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A massive earthquake that struck Turkey and Syria early on Monday had halted operations at Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan. A trading source said the vessel was given the all clear to load Iraqi oil from storage. While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri BTC pipeline was however still working and sending oil to storage in Ceyhan, two sources said. The Alfa Baltica and the Nordlotus tankers were waiting in the area for the Azeri crude BTC terminal at Ceyhan to reopen.

☆ Shipping containers ablaze at Turkey's Iskenderun Port, operations halted
▼ + stars: | 2023-02-07 | by ( Antony Paone | ) www.reuters.com time to read: +3 min

ISKENDERUN, Turkey, Feb 7 (Reuters) - Hundreds of shipping containers were ablaze at Turkey's Iskenderun Port on Tuesday, shutting down operations and forcing freight liners to divert vessels to other ports. Leading global container shipping group AP Moller Maersk said there had been significant damage to logistics and transport infrastructure around the earthquake epicentre, including at the Port of Iskenderun. We are currently planning to divert containers to nearby hubs within operational feasibility or hold at transhipment ports - including Port of Mersin (in Turkey) and Port Said (in Egypt)," it said. [1/3] Smoke rises from burning containers at the port in the earthquake-stricken town of Iskenderun, Turkey, February 7, 2023. German container shipping line Hapag Lloyd said it was taking shipments from Mersin given the closure of Iskenderun.

☆ Iraq to discuss with U.S. how to pay Russian energy firms, Iraqi foreign minister says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BAGHDAD, Feb 6 (Reuters) - Iraq will discuss with Washington this week how to pay dues owed to Russian oil companies despite sanctions, Foreign Minister Fuad Hussein said on Monday. There are sanctions in place that should not be imposed on the Iraqi side because the cooperation with Russian companies is ongoing and there are active Russian companies in Iraq," Hussein said during a news conference with visiting Russian Foreign Minister Sergei Lavrov in Baghdad. Russian investments in Iraq are believed to be worth more than $10 billion, mostly in the oil industry. Huessin said that one of the main issues he and Lavrov talked about was how to pay bills owed to Russian energy companies such as Lukoil and Gazprom that do business in Iraq even though Russia is under international sanctions. Hussein stated during a joint press conference with Lavrov that Iraq is calling for peaceful solutions and encouraging dialogue between Russia and Ukraine to end the war.

☆ Russia's Lavrov visits Baghdad to discuss bilateral relations, energy cooperation: Iraqi statement
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

BAGHDAD, Feb 5 (Reuters) - Russian Foreign Minister Sergei Lavrov will arrive in Baghdad on Sunday to discuss boosting bilateral relations and energy cooperation, Iraqi Foreign Ministry spokesman said in a statement. Lavrov, who is leading a delegation that includes oil and gas companies' representatives, is scheduled to meet his Iraqi counterpart Fuad Hussein on Monday, Ahmed Al-Sahhaf said in a statement. Sahhaf said the visit will focus on "strategic relations with Russia and to encourage investment opportunities, especially in relating to energy sectors". The Russian foreign minister will also meet on Monday Iraqi top officials, including Prime Minister Mohammed al-Sudani, President Abdul Latif Rashid and parliament speaker, Sahhaf said. Reporting by Ahmed Rasheed; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ The Western-made tanks heading to Ukraine are unique — but that creates unique problems for Ukraine's military
▼ + stars: | 2023-02-02 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

While most modern tanks run on diesel, the Abrams uses a Honeywell 1,500-horsepower gas-turbine engine that functions best when burning JP-8 jet fuel. Challenger tanks were credited with destroying 300 Iraqi tanks. When Turkish Leopard 2s battled ISIS fighters in Syria in 2016, the results were less than impressive. Leopard manufacturer Rheinmetall has 22 Leopard 2s and 88 older Leopard 1s in its inventory, but those can't be made battle-ready until at least 2024. What matters is how many Ukraine will receive — 31 Abrams and 14 Challenger 2s are not a lot — and how Ukraine's military uses them.

Brent crude futures were down $2.6, or 3.5%, at $82.50 a barrel by 12:50 p.m. West Texas Intermediate (WTI) U.S. crude futures fell $2.67, or 3.4% to $76.20. U.S. crude oil and fuel inventories rose last week to their highest levels since June 2021, the Energy Information Administration said, as demand remained weak. "The market is reacting to the report that indicates there isn't demand for crude oil or fuels," said John Kilduff, partner at Again Capital LLC in New York. Elsewhere, Russia's Deputy Prime Minister said he expected oil demand to rise on the back of Chinese economic activity.

