Iraq Transfers Ownership of 9 Companies to New National Oil Company
Iraqi Oil Minister Jabar al-Luaibi issued a decree transferring the ownership of nine state-owned oil companies from the oil ministry to the newly-formed National Oil Company which he also heads, a ministry spokesman said on Thursday.Luaibi took the decision in his capacity as National Oil Company chief, not minister, according to a statement by spokesman Asim Jihad.
Oil Prices Fall On Rising U.S. and Russian Supplies
Oil prices fell on Monday, pulled down by rising Russian production and the highest U.S. drilling activity in more than three years.Analysts expect higher U.S. output to offset supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which have been in place for 18 months and have pushed up prices significantly…
Iraq Says Oil Producers Should Not Be Influenced by Calls to Boost Output
Iraq's oil minister said on Monday producers should not be influenced by pressure to pump more oil and unilateral decisions on output could be a breach of a supply cut pact between OPEC and non-OPEC countries, leading to its possible collapse.With oil recently reaching $80 a barrel, the highest level since 2014, some producers…
Final Ajil Well Fire Extinguished
The last well on fire at Ajil, an oilfield torched by Islamic State north of Baghdad, has been extinguished, Iraqi Oil Minister Jabar al-Luaibi said in a statement on Monday. The oil ministry in March said Ajil was producing 5,000 to 17,000 barrels per day and up to 100 million cubic feet of gas daily, after the completion of the first phase of repairs. Iraq declared victory in December over Islamic State.
Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet…
OPEC Seeks "very long-term" Cooperation with Other Exporters
A long-term deal with Russia seen as unprecedented. OPEC is seeking "very long-term" cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday. Mohammad Barkindo was commenting on news that top OPEC producer Saudi Arabia and non-OPEC Russia were working on a long-term pact that could…
Iraq Preparing to Tender Water Injection Project if Exxon Talks Fail
Iraq's Basra Oil Co is preparing to tender for a water injection project vital to increase its oil production capacity if talks with Exxon Mobil fail, the head of the oil ministry's licensing and contracts office said. "We cannot wait for a longer time unless Exxon Mobil accepts the deal for the benefit of the two parties," Abdul…
Iraq to Comply with OPEC Deal Despite Oil Export Capacity Rise
Iraq will comply with the OPEC-led deal on reducing output even though Baghdad is working hard to increase its oil export capacity from the north and south of the country, its oil minister said on Monday. Jabar al-Luaibi told a Chatham House conference in London that Iraq's export capacity was nearing 5 million barrels per day (bpd), including 4.6 million bpd from the south.
Oil Market "heading in the right direction" - Iraq
The global oil market is stabilising as crude inventories are falling, Iraqi Oil Minister Jabar al-Luaibi said on Monday. The market "is heading in the right direction ... it will continue to stabilise until the end of the year," he told reporters. Global oil producers agree that they should continue cooperating on output after their deal on supply cuts expires at the end of this year…
Chevron, Total, PetroChina May Develop Iraq's Majnoon Oilfield
Chevron, Total and PetroChina may form a consortium to develop Iraq's Majnoon oilfield which Royal Dutch Shell wants to exit, Oil Minister Jabar al-Luaibi said in Vienna on Thursday. Shell plans to exit Majnoon and hand over its operation to state-run Basra Oil Co. by the end of June 2018. Iraq is developing the Majnoon field, which currently produces around 235…
Oil Steady as U.S. Rig count, Middle East Issues Support
U.S. oil rig count drops to lowest since June as Iraq, Saudi Arabia hail OPEC cooperation. Oil prices held on to last week's gains on Monday, supported by supply disruptions in Iraq and a drop in U.S. drilling. But analysts said the reduction in drilling rigs in the United States could prove temporary as activity had been restrained by hurricane threats. The number of U.S.
Iraq's Luaibi to Reopen Pipeline to Turkey
Iraq plans to reopen a crude oil pipeline from the Kirkuk oilfields to Ceyhan in Turkey, the oil ministry said in a statement on Tuesday, a route partly still in use by the Kurdistan Regional Government (KRG). Iraq largely stopped sending oil through the Kirkuk-Ceyhan pipeline in 2014 after the region was overrun by Islamic State militants.
Iraq in 'Final Stages' of Southern Oilfields Talks
Iraq's talks with U.S. oil major Exxon Mobil to develop a multi-billion-dollar project to boost output from several southern oilfields are nearing completion, its oil minister Jabar al-Luaibi said on Monday. "Talks are in advanced final stages with Exxon to develop and finance the important south project," Luaibi told reporters after a meeting an Exxon delegation in Baghdad.
Oil on Course for Strongest Q3 since 2004
Brent crude set for Q3 rise of nearly 16 pct. Oil rose was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while U.S.
Iraq's Southern Exports Lower after OPEC Cut
Oil exports from Iraq's southern terminals have edged lower so far in February, according to loading data and an industry source, a sign that OPEC's second-largest producer is keeping a lid on shipments following a commitment to cut output. During negotiations on the supply cut by OPEC and non-OPEC producers, Iraq had sought an exemption - leading to scepticism that the country would comply with the accord.
Iraq Complies with Scale of OPEC Cut
Iraq significantly reduced oil output in January, according to industry sources and export data on Wednesday, but has yet to reach levels expected by OPEC from its second largest producer. A Reuters survey on Tuesday found Iraq lowered output by 200,000 barrels per day (bpd) compared with December - almost all the 210,000 bpd reduction…
Iraq Seeks OPEC Deal that Would Preserve Oil Output
Iraq told a top OPEC official on Tuesday of its hope that the group could reach a deal to lift oil prices while preserving its own output level, a spokesman of the oil ministry said. Iraqi Oil Minister Jabar al-Luaibi and OPEC Secretary General Mohammed Barkindo, who is is trying to bring about an agreement on supply cuts that would support sagging prices…