EghtesadOnline: OPEC’s two biggest producers agreed to strengthen their commitment to production cuts and maintain balance in world crude markets, Saudi Energy Minister Khalid Al-Falih said after talks with his Iraqi counterpart Jabbar al-Luaibi, according to the kingdom’s state news agency SPA.
EghtesadOnline: Iran will begin exporting gas to the southern Iraqi city of Basra within six months, according to the National Iranian Gas Company, under a gas supply contract signed between Tehran and Baghdad in 2015.
EghtesadOnline: Iraq is gaining the edge over Saudi Arabia in the world’s fastest-growing oil consumer amid an intensifying race among producers to retain their most-prized markets.
EghtesadOnline: Iraq, the world’s third-biggest crude exporter, plans to triple refining capacity by 2021 to shake off its reliance on refined-product imports.
EghtesadOnline: Oil tankers shipped the most crude from Iraq in six months in May, when OPEC’s second-biggest producer was negotiating with the group’s other members to persist with supply constraints to shore up the global market.
EghtesadOnline: OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.
EghtesadOnline: Negotiations are underway with Iraq to form a joint technical committee to decide on the development of joint oil fields with the Arab neighbor, managing director of Iranian Central Oil Fields Company said.
EghtesadOnline: Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority.
EghtesadOnline: Iraqi Oil Minister Jabbar Allaibi said on Sunday his country plans to reach an agreement with Iran on exploitation of the joint oil fields.
EghtesadOnline: A territorial dispute in northern Iraq threatens to disrupt oil output at a field containing as much crude as Norway, even as U.S.-backed forces prepare what could be a decisive blow against Islamic State militants in the nearby city of Mosul.