Iraq Oil Report

Iraq postpones elections, haunted by 2018 debacle

Thu, 21 Jan 2021 20:23:23 GMT

Early elections have been pushed from June to October as the UN presses Iraq to avoid the disastrous mismanagement that undermined the last national vote.

Power station bombed as insurgents exploit northern Iraq security gaps

Wed, 20 Jan 2021 03:28:47 GMT

Security leaders in Baghdad and Erbil have failed to implement plans to set up joint coordination centers.

Iraq production dips in December, capping an OPEC-constrained year

Thu, 14 Jan 2021 03:45:31 GMT

After a record-setting 2019, annual oil output fell by about 760,000 bpd as Iraq made extraordinary cuts to help support global prices.

Q&A: Hassan Mohammed Hassan, deputy Basra Oil chief in charge of licensing round fields and ...

Tue, 12 Jan 2021 14:28:13 GMT

Basra's fields bore the brunt of the OPEC-plus production curtailments, and they are ready to surge as output quotas lift.

Iraq oil exports and revenue up in December, but down year-on-year

Tue, 05 Jan 2021 19:55:44 GMT

Oil exports ended 2020 on a relative high note, but the year saw federal Iraq post its lowest annual export volumes since 2014 and worst revenue total in more than a decade.

Iraq receives 90-day Iran sanctions waiver from outgoing U.S. administration

Mon, 04 Jan 2021 17:33:17 GMT

Trump administration had been more aggressive on Iraq's energy deals with Iran, issuing a 45-day waiver in November.

Kamal al-Atroshi nominated to be Kurdistan’s next oil minister

Mon, 04 Jan 2021 03:31:39 GMT

KRG Prime Minister Masrour Barzani has been acting head of the Ministry of Natural Resources since mid 2019, when longtime minister Ashti Hawrami was moved to a senior advisory role.

Facing financial crunch, Iraq boosts November production

Tue, 22 Dec 2020 22:33:39 GMT

Despite ongoing OPEC-plus efforts to limit global supply, Iraq increased oil output as the government desperately seeks revenue to narrow record deficits.

Iraqi Cabinet approves 2021 budget with even bigger deficit

Tue, 22 Dec 2020 02:47:17 GMT

Parliament showdown looms over unsustainable spending, new taxes, and KRG oil revenues.

Even with devalued currency, new Iraqi budget proposes record deficits

Fri, 18 Dec 2020 03:12:54 GMT

A leaked copy of the Cabinet's provisional 2021 draft budget confirms a major currency devaluation — and an unchecked trend of unsustainable spending.

Dinar value falls as Iraq contemplates currency devaluation

Mon, 14 Dec 2020 20:26:54 GMT

MPs say Iraq's 2021 budget is likely to bring a significant drop in the value of the dinar, helping the government's balance sheet but hurting the purchasing power of most Iraqis.

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Khabbaz wells burn as security in northern oil sector worsens

Wed, 09 Dec 2020 14:43:54 GMT

Detonations at two wells early Wednesday are the latest example of inadequate security across northern Iraq.

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Sarqala field stops trucking as Kurdistan protests expand

Wed, 09 Dec 2020 13:18:27 GMT

Field is not under threat. Decision by Gazprom Neft protects 100-plus daily tanker trucks exporting the crude.

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U.S.-led coalition drops Iraqi F-16s from anti-IS missions

Mon, 07 Dec 2020 15:27:46 GMT

The coalition's decision to remove the Iraqi Air Force from air tasking orders highlights ongoing failures to address the dysfunction and corruption that have crippled a multi-billion-dollar fleet of fighter jets.

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Civil unrest highlights Kurdistan financial woes

Fri, 04 Dec 2020 01:35:42 GMT

Protests and violence in Sulaimaniya add urgency to KRG efforts to resolve disputes and secure budget transfers from Baghdad.

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Iraqi oil exports fall as OPEC scrutiny rises

Tue, 01 Dec 2020 21:34:17 GMT

Countrywide exports of 3.143 million bpd suggest Iraq has reduced output, with OPEC-plus members insisting on full quota compliance as they consider extending cuts.

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Election law sparks hope, but reformers remain concerned

Wed, 25 Nov 2020 19:34:20 GMT

New legislation could reduce the influence of political party bosses, but reformers still see major hurdles to free and fair elections.

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Iraq seeks pre-payment for oil exports

Mon, 23 Nov 2020 15:09:47 GMT

A new proposal from SOMO asks crude buyers to pay up front for a year's worth of exports to secure a 5-year supply — part of Iraq's response to a cash-flow crisis.

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U.S. keeps pressure on Iraq with 45-day sanctions waiver

Fri, 20 Nov 2020 17:22:35 GMT

As hostilities with Iran resume, a shortened waiver period gives the outgoing Trump administration one last opportunity to wield economic leverage in Iraq.

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Iraq sets new specifications for Basra crude marketing

Tue, 17 Nov 2020 20:39:43 GMT

SOMO is using the launch of its new Basra Medium crude grade as an occasion to revamp the specifications for its flagship Basra Light and Basra Heavy, too.

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