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Writing in Oil Price, Simon Watkins says Iraq is playing the United States and China off against each other in the awarding of contracts for infrastructural development and oil sales.
Click here to read the full story.
The post China-US Rivalry playing out in Iraq first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for June of 86,765,589 barrels, giving an average for the month of 2.892 million barrels per day (bpd), slightly down from the 2.899 million bpd exported in May.
The exports from the oilfields in central and southern Iraq amounted to approximately 83,690,352 barrels, while exports from Kirkuk amounted to 3,075,237 barrels.
Revenues for the month were $6.141 billion at an average price of $70.778 per barrel.
May’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Oil Exports for June Exceed $6bn first appeared on Iraq Business News.
The Kurdistan Regional Government (KRG) has released its annual oil and gas audit report for 2020, which revealed several drops in production due to the COVID-19 pandemic.
The region’s total exported and consumed oil for the year stood at 165,942,861 barrels, about 5 million barrels less comparing to 2019.
The average price of oil dropped to $28.1 per barrel as global markets crashed during the second quarter, with the gross value of crude oil sold via pipelines standing at $4,443,842,235.
As of Q4 2020, $294,315,126 of KRG funds remained held in a bank account in Lebanon due to restrictions on transferring foreign currency outside the country.
The full 2020 audit report is available here:
https://gov.krd/english/information-and-services/open-data/deloitte-reports/deloitte-report-2020/
(Source: KRG)
The post Kurdistan 2020 Oil Business “Crashed due to COVID-19” first appeared on Iraq Business News.
By John Lee.
Iraq has reportedly cancelled its $2-billion pre-paid oil supply agreement with Zhenhua Oil Company.
Under a deal said to have been agreed in January, the state-owned Chinese company would pay Iraq in advance for a year’s supply of oil.
S&P Global Platts reported the following month that Iraq had “frozen” the deal, following an increase in oil prices.
The price of oil has continued to rise, with Iraq confirming an average price of $65.842 per barrel exported in May, considerably higher than the $53.294 per barrel it received in January.
(Source: S&P Global Platts)
The post Iraq “Cancels” Oil Deal with China’s Zhenhua first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced finalised oil exports for May of 89,881,268 barrels, giving an average for the month of 2.899 million barrels per day (bpd), slightly down from the 2.947 million bpd exported in April.
The exports from the oilfields in central and southern Iraq amounted to approximately 86,820,355 barrels, while exports from Kirkuk amounted to 3,060,913 barrels.
Revenues for the month were $5.918 billion at an average price of $65.842 per barrel.
April’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Oil Revenues almost $6bn in May first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced finalised oil exports for April of 88,398,319 barrels, giving an average for the month of 2.947 million barrels per day (bpd), effectively the same as the 2.946 million bpd exported in March.
The exports from the oilfields in central and southern Iraq amounted to approximately 85,534,916 barrels, while exports from Kirkuk amounted to 2,863,403 barrels.
Revenues for the month were $5.550 billion at an average price of $62.779 per barrel.
March’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Finalises Oil Exports for April first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for April of 88,398,319 barrels, giving an average for the month of 2.947 million barrels per day (bpd), effectively the same as the 2.946 million bpd exported in March.
The exports from the oilfields in central and southern Iraq amounted to approximately 85,534,916 barrels, while exports from Kirkuk amounted to 2,863,403 barrels.
Revenues for the month were $5.525 billion at an average price of $62.505 per barrel.
March’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Oil Export Volumes Flat for April first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced finalised oil exports for March of 91,311,929 barrels, giving an average for the month of 2.946 million barrels per day (bpd), down slightly from the 2.960 million bpd exported in February.
These exports from the oilfields in central and southern Iraq amounted to approximately 88,240,184 barrels, while exports from Kirkuk amounted to 3,071,745 barrels.
Revenues for the month were $5.789 billion at an average price of $63.371 per barrel.
February’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Finalises Oil Exports for March first appeared on Iraq Business News.
By Noam Raydan, for Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
Iraq-Lebanon fuel oil talks remain shrouded in mystery
Despite Lebanon’s deepening financial crisis, its politicians remain committed to the same stop-gap measures that have crippled the country’s dilapidated electricity sector. Lebanese officials continue to experiment with ad hoc solutions to the power sector, which has long been a drag on the national budget.
Among the more controversial plans is the government’s attempt to import fuel oil from Iraq. Aside from its unsuitability for power plants in Lebanon, partly due to its high sulfur content, talks between Baghdad and Beirut over fuel supplies have been fraught with contradictory and factually inaccurate statements.
The full report can be viewed here (registration required).
The post Iraq-Lebanon Fuel Oil talks “Shrouded in Mystery” first appeared on Iraq Business News.
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for March of 91,311,929 barrels, giving an average for the month of 2.946 million barrels per day (bpd), down slightly from the 2.960 million bpd exported in February.
These exports from the oilfields in central and southern Iraq amounted to approximately 88,240,184 barrels, while exports from Kirkuk amounted to 3,071,745 barrels.
Revenues for the month were $5.783 billion at an average price of $63.329 per barrel.
February’s export figures can be found here.
(Source: Ministry of Oil)
The post Iraq Oil Exports slightly Down in March first appeared on Iraq Business News.