Business News Iraq

  • Doubling down on Iraq investment, Crescent Petroleum CEO says

    Majid Jafar, CEO of Crescent Petroleum, discusses the geopolitical risks hanging over the oil industry.

  • NEW DELHI, Aug 22- India imported about 4.6 million barrels per day of oil in July, a growth of about 1.5% from a year earlier, according to data from shipping and industry sources. Iraq continued to be the top seller to the world's third-biggest oil consumer followed by Saudi Arabia, the data showed. The Middle East's share in India's total oil imports declined to...

  • Crude oil from the Organization of the Petroleum Exporting Countries made up 30% of world oil supply in July 2019, down from more than 34% a decade ago and a peak of 35% in 2012, according to OPEC data. Despite OPEC- led supply cuts, oil has tumbled from April's 2019 peak above $75 a barrel to $60, pressured by slowing economic activity amid concerns about the U.S.-...

  • *China vows retaliation if U.S. imposes tariffs. A near 1% fall in Hong Kong- listed shares amid worries over escalating political protests and 0.8% drop in Indian shares weighed on MSCI's widely-tracked 26- country EM index, which eased 0.4%. All eyes will turn to Fed chief Jerome Powell, who is set to speak at the global central bankers' annual policy retreat in...

  • MOSCOW, Aug 20- Rosneft's daily oil output fell 2.7% in the second quarter from the previous three months, the Russian oil company said on Tuesday, mainly because of restrictions introduced by pipeline operator Transneft after an oil contamination scandal. Russia's oil exports were thrown into crisis this year when oil transported to Europe via the Druzhba...

  • *Iraq poised to award part of huge Exxon project to oil rivals. BASRA, Iraq/ BAGHDAD, Aug 8- Iraq is close to reaching a deal with oil majors BP and Eni for an export pipeline project that was initially planned as part of a mega-deal with U.S. energy giant ExxonMobil, according to five senior Iraqi oil officials involved in the negotiations. The 30- year mega-project is...

  • CAIRO/ MOSCOW, Aug 8- Saudi Arabia will relax its bug-damage specifications for wheat imports from its next tender onwards, it told Reuters on Thursday, opening the door to Black Sea imports and strengthening ties with Russia beyond energy cooperation. Russia has long sought access to Saudi Arabia's wheat market as Moscow tries to take further market share in...

  • *Iraq fears water shortages as Tigris flow is reduced. ISTANBUL, Aug 2- Turkey has started filling a huge hydroelectric dam on the Tigris river, a lawmaker and activists said, despite protests that it will displace thousands of people and risks creating water shortages downstream in Iraq. However, President Tayyip Erdogan said earlier this year that Turkey would...

  • *Iran says U.S. sanctions on top diplomat "childish". DUBAI, Aug 1- President Hassan Rouhani said on Thursday that Iran was ready for the worst in an uphill struggle to salvage its nuclear deal with world powers abandoned by the United States, but that he was sure Tehran would eventually prevail. "We are not acting on the assumption we will get results through talks and...

  • WASHINGTON, July 31- The United States will renew sanctions waivers for Iranian nuclear programs that allow Russia, China and European countries to continue their civilian nuclear cooperation with Tehran, White House national security adviser John Bolton said on Wednesday. Bolton's comments came hours after Washington imposed sanctions on Iranian...

  • President Donald Trump talking with the press as he leaves the White House in Washington, DC.

    Gallagher, 40, was acquitted of murder in the killing of a teenage ISIS fighter who was taken prisoner in 2017 in Iraq.

  • LONDON, July 31- The following table shows crude oil output by the Organization of the Petroleum Exporting Countries in millions of barrels per day in July and June, according to a Reuters survey published on Wednesday. OPEC, Russia and other non-members- an alliance known as OPEC+- agreed in December to reduce supply by 1.2 million bpd in 2019. OPEC's share of that...

  • BAGHDAD, July 31- Iraq has agreed with Kuwait to appoint British energy advisory firm ERC Equipoise to prepare a study for the development of joint border oilfields, the Iraqi oil ministry said on Wednesday. There are several oilfields in the border area between Iraq and Kuwait, most prominently Ratqa, which is a southern extension of Iraq's giant Rumaila field.

  • BERLIN, July 31- Germany's Vice Chancellor and Finance Minister Olaf Scholz said on Wednesday he was very sceptical about a request by the United States to join a military mission for the Strait of Hormuz. The United States has proposed stepping up efforts to safeguard the sea passage in the Gulf, at a time of heightened tension between it and Iran.

  • BERLIN, July 31- Germany's Vice Chancellor and Finance Minister Olaf Scholz said on Wednesday he was very skeptical about a request by the United States to join a military mission for the Strait of Hormuz. The United States has proposed stepping up efforts to safeguard the sea passage in the Gulf, at a time of heightened tension between it and Iran.

  • The practice of turning off AIS by some vessels from countries such as Iran has become common to evade closer scrutiny as the United States pushes to cut off Iranian oil exports. Tensions spiked between Iran and Britain this month when Iranian commandos seized a British-flagged tanker in the Strait of Hormuz, the worlds most important waterway for oil...

  • DUBAI, July 27- Iran said on Saturday missile tests were part of its defensive needs and were not directed against any country, after Washington said Tehran had test-fired a medium-range missile. He said the nuclear deal was flawed because it did not include curbs on Iran's development of ballistic missiles or its support for proxies in Syria, Yemen, Lebanon and...

  • NEW DELHI, July 25- Saudi Arabia's Energy Minister Khalid al-Falih said state-run Saudi Aramco's talks with Reliance Industries to buy a minority stake in the Indian conglomerate's refining assets have not stalled. Reliance, controlled by Asia's richest man Mukesh Ambani, operates the world's biggest refining complex with capacity to process 1.4 million...

  • LAUNCESTON, Australia, July 23- Crude oil markets are having to grapple with how to price the risk of an escalation in the conflict threatening shipments through the Strait of Hormuz and the reality that there isn't an actual physical shortage of supplies. There is nothing incorrect about this assessment, and it could be argued that crude futures haven't...

  • SULAIMANIYA, Iraq, July 21- Long-serving Iraqi Kurdish natural resources minister, Ashti Hawrami, will take up an advisory role of Assistant Prime Minister for Energy Affairs in Prime Minister Masrour Barazani's newly-formed cabinet, Kurdish lawmakers said on Sunday. Hawrami, the Kurdistan Regional Government's energy minister since 2006, is seen as the...