Iraq

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...

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...

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....