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☆ Oil slips on dollar's strength from U.S. jobs data
▼ + stars: | 2024-06-10 | by ( ) www.cnbc.com time to read: +3 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday. On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dollar to rally. In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. Last week, U.S. energy firms cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said on Friday.

Persons: Emmanuel Macron, Le, Tony Sycamore, Sycamore, Brent, WTI, FGE, Washington, Baker Hughes, Hayan Abdel, Ghani Organizations: Brent, . West Texas, greenback, European Union, IG, U.S . Federal Reserve, Bank of Japan, Organization of, Petroleum, bbl, Strategic Petroleum Reserve, Iraq's Oil Locations: Bakersfield, California, U.S, European, Sydney, OPEC, Kurdistan, Iraq, Turkey

☆ Iraq expects deal to resume Kurdistan oil output within three days
▼ + stars: | 2023-11-12 | by ( Ahmed Rasheed | ) www.reuters.com time to read: +2 min

Iraq's oil minister, Hayan Abdel-Ghani, speaks during a press conference at Iraq's Majnoon oil field near Basra, Iraq, May 12, 2023. REUTERS/Essam Al-Sudani/File Photo Acquire Licensing RightsSummaryCompanies Iraq reached understanding with Turkey on oil exportsBaghdad seeks deal to adjust KRG oil contractsBAGHDAD, Nov 12 (Reuters) - Iraqi oil minister Hayan Abdel-Ghani expects to reach an agreement with the Kurdistan Regional Government (KRG) and foreign oil companies to resume oil production from the Kurdish region’s oilfields within three days, he said on Sunday. Abdel-Ghani and top federal oil officials on Sunday started meetings with the KRG's ministry of natural resources and senior Kurdish energy officials to discuss the matter. "The purpose of this meeting is to resolve all issues to facilitate resumption of oil production and exports," Abdel-Ghani told reporters in Erbil. APIKUR's members include international oil and gas companies that have a direct or indirect interest in upstream oil or gas contracts in Iraq's Kurdistan region, many of which have had to stop output because of the pipeline closure.

Persons: Hayan Abdel, Ghani, Essam, Abdel, Ahmed Rasheed, William Maclean, David Goodman Organizations: REUTERS, Kurdistan Regional Government, of Commerce, ICC, Association of, Petroleum Industry, Thomson Locations: Basra, Iraq, Turkey, Baghdad, BAGHDAD, Kurdish, Erbil, Iraq's, Kurdistan, Ankara, Iraq's Kurdistan

☆ Iraq, UAE's Crescent launch deals to develop three oil and gas fields
▼ + stars: | 2023-10-15 | by ( Ahmed Rasheed | ) www.reuters.com time to read: +1 min

BAGHDAD, Oct 15 (Reuters) - Iraq has launched three energy contracts with UAE-based Crescent Petroleum to develop three oil and gas fields in Iraq, the oil ministry said on Sunday. United Arab Emirates-based Crescent Petroleum signed in February three 20-year contracts to develop oil and natural gas fields in Iraq's Basra and Diyala provinces in northeastern Baghdad. The Crescent Petroleum contracts are expected to begin producing 400 million standard cubic feet per day of natural gas within 18 months, the oil ministry statement quoted Iraq's oil minister Hayan Abdel-Ghani as saying. Abdel-Ghani, who attended the launch at the oil ministry headquarters in Baghdad, said starting operations by Crescent Petroleum will help Iraq to stop gas flaring and use the processed gas to generate electricity. The OPEC producer relies heavily on Iranian gas imports to feed its power grid.

Persons: Hayan Abdel, Ghani, Abdel, Ahmed Rasheed, