All publications by tag «IRAQ»
Iraq has every incentive to keep pumping all it can as its actual oil prices are even lower than the benchmarks. The official selling price of Basra Heavy in Europe is $10.40 a barrel below Brent for December, and trade sources say cargoes are being sold a dollar or more below OSP - or less than $30.
Tehran and Baghdad today signed an 6-year agreement on November 11, aimed at exporting 25 million cubic meters per day (mcm/d) of Iranian gas to Iraq's Basra.
Tankers carrying nearly 20 million barrels of Iraqi oil are due to sail to the United States in November, almost 40 percent above the amount booked to arrive in October. At an average rate of more than 660,000 barrels per day (bpd), it would be the largest monthly import since mid-2012, according to U.S. data.
Iraq has paid foreign oil companies $9 billion in remaining arrears for 2014 and was paying outstanding fees for 2015 in stages until the beginning of next year, its oil minister said.
During a visit to the West Qurna II oilfield in Basra, Prime Minister Haider al-Abadi reiterated his government’s commitment to ensuring the security of the southern oilfields and their workers. He met with senior management of the Russian operator Lukoil, following protests by locals demanding jobs.
ERIELL, an international oilfield service group, has signed a contract with LUKOIL Middle East for drilling of 25 producing wells at the West Qurna-2 field in Iraq.
Iraq boosted crude shipments in March to the highest level in more than three decades, adding to a global supply glut that has helped push down oil prices by 46% in the last year.
Oil supplies in Iraq and Russia surged to the highest level in decades, signaling no respite in early 2015 from the glut that has pushed crude prices to their lowest in five years.
OPEC will need to “step in” amid further declines in oil prices, which are fair at about $70 to $80 a barrel, according to the group’s second-biggest producer.
After years of friction, the two sides last week struck a deal in which Kurds will give half of their overall oil shipments to the federal government and Baghdad will pay overdue civil servants' salaries in the region.