Ministry of oil has praised the outstanding efforts of a consortium of BP, Petro China and Southern Oil Company (SOMO), for their success in attaining significant increase in the national crude oil production by working in the Rumaila oilfield of Basra province, Iraq. According to report, new production has hit a record amount of more than two billion barrels, exceeding the pr
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Hundreds of tankers wait to cross into Iran in one of several lots near the Parwezkhan border crossing in Diyala province, Nov 6, 2013. The fuel and oil trade has long been active. () TUZ KHURMATU - Since invading huge swaths of northern and central Iraq, the Islamic State of Iraq and al-Sham (ISIS) has been smuggling increasing amounts of crude scavenged from Iraq's s
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Many in Baghdad fear that Iraq is falling apart, given the complex situation that saw the oil-rich country divided into three parts: an autonomous Kurdish region, a Sunni de facto state, while the Shiites, who took power of Iraq after the US invasion in 2003, are still in disbelief that the country they always dreamed of ruling is on the verge of division. Hussein Shahrestani,
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Revenue through oil export in Iraq is likely to increase for the month of April as Basrah Light crude to Asia sells at the highest rate in more than a year against Saudi prices and shipments expand. Iraq is set to export the most Basrah Light in at least two years next month, at the same time as the grade’s discount to Saudi crude is the narrowest in 17 months. Alexander Poegl,
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Iraq has approved major contract items for Eni's giant oilfield project in its south, just hours after the Italian company threatened to pull out if red tape was not cut and Angola's Sonangol quit projects in the north due to security concerns. Rising violence has not hit operations at the southern fields driving Iraq's oil expansion, but Western companies at work there say det
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