Middle East News

New Iraqi Lawmakers Want Out Of OPEC Deal

By Tsvetana Paraskova Some newly elected Iraqi lawmakers, linked with populist Shiite cleric Moqtada al-Sadr whose alliance won the elections last month, are not sure that Baghdad’s participation in the OPEC production cut deal is good for the country. Some new members-elect of Iraq’s parliament think that Iraq should be able to export as much crude oil as it wants, ...

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Iran Starts Oil Swap with Iraq’s Kirkuk

According to the CIF-based swap deal, Iran receives 30,000 to 60,000 bpd of oil from Kirkuk oil fields in northern Iraq to an Iranian refinery across the border via tanker trucks, in exchange for oil for southern Iraq. On Sunday, the tankers offloaded their cargoes at storage tanks in Iran’s Darreh Shahr, the western province of Ilam, which were installed ...

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Saudis Say Aramco IPO ‘Most Likely’ In 2019

By Tsvetana Paraskova Saudi Aramco’s much-hyped initial public offering is “most likely” to take place in 2019, Saudi Energy Minister Khalid Al-Falih said on Friday, likely confirming that plans for the IPO have been pushed from this year to next. “We’re simply waiting for a market readiness for the IPO,” al-Falih said at the St. Petersburg International Economic Forum in ...

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Maduro Vows To Double Oil Production With Help From OPEC

By Irina Slav Venezuelan President Nicolas Maduro has promised to start increasing the crisis-stricken country’s oil production during his second six-year term in office. AFP reports that during his inauguration speech, Maduro said he will seek the help of OPEC to double Venezuela’s oil production, which is currently at 70-year lows and much below its production quota under the OPEC ...

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OPEC Could “Relax” Production Cuts

By Nick Cunningham It was only a few weeks ago that top officials from OPEC nations were issuing statements assuring the market that the group’s production cuts would remain in effect through the end of 2018, with the possibility of even extending them into next year. But now, with the Vienna meeting just a few weeks away, OPEC is suddenly ...

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OPEC Lifts Oil Demand Forecast Amid Rising Prices

By Tsvetana Paraskova  OPEC revised up on Monday its forecast for global oil demand growth this year, but noted that sanctions, tariffs, and the U.S. withdrawal from the Iran nuclear deal point to rising uncertainty over the global economic growth momentum. In its closely watched Monthly Oil Market Report out today, OPEC revised up its global oil demand growth estimate ...

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Iraq’s 2017 target for oil expansion within reach, Wood Mac says

LONDON (Bloomberg) — Iraq’s ambition to boost oil-output capacity to a record 5 MMbpd is “not unrealistic” as the country prepares for the end of OPEC-mandated supply limits, consultants Wood Mackenzie Ltd. said. Iraq, which has been rehabilitating its oil industry after years of conflict, has vowed to keep expanding capacity while respecting an Organization of Petroleum Exporting Countries’ accord ...

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