Business News Iraq

  • BASRA, Iraq, May 31- Exxon Mobil employees will start returning to Iraq's West Qurna 1 oilfield on Sunday after the government agreed to provide extra security, two senior Iraqi oil officials told Reuters on Friday. The evacuation came just days after the United States withdrew non-essential staff from its embassy in Baghdad, citing a threat from neighbouring...

  • BASRA, Iraq, May 31- Exxon Mobil employees will start returning to Iraq's West Qurna 1 oilfield on Sunday after the company received assurances from Iraqi officials that its staff would receive extra security, two Iraqi officials told Reuters on Friday. The decision was taken after Exxon received letters of assurance from the Iraqi oil ministry and Basra Oil...

  • *Tensions rising between Iran and United States. *Iran vows to counter any economic, military aggression. But in a sign of regional tensions, Iraq, which has good ties with neighbouring Iran and Washington, said it objected to the Arab communique, which stated that any cooperation with Tehran should be based on "non-interference in other countries".

  • Saudi Arabia's King Salman bin Abdulaziz Al Saud.

    Saudi Arabia's King Salman told an emergency Arab summit on Thursday that decisive action was needed to stop Iranian "escalations" in the region following attacks on Gulf oil assets.

  • *Tensions rising between Iran and United States. *Iran vows to counter any economic, military aggression. But in a sign of regional tensions, Iraq, which has good ties with neighbouring Iran and Washington, said it objected to the Arab communique, which stated that any cooperation with Tehran should be based on "non-interference in other countries".

  • *OPEC oil output drops by 60,000 bpd in May. The 14- member Organization of the Petroleum Exporting Countries pumped 30.17 million barrels per day in May, the survey showed, down 60,000 bpd from April and the lowest OPEC total since 2015, the Reuters survey showed. "We are seeing OPEC supply falling in May to its lowest in numerous years," said an industry source who...

  • *Tensions rising between Iran and United States. Saudi Arabia and the UAE, which have lobbied Washington to contain their foe, Shi'ite Muslim Iran, have said they want to avoid war after drone strikes on oil pumping stations in the kingdom and the sabotage of tankers off the UAE coast. Riyadh accused Tehran of ordering the drone strikes, which were claimed by...

  • *Tensions rising between Iran and United States. MECCA, Saudi Arabia, May 30- Saudi Arabia convened emergency Arab summits on Thursday to deliver a strong message to Iran over regional security after recent attacks on Gulf oil assets, as American officials said a U.S. military deployment had deterred Tehran. Riyadh accused Tehran of ordering the drone strikes,...

  • *Saudi, UAE lobby Washington to contain Tehran. Saudi and the United Arab Emirates, which have lobbied Washington to contain their foe Iran, have said they want to avoid war after drone strikes on oil pumping stations in the kingdom and the sabotage of oil tankers off the UAE coast. Riyadh accused Tehran of ordering the drone strikes, which were claimed by Yemen's...

  • *Saudi, UAE lobby Washington to contain Tehran. Saudi and the United Arab Emirates, which have lobbied Washington to contain their foe Iran, have said they want to avoid war after drone strikes on oil pumping stations in the kingdom and the sabotage of oil tankers off the UAE coast. Riyadh accused Tehran of ordering the drone strikes, which were claimed by Yemen's...

  • Patrick Shanahan, acting U.S. Secretary of Defense, in Washington, D.C., U.S., on April 11, 2019.

    "When the president says he doesn't want a war with Iran, I think that is pretty clear," acting U.S. Secretary of Defense Patrick Shanahan told reporters traveling with him to Indonesia.

  • National Security Adviser John Bolton said on Wednesday that naval mines "almost certainly from Iran" were used to attack oil tankers off the United Arab Emirates this month, and warned Tehran against conducting new operations. Bolton said the "prudent and responsible" approach taken by the United States, which has beefed up its military presence in the region,...

  • BRUSSELS, May 29- Turkey's hopes of joining the European Union are fading, the bloc's executive said on Wednesday, blaming authoritarian rule for worse conditions in courts, prisons and the economy. "Turkey has continued to move further away from the European Union," the Commission said in its report on Ankara's progress towards membership, a path formally...

  • BRUSSELS, May 29- Turkey's hopes of joining the European Union are fading, the bloc's executive said on Wednesday, citing worsening conditions in the courts, prisons and economy. Those are all areas considered central by the European Union, which prides itself on being a democratic club of market economies that respect the rule of law. "Turkey has continued to move...

  • *OPEC expected to continue supply cuts into H2 2019. SINGAPORE/ LONDON, May 21- Oil prices rose on Tuesday on escalating U.S.- Iran tensions and amid expectations that OPEC producers will continue to curb supply this year. "Escalating tensions between the U.S. and Iran, in addition to signs that OPEC will continue its production cut, drove oil higher," said Jasper...

  • SINGAPORE/ LONDON, May 21- Oil prices rose on Tuesday on escalating U.S.- Iran tensions and amid expectations that OPEC producers will continue to curb supply this year. "Escalating tensions between the U.S. and Iran, in addition to signs that OPEC will continue its production cut, drove oil higher," said Jasper Lawler, head of research at futures brokerage London...

  • A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas.

    Crude futures drew support from U.S.-Iran tensions and expectations of ongoing OPEC supply cuts, but trade war concerns weighed on prices.

  • SINGAPORE, May 21- Oil prices rose on Tuesday on escalating U.S.- Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year. "Escalating tensions between the U.S. and Iran, in addition to signs that OPEC will continue its production cut, drove oil higher," said Jasper Lawler, head of research at futures brokerage London...

  • *OPEC expected to continue supply cuts into H2 2019. SINGAPORE, May 21- Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated. A meeting has been scheduled for June 25-26 to discuss the policy, but the cartel is now considering moving the event to July...

  • "I think Iran would be making a very big mistake if they did anything," Trump told reporters as he left the White House on Monday evening for an event in Pennsylvania. His comments came as two U.S. government sources said the United States strongly suspects Shi'ite militias with ties to, and possibly encouragement from, Iran fired a rocket on Sunday into Baghdad's...