LONDON, Feb 1 (Reuters) - Oil prices ticked up as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures rose 45 cents, or 0.5%, to $85.91 a barrel at 1215 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 62 cents, or 0.8%, to $79.49 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Feb 1 (Reuters) - Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

Feb 1 (Reuters) - Oil prices rose on Wednesday as signs of slowing inflation in the United States eased fears that the world's largest oil user may face a recession because of further interest rate hikes and a weaker dollar supported some buying interest. U.S. West Texas Intermediate (WTI) crude futures rose 42 cents, or 0.5%, to $79.29 a barrel. Tamer rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies. Upgraded global growth forecasts by the IMF and the expectation of strong pent-up demand from China amid higher mobility are also underpinning oil prices, Sachdeva added. Distillate stocks, which include diesel and heating oil, rose by about 1.5 million barrels, contrary to analysts' expectations of a 1.3 million barrel drop.

☆ Oil rises as U.S. recession fears ease and dollar slips
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world's largest oil user may face a recession because of further interest rate hikes. Tamer rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies. OPEC oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below the group's targeted volumes under the OPEC+ agreement, a Reuters survey found. That was a bigger build than the 400,000 barrels that analysts polled by Reuters had expected on average. Distillate stocks, which include diesel and heating oil, rose by about 1.5 million barrels, contrary to analysts' expectations of a 1.3 million barrel drop.

☆ Turkey's push into Iraq risks deeper conflict
▼ + stars: | 2023-01-31 | by ( Amina Ismail | ) www.reuters.com time to read: +9 min

REUTERS/Amina IsmailSARARO, Iraq, Jan 31 (Reuters) - Looming over the deserted village of Sararo in northern Iraq, three Turkish military outposts break the skyline, part of an incursion that forced the residents to flee last year after days of shelling. Turkey's advances across the increasingly depopulated border of Iraqi Kurdistan attract little global attention compared to its incursions into Syria or the battle against Islamic State, but the escalation risks further destabilising a region where foreign powers have intervened with impunity, analysts say. EMPTY VILLAGESA Kurdish official, who declined to be named, also said Turkey now had about 80 outposts in Iraq. NEW TARGETSBeyond the humanitarian impact, Turkey's incursion risks widening the conflict by giving carte blanche to regional rival Iran to step up intelligence operations inside Iraq and take its own military action, Kurdish officials say. According to a Washington Institute report, attacks on Turkish military facilities in Iraq increased from an average of 1.5 strikes per month at the start of 2022 to seven in April.

☆ Saudi Arabia may lower crude prices to Asia for 4th straight month
▼ + stars: | 2023-01-30 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

The European Union is set to ban Russian oil products imports from Feb. 5, which is expected to curb Russia's oil processing and lead to more crude oil exports. Saudi crude OSPs set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million barrels per day (bpd) of crude bound for Asia. Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs. Below are expected Saudi prices for March (in $/bbl against the Oman/Dubai average):Reporting by Muyu Xu; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ UAE museum unveils Torah scroll that survived the Holocaust in tolerance push
▼ + stars: | 2023-01-29 | by ( Bushra Shakhshir | ) www.reuters.com time to read: +3 min

[1/6] Visitors attend an event commemorating the Holocaust, in which a 16th century Torah scroll that survived the Holocaust was officially unveiled, at Crossroad of Civilizations Museum, in Dubai, United Arab Emirates, January 28, 2023. Ahmed Obaid Al Mansoori, founder of the Crossroads of Civilizations Museum in Dubai's historic district, said the display, unveiled for International Holocaust Remembrance Day would help combat "big denial" of the Holocaust in the region. The scroll is on permanent loan to the museum from the Memorial Scrolls Trust, which looks after more than 1,000 Czech scrolls saved from the Holocaust and later sent to London. "I lived in the Arab world when I was young, and the term Holocaust does not exist ... Reporting by Bushra Shakhshir and Abdel Hadi Ramahi; Writing by Ghaida Ghantous Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

DUBAI/LONDON, Jan 25 (Reuters) - Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. The TotalEnergies deal with Iraq, which will require an initial investment of $10 billion, followed a visit from French President Emmanuel Macron in September 2021. Sources told Reuters last year that disputes over terms had risked scrapping the project. A senior Iraqi oil ministry official said he was not aware of QatarEnergy plans to acquire a stake in the TotalEnergies' project. One of the sources told Reuters Sudani would also meet TotalEnergies Chief Executive Officer Patrick Pouyanne in a bid to end the deadlock.

