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Wednesday , March 29 2017
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Iraq

Taiwan increases Iraqi Kurdish KBT crude imports after Opec cuts

IRAQ

BAGHDAD: Taiwan is increasing oil imports from northern Iraq as local refiners take advantage of an open arbitrage to buy high-sulphur crude that can replace supplies cut by Opec. State-owned CPC Corp bought one million barrels of Kurdish KBT crude for the first time in the second quarter, and Formosa Petrochemical Corp has resumed purchases of this grade after a ... Read More »

Jordan, Iraq seal economic protocols

IRAQ

BAGHDAD: Jordan and Iraq inked minutes of the Jordanian-Iraqi joint committee meetings which entails boosting trade exchange and speeding up construction of the oil pipeline between the two countries. The protocols also encompassed encouraging Iraqi investors in Jordan and opening the border post of Turabil, the main crossing point between Jordan and Iraq, and identifying fees exempted Jordanian products that ... Read More »

Iraq asks oil companies to get used to with low prices

IRAQ

BAGHDAD: Iraqi government asks international oil companies to get used to with low oil prices. Iraq’s oil minister Jabbar al-Luaibi sent a letter to several foreign oil companies, asking them not to rein in their ambitions on producing oil. He stated in the letter, “In light of the current environment of the oil price and its forecast in the next ... Read More »

Iraq’s crude oil production more pain for crude oil bears

IRAQ

BAGHDAD: Iraq is OPEC’s (Organization of the Petroleum Exporting Countries) second-largest crude oil producer after Saudi Arabia. The EIA (U.S. Energy Information Administration) estimates that Iraq’s crude oil production fell by 115,000 bpd (barrels per day) to 4.42 MMbpd (million barrels per day) in February 2017—compared to the previous month. Production fell 2.5% month-over-month and 5.4% year-over-year. Production fell due ... Read More »

Baghdad asks for a formal oil deal with KRG

IRAQ

BAGHDAD: Iraq’s resumption last week of oil shipments through a Kurdish-controlled pipeline bumped up its export capacity by 5 percent almost overnight. Now OPEC’s second-biggest producer is seeking a deal with the self-ruling Kurds to ensure it can maintain the increased flows. The central government in Baghdad has been locked in a dispute with the semiautonomous Kurdistan Regional Government in ... Read More »

Iraq asks oil companies to get used to with low prices

IRAQ

  BAGHDAD: Iraqi government asks international oil companies to get used to with low oil prices. Iraq’s oil minister Jabbar al-Luaibi sent a letter to several foreign oil companies, asking them not to rein in their ambitions on producing oil. He stated in the letter, “In light of the current environment of the oil price and its forecast in the ... Read More »

Iran resumes electricity export to Iraq

electricity imports

TEHRAN: Iran resumed exporting electric power to Iraq after it had been halted for more than two months, the Iraqi Ministry of Electricity revealed in a statement. The halt was said to have been resulted from Baghdad’s accumulated debts to the Iranian government. “The Iranian side will restart power lines to work after a hiatus of more than two months ... Read More »

UK approves US$12b loan to Iraq

IRAQ

BAGHDAD: The United Kingdom approved Sunday a US$ 12 billion loan to Iraq to finance important infrastructure projects, Reuters quoted an Iraqi finance ministry source Sunday. Reuters said an official statement was due later on Sunday giving details of the loan. Iraq has also received US$18 billion from the International Monetary Fund in installments, according to the Iraqi parliament’s economy ... Read More »

Iraq can produce 5m barrels a day in second half of 2017: Oil minister

iraq

BAGHDAD: OPEC Secretary General Mohammed Barkindo says that Iraq will be able to produce 5 million barrels of oil a day in the second half of 2017, the country’s Minister of Oil Jabbar Ali Al-Luiebi said Tuesday. If Iraq were able to achieve that feat, it would come ahead of the market’s expectations and potentially complicate Iraq’s commitment to cut ... Read More »

Oil edges up after Iraq urges extension of OPEC cuts

IRAQ

BAGHDAD: Oil prices reversed course on Monday, edging up after Iraq’s oil minister said OPEC would likely need to extend its production cuts into the second half of 2017. The market has been rangebound for more than 60 days, constrained by concerns that U.S. production growth may counter the Organization of the Petroleum Exporting Countries’ agreement to reduce output during ... Read More »

