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Search resuls for: "Iraq's Oil"


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☆ Turkey says Iraq was ordered to pay compensation to Ankara in arbitration case
  + stars: | 2023-03-28 | by ( Can Sezer Rowena Edwards | Can Sezer | Rowena Edwards | ) www.reuters.com   time to read: +2 min
ANKARA, March 28 (Reuters) - Turkey's Energy Ministry said on Tuesday that Iraq had been ordered by the International Chamber of Commerce (ICC) to pay compensation to Ankara in a longstanding arbitration case related to oil exports from northern Iraq via Turkey. The Turkish energy ministry statement was released after Iraq's oil ministry said on Saturday the ICC had ruled in its favour in the case. The Turkish statement said the ICC had recognised a majority of Turkey's demands, without saying how much compensation Iraq had been ordered to pay. "(The ICC) ordered Iraq to pay a compensation to Turkey," the ministry said, without revealing the amount of compensation. "This case is in fact a reflection of disagreement between Iraq's central government and Iraq's Kurdish Regional Administration," the Turkish ministry said.
☆ Analysis: Iraq's ambition to match Saudi oil output is out of reach
  + stars: | 2023-03-27 | by ( Rowena Edwards Maha El Dahan Ahmed Rasheed | Rowena Edwards | Maha El Dahan | ) www.reuters.com   time to read: +6 min
Iraq's Oil Minister Hayan Abdel-Ghani, who took office in October, plans to update Iraq's oil production strategies to meet local needs while complying with the OPEC+ agreement, oil ministry spokesman Asim Jihad told Reuters. It is too early for the new government to talk about any significant increases in Iraq's oil production outside the OPEC+ agreement, Jihad said. 'HARD, IF NOT IMPOSSIBLE'For the oil sector, the country has repeatedly delayed a target to reach 7-8 million bpd capacity, from the current 5 million bpd. The beneficiaries were not the international oil companies, but UAE firm Crescent Petroleum and two Chinese companies. Iraq's oil minister this month revived seven investment opportunities in Iraq's refining sector.
☆ Iraq says OPEC+ decisions are based on economic indicators, taken unanimously
  + stars: | 2022-10-16 | by ( ) www.reuters.com   time to read: 1 min
Oct 16 (Reuters) - Iraq's Oil Marketing Company (SOMO) said on Sunday that OPEC+ decisions are based on economic indicators and are taken unanimously. "There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the future the guidance it needs," SOMO said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nayera Abdallah and Yasmin HussinOur Standards: The Thomson Reuters Trust Principles.
☆ Oil rises 2% from multi-month lows on U.S. Gulf output cuts, supply outlook
  + stars: | 2022-09-28 | by ( Laila Kearney | ) www.reuters.com   time to read: +3 min
The outages may only provide a momentary reprieve for oil prices, said Bob Yawger of Mizuho in New York. After shutting some its offshore crude production, BP Plc (BP.L) said the storm didn't pose a threat to its Gulf of Mexico assets and it was redeploying workers to oil platforms. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse. U.S. crude oil in storage rose by about 4.2 million barrels for the week ended Sept. 23, according to market sources citing American Petroleum Institute figures on Tuesday.
☆ Oil up $2 a barrel from multi-month low on U.S. Gulf supply cuts, softer dollar
  + stars: | 2022-09-27 | by ( Laila Kearney | ) www.reuters.com   time to read: +3 min
An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. BP and Chevron said on Monday they had shut production at offshore platforms in the Gulf of Mexico as Hurricane Ian approached. read moreThe outages may only provide a momentary reprieve for oil prices, Jim Ritterbusch, of Ritterbusch and Associates, said in a note. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse.
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