Business Iraq

  • A oil truck runs past wind turbines at the Dafancheng Wind Power Plant.

    Russia and Saudi Arabia said they expect OPEC and non-OPEC producers to reach a deal Saturday to curtail oil output and prop up prices.

  • SINGAPORE/ TOKYO, Dec 9- Saudi Arabia and Iraq are set to supply full contracted volumes of crude to several Asian refiners in January, despite commitments to cut output under a deal signed last week by members of OPEC, refinery sources said on Friday. Sources at eight refiners in Asia told Reuters they had been notified by state oil giant Saudi Aramco that in...

  • BAGHDAD, Dec 7- Iraq's parliament approved the 2017 budget on Wednesday, lawmakers said, but a member of the Kurdish KDP said his party stayed away from the vote and differences between Baghdad and Kurdish authorities in the north had yet to be resolved. The deficit was forecast at 21.7 trillion dinars, with expenditure of 100.7 trillion dinars, about 6 percent...

  • *Could raise up to $400 mln vs target of $550 mln. LONDON, Dec 6- Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil, with investors exercising caution despite the offer of a 12 percent bond yield, industry sources told Reuters. The oil has been relatively cheap because of potential supply disruptions and...

  • BAGHDAD— The government of Iraq is hoping that a new OPEC deal will help the war-weary country generate enough revenue to help pay for its costly, 2- year-old fight against the Islamic State group. Iraq, whose oil revenues make up nearly 95 percent of its budget, has been reeling under an economic crisis since late 2014, when oil prices began their descent from a...

  • BAGHDAD, Dec 1- Iraq's oil exports reached a record high 4.051 million barrels per day in November, the oil ministry said in a statement on Thursday. Exports from the country's southern oilfields totalled 3.407 million bpd, the ministry said. Kirkuk exports amounted to 64,000 bpd, with 580,000 bpd exported from oilfields controlled by the Kurdish regional...

  • The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016.

    OPEC on Wednesday agreed to its first oil output limits in eight years, triggering an oil rally, but market watchers were asking whether members will cheat.

  • OPEC seals the deal but what about implementation?

    It remains to be seen whether OPEC's output cut will be actually implemented, says ClipperData's Matt Smith.

  • Khalid Al-Falih, Saudi Arabia's energy and industry minister, centre, departs following the 171st Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Wednesday, Nov. 30, 2016.

    Saudi Arabia has fought a hard-won battle to secure output cuts from OPEC members, but many challenges lie ahead in 2017.

  • *OPEC agrees first output cut since 2008- source. *Saudi Arabia says ready to accept "big hit" on production. New York, Nov 30- Oil prices rose more than 7 percent on Wednesday as some of the world's largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.

  • *Iran says Russia would cut if OPEC reaches deal. VIENNA, Nov 30- OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept "a big hit" on production and agree to arch-rival Iran freezing output at pre-sanctions levels. Before the meeting, Saudi Energy Minister Khalid al-Falih said OPEC was...

  • *Saudi Falih says OPEC close to reaching deal. *Iran says Russia would cut if OPEC reaches deal. Falih also said OPEC was focusing on reducing output to a ceiling of 32.5 million barrels per day, or cutting by more than 1 million bpd, and hoped Russia and other non- OPEC members would contribute a cut of another 0.6 million bpd.

  • *Saudi Falih says OPEC close to reaching deal. *Iran says Russia would cut if OPEC reaches deal. Falih also said OPEC was focusing on reducing output to a ceiling of 32.5 million barrels per day, or cutting by more than 1 million bpd, and hoped Russia and other non- OPEC members would contribute a cut of another 0.6 million bpd.

  • *Saudi Falih says OPEC close to reaching a deal. *OPEC to study proposal to cut output by 1.2 mln bpd. Falih also said OPEC was focusing on reducing output to a ceiling of 32.5 million barrels per day, or cutting by more than 1 million bpd, and hoped Russia and other non- OPEC members would contribute a cut of another 0.6 million bpd.

  • *OPEC to study proposal to reduce output by 1.2 mln bpd. VIENNA, Nov 30- OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action. Ministers from the Organization of the Petroleum Exporting Countries met informally at 0700...

  • VIENNA, Nov 30- OPEC began on Wednesday debating a deal to curtail oil production and prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action. On Tuesday, Iran wrote to OPEC saying it wanted Saudi Arabia to cut production by as much as 1 million barrels per day, much more than Riyadh is willing to offer, OPEC...

  • *OPEC experts could not agree details in Monday talks. OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC's de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts. On Tuesday, tensions rose further after Iran wrote to OPEC saying it wanted Saudi...

  • *OPEC experts could not agree details in Monday talks. OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC's de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts. On Tuesday, tensions rose further after Iran wrote to OPEC saying it wanted Saudi...

  • *OPEC experts could not agree details in Monday talks. OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC's de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts. OPEC said it would exempt Iran, Libya and Nigeria from cuts as their output has...

  • *OPEC experts could not agree details in Monday talks. VIENNA, Nov 29- Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday. OPEC sources told Reuters a meeting of experts in Vienna on Monday...