Iraqi Kirkuk oil exports at risk as Kurds seize pump station

IRAQ

BAGHDAD: Iraqi oil shipments of about 105,000 barrels a day were halted briefly on Thursday after Kurdish troops seized control of a pumping station in disputed Kirkuk province and demanded that crude shipments to the country’s central government be stopped. Oil from Kirkuk stopped flowing into a Kurdish-built export pipeline to Turkey after fighters loyal to the Patriotic Union of ... Read More »

Iraq’s Kurdistan negotiates $3b oil pre-payment deals

IRAW

BAGHDAD: Iraq’s Kurdistan has agreed new deals to borrow $3 billion from trading houses and Russian state oil firm Rosneft that will be guaranteed by future oil sales to strengthen its fiscal position as the semi-autonomous region fights Islamic State. Kurdistan’s natural sources minister Ashti Hawrami told Reuters the new deals had been concluded in recent weeks. The region also ... Read More »

OPEC compliance with oil curbs rises to 94% in Feb

IRAQQQQ

BAGHDAD: OPEC has cut its oil output for a second month in February, a Reuters survey found on Tuesday, allowing the exporter group to boost already strong compliance with agreed supply curbs on the back of a steep reduction by Saudi Arabia. The Organization of the Petroleum Exporting Countries is cutting its output by about 1.2 million barrels per day ... Read More »

Jordan, Iraq discuss exempting certain exports from customs duties

IRAQ

BAGHDAD: Jordanian and Iraqi officials on Monday opened a discussion on prospects for exempting certain Iraq-bound Jordanian exports from custom duties and agreed to set relevant criteria for that purpose. In a meeting held in Amman today, officials from both countries agreed to remove impediments hindering the two-way trade exchange. The Jordanian officials handed the Iraqi side a list of ... Read More »

Iraq’s foreign, domestic debts exceed US$100b

IRAQ

BAGHDAD: Iraq’s foreign and domestic debts have surpassed US$100 billion, the parliament’s finance committee has revealed, ruling out changes to the budget. Jabbar al-Abbadi, a member of the committee, said in press statements on Saturday that the government, however, remains capable of secure employees salaries, pensions and to maintain the social security benefits based on current petroleum prices. In December, ... Read More »

PM adviser: Non-petroleum revenues at 7.5% in 2017 budget

IRAQ

BAGHDAD: Iraq’ 2017 budget achieves a revenue rate of 7.5% from non-petroleum resources, a government adviser has said, labeling the rate as unprecedented. Mazhar Mohamed Saleh, an adviser to Iraqi Prime Minister Haider al-Abadi, told Almaalomah.info on Tuesday that the budget witnesses a growth of non-petroleum revenues which account for 7.5% (nearly 10 trillion Iraqi dinars), something he described as ... Read More »

Iraq announces new oil find, projects 1000 cm of production boost

IRAN

BAGHDAD: Iraq announced on Wednesday a new major oil reserve discovery that could add a daily production surge of 1000 cubic meters. Quoted by media, Karim Hattab, director-general at the Iraqi Oil Exploration Company, said exploratory drilling by Japanese oil firm INPEX and Russian Lukoil in the Mishrif horizon, in the southern province of Basra, found production potentials worth 1000 ... Read More »

Japan approves $100m loan for Iraq

IRAQQQQ

BAGHDAD: Japan has approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said on Tuesday. Japan last month agreed to lend Iraq up to 27.2 billion yen ($240 million) to rebuild damaged electricity infrastructure in areas recaptured from Islamic State. Iraq’s government income, which comes almost exclusively from oil ... Read More »

Iraq’s foreign reserves down to US$49b

IRAQ

BAGHDAD: Iraq’s foreign currency reserves recorded a drop to US$49 billion, a decline triggered by falling world oil prices, according to the central bank governor. Central bank governor Ali al-Allaq said in a press conference at the bank’s main office that the reserves rely on financial revenues from petroleum sales. “The central bank runs nearly 2000 money exchange offices, 30 ... Read More »

Iraq wants to resume land route trade relations with Egypt

Iraq wants to resume land route trade relations with Egypt

CAIRO: Iraq wants to resume trade relations with Egypt by reopening an overland route which connects the two countries via Jordan, the Egyptian Ministry of Commerce said. The ministry said that Iraq’s Minister of Trade and Planning, Salman Jumaili, made the announcement during talks with his counterparts in Cairo. Although there is no border between Egypt and Jordan, only the ... Read More »