Sectors Studies & Policy

Iraq, Opec’s second-largest producer, is in talks with the international oil majors operating in the country to help boost its crude production capacity to about 8 million barrels per day, the country’s oil minister said on Wednesday. Ihsan Ismail also said Baghdad considered oil trading between $75-$80 per barrel range as a “fair price for both producers and consumers”.

Introduction   In November 2020, ahead of annual term contract negotiations,1 Iraq’s State Oil Marketing Organisation (SOMO) announced it would further split its crude streams from two into three by launching a new export grade: Basrah Medium. The launch of Basrah Medium – 27.9° API (3% sulphur) – in January 2021 marks the second time Iraq has split its Basra crude stream

Large projects to gather associated gas are making progress Increased investment in large projects to gather associated gas in Iraq has increased optimism that the country is going to make progress in reducing harmful oil sector emissions. In 2020, Iraq flared more natural gas from its oil fields than any other country apart from Russia, according to a World Bank study pu

After recent announcements of new developments in Iraq by several oil majors, the country appears to be rebounding strongly from the coronavirus pandemic, looking to maintain its reputation for oil as well as establish itself as a renewable energy innovator. Last week, French supermajor Total announced it would be constructing four large energy projects in the south of Iraq