Business News Iraq

  • Iraqi protesters gather outside the burning headquarters of the Iranian consulate in the southern city of Basra on September 7, 2018 during demonstrations over poor public services. Haidar MOHAMMED ALI | AFP | Getty Images

    As home to most of the oil production facilities for OPEC's second-largest producer, Basra in crisis could have a material impact on oil output and prices, analysts say.

  • Welders work on the Strategic Petroleum Reserve pipeline on June 1, 1980, in West Hackberry, Louisianna. Begun under President Ford to reduce the threat of oil embargoes, the SPR crude oil is stored in huge underground salt caverns along the Gulf of Mexico, a natural choice due to the proximity of many refineries and distribution points.

    Global oil supply was firing on all cylinders in August, reaching a record 100 million barrels per day (bpd), the International Energy Agency revealed in its monthly Oil Market Report Thursday.

  • Passengers waiting to board a Delta airlines plane at La Guardia  International Airport in New York.

    Tensions ramped up between Tehran and Washington after President Donald Trump pulled out of a landmark nuclear deal with Iran in May and reimposed sanctions on the Islamic Republic last month.

  • HOUSTON, Sept 10- U.S. crude deliveries to South Korea are poised to reach a record in November, Thomson Reuters trade flows data show, as buyers there pull back from Iranian crude to comply with sanctions reimposed on Iran by the United States. The escalating U.S.- China trade row has also helped push U.S. crude into South Korea, with U.S. exporters seeking...

  • BASRA/ ERBIL, Iraq, Sept 7- Civil unrest fueled by anger against perceived corruption and misrule by Iraq's political elite intensified across the south of the country on Friday, as protesters stormed the Iranian consulate in Basra while others briefly took workers hostage at a nearby oilfield. After five days of deadly demonstrations in Basra in which...

  • NEW YORK, Sept 7- Oil prices were steady on Friday, with U.S. crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq. Geopolitical developments lent Brent some support, as protests in the southern Iraqi city of Basra heated up and the civil war in Syria threatened to escalate, analysts said.

  • NEW YORK, Sept 7- Oil prices were little changed on Friday, with U.S. crude slightly lower on weak equity markets while Brent inched up on geopolitical factors, such as violent protests in Iraq. West Texas Intermediate crude futures settled down 2 cents at $67.75 per barrel. Oil prices had posted gains early in the week as the approach of Tropical Storm Gordon forced...

  • US Secretary of State Mike Pompeo (L) looks on as the Indian Foreign Minister Sushma Swaraj (R) present statements to the media following a meeting in New Delhi on September 6, 2018. Indraneel Chowdhury | NurPhoto | Getty Images

    As the world's third-largest oil importer and the second-largest buyer of Iranian crude after China, complying with U.S. sanctions will require India to find new sources of crude at a higher cost. 

  • BASRA, Iraq, Sept 6- Iraqi officials lifted a planned curfew in Iraq's southern oil hub Basra minutes before it was due to start at 3 pm local time on Thursday, Basra Operations Command told Reuters.

  • ERBIL, Iraq, Sept 6- Iraqi authorities declared a city-wide curfew from 3 p.m. to quell protests in Basra, a spokesman for the Interior Ministry said at a news conference on Thursday.

  • BASRA, Iraq, Sept 6- All operations have halted at Iraq's Umm Qasr commodities port near Basra on Thursday, after protesters blocked its entrance overnight, port employees said. The spread to the port of demonstrations that have swept southern Iraq in recent months raises the stakes in the country's civil unrest. Umm Qasr receives grain, vegetable oil and sugar...

  • *Oman and Basra Light among delivered crude grade. BEIJING, Aug 31- The September-delivery crude contract on the Shanghai International Energy Exchange expired on Friday with five companies set to deliver crude oil through the exchange next month, according to exchange data and four people familiar with the matter. The people familiar said that 300,000...

  • *Oman and Basra Light among delivered crude grade. BEIJING, Aug 31- The September-delivery crude contract on the Shanghai International Energy Exchange expired on Friday with five companies set to deliver crude oil through the exchange next month, according to exchange data and four people familiar with the matter. The people familiar said that 300,000...

  • BAGHDAD, Aug 28- Iraq will send a delegation to the United States seeking an agreement on financial transactions with Iran following Washington's reimposition of sanctions on Tehran, Prime Minister Haider al-Abadi said on Tuesday. His statement was the first by an Iraqi official since Reuters reported last week Baghdad was going to ask Washington for...

  • *Zhenhua already marketing SOMO crude since early 2018. BEIJING/ DUBAI, Aug 27- Iraq's state oil marketer SOMO is close to a deal with China's state-run Zhenhua Oil to boost the OPEC member's crude oil sales to the world's top oil importer, four sources with knowledge of the matter said. "Zhenhua helped Iraq to penetrate the Chinese market and make more revenues for...

  • LONDON, Aug 23- Two of Iran's biggest OPEC rivals, Saudi Arabia and Iraq, are bagging its European oil market share by cranking up production of their lookalike crude grades before the restart of U.S. sanctions designed to halt exports from the Islamic Republic. Iran's crude is mainly bought by refiners in China, India, Japan and South Korea, although it has...

  • An Iranian woman walks by a mural painting on the wall of the former US embassy in the Iranian capital Tehran on August 7, 2018.

    Iran's engagement in Syria is of particular concern to U.S. ally Israel, which sees the country's attempt at gaining a foothold on its border as an existential threat. 

  • *Increase follows OPEC deal in June to boost supply. LONDON, Aug 21- Oil exports from southern Iraq are on course to hit another record high this month, two industry sources said, adding to signs that OPEC's second-largest producer is following through on the group's agreement to raise output. Iraq in July provided the largest increase among OPEC members that took...

  • *Iraq imports food, car, construction parts from Iran. BAGHDAD, Aug 21- Iraq's economy is so closely linked to Iran that Baghdad is going to ask Washington for permission to ignore some U.S. sanctions on its neighbour, Iraqi government and central bank officials said. Iraq imports crucial supplies from ally Iran but its other major ally is the United States, which...

  • LONDON, Aug 21- Iran said on Tuesday it had resumed supplies of electricity to Iraq and other neighbouring states 10 days earlier, after shortages in Iraqi cities sparked unrest in July. Deputy Energy Minister Mahmoudreza Haghifam said Iran had restarted electricity exports to Iraq, Tasnim news agency reported. Saudi Arabia offered last month to sell...