Tuesday , November 21 2017
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Iraq cabinet plans to cut Kurdistan share in 2018 federal budget


  BAGHDAD: Iraq’s cabinet proposed on Sunday to slash the Kurdish share of the country’s revenue in the 2018 federal budget, a move that Kurdish officials said was aimed to further punish them for a Sept. 25 referendum on independence. If approved, the budget would further damage the relationship between Baghdad and Erbil — the semi-autonomous region’s capital — already ... Read More »

Iraq’s October exports fall after Kurdish dispute cuts output


BAGHDAD: Iraq’s crude exports fell 7 per cent in October after the Kurdish region held an independence referendum that sparked fighting with federal troops, interrupting pipeline sales. Shipments from Opec’s second-largest producer dropped to 3.72 million barrels a day in October, from 3.98 million in September, according to Bloomberg tanker tracking. Exports from the disputed Kirkuk region halted amid the ... Read More »

Iraqi oil ministry runs into huge, valuable stash of pipes in Mosul


  BAGHDAD: Nineveh (IraqiNews.com) Iraq’s oil ministry said Wednesday it had run into a massive stash of petroleum pipes previously seized by Islamic State militants in Mosul. In a statement, the ministry said its teams found 500 petroleum pipes, each 12-meters-long in eastern Mosul. It said the find “will save the public treasury huge sums and help implement the ministry’s ... Read More »

Iraq ups southern oil exports to 3.45m bpd after Kirkuk shutdown


  BAGHDAD: Iraq has increased exports from its southern oilfields to 3.45 million barrels per day (bpd) to make up for a shortfall from the northern Kirkuk fields, Basra Oil Company Director General Ihsan Abdul Jabbar told Reuters on Monday. Output from Kirkuk fell earlier this month when Iraqi forces took back control of fields from Kurdish fighters who had ... Read More »

Iraq overtakes Saudi Arabia in supplying U.S. with oil


  BAGHDAD: Iraq surpassed Saudi Arabia as a crude supplier to the U.S. in September, and it’s poised to repeat that this month. Iraq’s 18.8 million barrels in oil shipments to the U.S. last month topped those from the kingdom, the world’s biggest oil exporter, by about 2.9 million barrels, according to U.S. Customs Bureau data compiled by Bloomberg oil-market ... Read More »

Iraq to reopen oil pipeline to Turkey, bypassing one in Kurdistan


  BAGHDAD: Iraq will reopen an old crude oil pipeline to Turkey which bypasses one operated by the Kurdistan Regional Government (KRG), the oil ministry said in a statement on Tuesday. Iraq’s oil minister, Jabar al-Luaibi, has asked state-owned North Oil Co., the operator of the Kirkuk fields, the State Company for Oil Projects and the state pipeline company to ... Read More »

Iraq increases oil exports from south by 200,000 bpd to make up for Kirkuk fields shortfall


BAGHDAD: Iraq increased on Saturday oil exports from the southern Basra region by 200,000 barrels per day, to make up for a shortfall from the northern Kirkuk fields, the oil ministry said. The increase in Basra exports keeps Iraq’s total output within the quota agreed with the Organisation of Petroleum Exporting Countries, the ministry said in a statement citing Oil ... Read More »

Industrial exports to Iraq resume after border reopening


BAGHDAD: A new convoy of approximately 20 trucks of Jordanian industrial exports is expected to cross the Karameh-Turaibil border crossing to Iraq today, head of the Amman Chamber of Industry, Ziad Homsi, told The Jordan Times on Sunday. Jordan is resuming the industrial exports to Iraq one month after the reopening of the border crossing between the two countries after ... Read More »

Iraq, Iran boost oil exports in sales battle with Saudis


  BAGHDAD: Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from rival Saudi Arabia to win buyers in key markets such as China and the US. Iraq shipped 3.98 million barrels of crude a day, the highest since December, while Iran’s exports rose to 2.28 million barrels a day, the most since ... Read More »

Iraqi PM presses case for Baghdad to receive Kurdistan oil revenue


  BAGHDAD: Iraqi Prime Minister Haider al-Abadi on Saturday pressed the case for the central government in Baghdad to receive the income from Kurdistan’s oilfields, saying the money would be used to pay Kurdish civil servants. Seeking to control the oil income from the autonomous Kurdish region is central to Abadi’s strategy after the Kurdish referendum on independence held on ... Read More »

