Sanction-hit Iran’s fear of losing market share to other members of the Organization of Petroleum Exporting Countries (OPEC) seems to be coming true with one of its biggest buyers – India – gradually turning towards Iraq, Saudi Arabia and Nigeria to meet oil requirements.
Iraq is ready to boost oil exports by 250,000 barrels a day to compensate for any shortfalls once US sanctions waivers for Iranian oil end, a government official said Monday.
Iraq replaced Saudi Arabia in August as the top oil supplier to India, data from industry and shipping sources showed, as refiners turned to Iraqi barrels to compensate for a lower intake of Iranian oil ahead of U.S. sanctions in November.
Iraq has postponed its oil and gas bidding round for 11 new blocks to April 25, a senior Iraqi oil official said on Thursday.
Iraq will exclude oil by-products from foreign oil companies’ revenues in new contracts expected to be awarded in June, an oil ministry official said on Thursday, effectively reducing production fees they receive from the government.
Iraq has overtaken Saudi Arabia by a wide margin to become India’s top crude oil supplier, meeting more than a fifth of the country’s oil needs in the current financial year.
Iraq has signed an agreement to build a 70,000-barrels-per-day oil refinery near the northern city of Kirkuk, the oil ministry said on Thursday.
Iraq will comply with the OPEC-led deal on reducing output even though Baghdad is working hard to increase its oil export capacity from the north and south of the country, its oil minister said on Monday.
Iraq’s oil ministry said on Thursday it had started to take over the operations of the Majnoon oil field from Royal Dutch Shell.
Due mainly to lower supply from Nigeria, Algeria and Iraq, the OPEC crude output in the month of October dropped by 80,000 barrel per day, the Oil Market Report for November has revealed.