Iraq’s Oil Ministry is attempting to displace some of the financial burden associated with its OPEC-related production cuts onto international oil companies (IOCs).The ministry’s move to scale down its payment obligations, which was confirmed by multiple industry officials, is likely to meet resistance from IOCs and could send a chilling message to prospective energy sector…
The semi-autonomous Kurdistan Region of Iraq has been complying with an OPEC+ oil production cut agreement and is meeting its reduction targets, the Kurdistan Regional Government’s natural resources ministry said on Thursday. “The KRG has already reduced its production after the OPEC plus agreement, and its recent gross production figures have been well below the…
Iraq expects OPEC+ will allow it to increase its oil exports beginning next year, Reuters reported today, citing the Iraqi state new agency INA, which was quoting the country’s oil minister without any further details. Earlier this month, there was another report from INA that said Iraq was seeking an exemption from the OPEC production…
24 Sept. 2020-Natural gas has often been vilified as just another fossil fuel contributing to the climate crisis. While gas-fired power generation and the natural gas value chain do emit greenhouse gases, natural gas burns cleaner than other fossil fuels, most notably coal, and can play a major role in replacing coal-fired power generation, immediately…
24 Sept. 2020-Carbon capture and storage projects must play a greater role in fossil fuel emissions reductions from offshore oil platforms to onshore natural gas processing plants in order to meet net-zero climate goals as the calendar for so-called peak oil demand is moved up, according to industry reports released Sept. 22. Governments around the…
24 Sept. 2020-OPEC’s 60th birthday should have been reason for celebration, but its largest producer Saudi Arabia is increasingly putting its own interests before the cartel’s objectives and has put the very existence of OPEC at stake on a number of occasions Founded 60 years ago this month by Iran, Iraq, Kuwait, Saudi Arabia, and…
23 Sept. 2020-LAUNCESTON: China’s rate of storing crude oil slowed for a second month in August, as the massive of surge of imports started to ease in a trend likely to extend in the coming months. The flow of crude into commercial and strategic stockpiles was around 1.1 million barrels per day (bpd), according to…
23 Sept. 2020-Venezuela’s state-run oil company PDVSA has begun loading an Iran flagged large tanker with Venezuelan heavy crude for export, a source with knowledge of the situation said on Tuesday, as ties have deepened between the two OPEC nations. Venezuela and Iran are under sanctions imposed by the United States, hurting their oil industries…
23 Sept. 2020-Saudi Arabia’s energy minister is keeping his options open while the recovery in oil prices splutters, setting up a potentially volatile period ahead.Crude prices tumbled at the start of September after traders grew nervous that further potential lockdowns to slow the spread of coronavirus could fracture a fragile recovery in consumption. But Prince…
All OPEC’s interests and goals in its 60 year-activity are based on unity, solidarity and cooperation and the transformation of the OPEC’s idea into reality is also the result of trust among the oil countries, Azerbaijani Energy Minister Parviz Shahbazov said, Trend reports referring to the Azerbaijani Energy Ministry. “While fulfilling its regulatory mission in…
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