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...

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...

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...

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....

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...

A year after the closure of the IraqTurkey oil pipeline, the conduit that once managed about 0.5% of global oil supply is still stuck in limbo as legal and monetary obstacles impede the resumption of flows, 3 sources informed . As soon as streamed through, about 450,000 barrels per day of crude Iraq's northern oil export path through Turkey, and its closure has led to the loss of approximately $11 billion to $12 billion for Iraq, the Association of the Petroleum Market of Kurdistan (APIKUR). price quotes. A restart is not being discussed at the moment, among the. sources with...

Iraq will minimize its crude exports to 3.3 million barrels a day (bpd) in the coming months to make up for surpassing its OPEC+ quota since January, the oil ministry said on Monday, a promise that would cut deliveries by 130,000 bpd from last month. OPEC's second-largest producer Iraq pumped substantially more in January and February than an output target developed in January when numerous members of the Organization of the Petroleum Exporting Countries and allies (OPEC+), including Iraq, consented to support the oil market. OPEC+, whose de facto leader is Saudi Arabia, has highlighted the significance of compliance with...

Iraq is devoted to voluntary oil production cuts concurred by the Organization of the Petroleum Exporting Countries (OPEC) and is keen to work together with member nations on efforts to accomplish more stability in worldwide oil markets, Iraq's oil minister told the state news agency on Sunday. The minister's remarks followed his tip on Saturday that Iraq had made enough voluntary decreases and would not consent to any additional cuts proposed by the broader OPEC+. manufacturer group at its conference in early June. The oil ministry is keen on the cooperation of member. states and working to accomplish more stability...

Chinese companies won 4 quotes to check out Iraqi oil and gas fields, Iraq's oil minister said on Sunday as the Middle Eastern nation's hydrocarbon expedition licensing round continued into its 2nd day. The oil and gas licences for 29 projects are generally targeted at increase output for domestic usage, with more than 20 companies pre-qualifying, consisting of European, Chinese, Arab and Iraqi groups. Chinese business have been the only foreign players to win quotes, taking 9 oil and gas fields because Saturday, while Iraqi Kurdish business KAR Group took 2. There were notably no U.S. oil majors involved, even...

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....