Kuwait, Iraq mull gas for compensations swap


  BAGHDAD: Minister of Oil Essam Al-Marzouq unveiled that talks are going on between the Kuwaiti and Iraqi governments over a proposal to barter the remaining war compensations for Kuwait with gas supplies from Iraq. “Part of the talks is related to a proposal to import Iraqi gas,” the minister told reporters on the sidelines of a ceremony held by ... Read More »

Iraq’s oil exports average 3.240m bpd in September


  BAGHDAD: Iraq’s oil exports rose to an average 3.240 million barrels per day (bpd) in September from 3.216 million bpd the previous month, the oil ministry said on Monday. All the oil shipped in September came from Iraq’s southern fields and was exported from southern ports on the Gulf, it said in a statement. The average sale price in ... Read More »

Iraq’s oil exports average 3.240 mln bpd in Sep

oil exports

BAGHDAD: Iraq’s oil exports rose to an average 3.240 million barrels per day (bpd) in September from 3.216 million bpd the previous month, the oil ministry said on Monday. All the oil shipped in September came from Iraq’s southern fields and was exported from southern ports on the Gulf, it said in a statement. The average sale price in September ... Read More »

Iraq says Turkey backs Baghdad in fight over Kurdish oil exports


  BAGHDAD: Iraq said Turkey agreed to deal exclusively with its central government over exports of Kurdish crude oil, a step that could disrupt shipments from the independence-seeking Kurd region. Turkey supports Iraq’s control over all crude that the OPEC nation exports through a Turkish-controlled pipeline, the Iraqi prime minister said Thursday. The comments suggest the Turks may be reviewing ... Read More »

US contractors complain of double taxation in Iraq


  BAGHDAD: U.S. defense contractors in Iraq are being hit with unfair and aggressive tax enforcement efforts by Baghdad that have impaired U.S. military operations against the Islamic State, a contractor trade association has told the State Department. The Iraqi government has employed a variety of arm-twisting tactics to force contractors to fork over income taxes assessed on U.S.-based contracts ... Read More »

Turkey’s Erdogan threatens to cut off oil from Iraq’s Kurdish area over


  BAGHDAD: President Tayyip Erdogan warned on Monday that Turkey could cut off the pipeline that carries oil from northern Iraq to the outside world, intensifying pressure on the Kurdish autonomous region over its independence referendum. Erdogan spoke shortly after Prime Minister Binali Yildirim said Ankara could take punitive measures involving borders and air space against the Kurdistan Regional Government ... Read More »

Iraqi farmers fight against imported goods, corruption


  BAGHDAD: The Tureibil crossing, or more commonly known as the Karameh border crossing, between Jordan and Iraq reopened in early September in tandem with the opening of another border crossing with Saudi Arabia. This means that more foreign goods are likely to flow into the Iraqi market, which already lacks national products, especially food and agricultural goods. The prospects ... Read More »

ADES profit falls as IPO costs offset revenue rise


  BAGHDAD: ADES International Holding Ltd. (ADES.LN) on Tuesday reported an 11% fall in pretax profit for the first half of 2017, despite increased revenue due to costs associated with its initial public offering. The Middle East and Africa-based oil and gas drilling company made a profit of $16.6 million for the six months ended June 30, compared to $18.7 ... Read More »

Central Bank of Iraq auctions $169,726,685 on 12 Sept 2017


BAGHDAD: The Central Bank of Iraq (CBI) currency auction on September 12 registered $169,726,685 in sales, a 6.40% volume increase from the US $159,518,994 sold by Iraqi Dinar, credit and transfer at the previous auction held on September 11. The latest auction was attended by 41 banks and 10 remittance companies. 1 fewer institutions attended the auction held on September ... Read More »

Jordan border crossing with Iraq opens in major boost to ties


  BAGHDAD: Jordan officially opened its main border crossing with Iraq on Wednesday (August 30) for the first time since 2015, now that Iraqi forces have gained control of the main highway to Baghdad from Islamic State (ISIS) militants, both governments said. “It is very important, this is a sign for peace,” said Mohammed al-Halboosi, the Mayor of Anbar Province.” ... Read More »