☆ Hundreds protest in Baghdad over Iraqi dinar's slide
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, Jan 25 (Reuters) - Hundreds of people demonstrated near central bank headquarters in Baghdad on Wednesday to protest at the recent slide of the Iraqi dinar against the dollar that has triggered a rise in prices of imported consumer goods. Hundreds from different Iraqi regions waved Iraqi flags or carried banners demanding government intervention to stop the dinar's decline to around 1,620 to the greenback from 1,470 in November. Under the curbs that took effect this month, Iraqi banks must use an online platform to reveal their transaction details. [1/2] Police officers gather as Iraqi protesters demonstrate against the dinar's slide in value against the U.S. dollar, near the central bank in Baghdad, Iraq January 25, 2023. Dozens of anti-riot policemen were deployed around the central bank building and surrounding streets but no clashes or arrests were reported.

☆ Iraq’s Prime Minister Dismisses Central Bank Governor Amid Currency Drop
▼ + stars: | 2023-01-23 | by ( Ghassan Adnan | ) www.wsj.com time to read: 1 min

BAGHDAD—Iraqi Prime Minister Mohammed al-Sudani has dismissed the country’s central bank governor amid growing anger over the weakening of the local currency in recent weeks that has caused the price of food and imports to rise. Mr. Sudani said Monday he decided to replace the governor, Mustafa Ghaleb Mukheef, who requested to be relieved of the post he has held since 2020. The prime minister named Muhsen al-Allaq as the new central bank governor, according to the state-backed Iraqi News Agency. Mr. Allaq previously served in that role between 2014 and 2020.

☆ Analysis: Iraqi PM walks diplomatic tightrope in crackdown on dollars smuggled to Iran
▼ + stars: | 2023-01-23 | by ( Ahmed Rasheed | ) www.reuters.com time to read: +6 min

The New York Federal Reserve introduced tighter controls on international dollar transactions by commercial Iraqi banks in November. "Americans are using the dollar transfer rigid restrictions as warning messages to Prime Minister Sudani to stay tuned with the American interests. The new system has slowed down dollar transactions, said Nabil al-Marsoumi, economics professor at Basra University. Meanwhile the price of consumer goods has increased and the Iraqi currency has taken a beating. The Iraqi prime minister replaced the central bank governor after the slide in the dinar, the state news agency said on Monday.

☆ Deadly stampede overshadows rare soccer joy in Iraq
▼ + stars: | 2023-01-20 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

Iraq won the men's soccer Gulf Cup for the first time since 1988 with a 3-2 victory over Oman on Thursday, but the triumph was marred by a deadly stampede outside the Basra International Stadium. Witnesses blamed the deadly incident on what they said was bad organization of the tournament. The deadly incident happened in the southern city of Basra as spectators gathered to attend the final match in the first international soccer tournament held in Iraq in four decades. The official Iraqi News Agency said some of the 60 people who were injured outside the Basra International Stadium were in critical condition. He arrived in Basra from the southern Iraqi city of Najaf three days ago to attend the final match and was not able to enter.

☆ Forget Google Maps: Why Paper Map Sales Are Booming
▼ + stars: | 2023-01-20 | by ( Kate Morgan | ) www.wsj.com time to read: 1 min

GET LOST The Map Shop, in Charlotte, N.C., sells a wide variety of unique geographic charts. This one shows all the rivers in the U.S., with each color representing a different river basin. IN THE 1880s, Iraqi archaeologist Hormuzd Rassam found a small carved tablet with an image of Babylon at its center, surrounded by a vast salt sea. Historians consider this tablet, roughly 2,500 years old, the earliest existing map of the world. Even “modern” maps look quaint today, when apps like Google Maps put practically every intersection in the world a click away.

☆ Iraq Economy Reels as U.S. Moves Against Money Flows to Iran
▼ + stars: | 2023-01-19 | by ( David S. Cloud | ) www.wsj.com time to read: 1 min

Iraq’s currency has fallen as much as 10% against the dollar as controls have been implemented on the U.S. currency. BAGHDAD—Iraqis are blaming an unexpected culprit for a weakening currency that has caused the price of food and imported goods to rise: a little-noticed policy change by the U.S. Treasury and the Federal Reserve Bank of New York. The New York Fed began enforcing tighter controls on international dollar transactions by commercial Iraqi banks in November, in a move to curtail money laundering and the illegal siphoning of dollars to Iran and other heavily sanctioned Middle East countries, U.S. and Iraqi officials said.

DAVOS, Switzerland, Jan 17 (Reuters) - A long-running dispute on oil revenue-sharing between Iraq's national government and the semi-autonomous Kurdistan region may be resolved within months with agreement on a hydrocarbons law, Iraqi Kurdish Prime Minister Masrour Barzani said on Tuesday. Agreement on regular budget payments from Baghdad would help authorities in the Kurdish Regional Government resolve payment delays to international oil companies in the region, as well as easing a backlog in salary payments for KRG employees. Asked about the timing for agreement on the hydrocarbon law, Barzani said it should be within months. Under the Iraqi constitution, the KRG is entitled to a portion of the national budget. The standoff has affected the KRG's ability to pay international oil companies (IOCs) operating on its territory and to pay thousands of local employees.

☆ U.S. fines Virgin Atlantic $1.05 million for flying over Iraq
▼ + stars: | 2023-01-17 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 17 (Reuters) - The U.S. Transportation Department (USDOT) said Tuesday it had fined Virgin Atlantic $1.05 million for flying in restricted airspace over Iraq on numerous occasions. Virgin Atlantic said Tuesday that "as soon as we were made aware of this compliance issue by the DOT, our code share flight routings were immediately corrected." At the time, other foreign governments permitted flying over Iraqi airspace at high altitudes, with numerous flights over Iraq daily. Virgin Atlantic must pay $525,000 in three installments while the remaining $525,000 is payable only if Virgin Atlantic violates the order’s cease and desist or payment provisions. USDOT said Virgin Atlantic had told the agency the "prohibited overflights were inadvertent, caused by operational disruptions and loss of personnel due to the COVID-19 pandemic."

☆ Iraqi Prime Minister Supports Indefinite U.S. Troop Presence
▼ + stars: | 2023-01-15 | by ( David S. Cloud | Michael Amon | ) www.wsj.com time to read: 1 min

BAGHDAD—Iraqi Prime Minister Mohammed al-Sudani defended the presence of U.S. troops in his country and set no timetable for their withdrawal, signaling a less confrontational posture toward Washington early in his term than his Iran-backed political allies have taken. “We think that we need the foreign forces,” Mr. Sudani said in his first U.S. interview since taking office in October, referring to the American and North Atlantic Treaty Organization troop contingents that train and assist Iraqi units in countering Islamic State but largely stay out of combat. “Elimination of ISIS needs some more time,” he added.

☆ Iraqi PM supports indefinite U.S. troop presence, Wall Street Journal reports
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

Jan 15 (Reuters) - Iraqi Prime Minister Mohammed al-Sudani defended the presence of U.S. troops in his country and set no timetable for their withdrawal, in an interview with the Wall Street Journal published on Sunday. Referring to the U.S. and NATO troop contingents that train and assist Iraqi units in countering Islamic State but largely stay out of combat, Sudani said that the foreign forces are still needed. "Elimination of ISIS needs some more time," he said in the interview. "I don’t see this as an impossible matter, to see Iraq have a good relationship with Iran and the U.S.," Sudani told the newspaper. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ The UK says sending Challenger 2 tanks to Ukraine is a potential 'game changer' in the war. This is how they could impact the conflict.
▼ + stars: | 2023-01-14 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +6 min

The UK confirmed it will send a small number of Challenger 2 tanks to Ukraine. The powerful tank would easily outmatch any Russian battle tanks, an expert told Insider. Representatives for Poland said on Wednesday that the country plans to transfer Leopard tanks to Ukraine, but needs Berlin's permission to re-export them. The Challenger 2 is far superior to Russia's battle tanksThe powerful Challenger 2 tanks would easily outmatch Russia's battle tanks, mainly the Soviet-era T-72s, Crump said. In the first Gulf War in 1991, a British Challenger tank scored the longest tank-on-tank kill ever, according to reports, after knocking out an Iraqi tank three miles away.

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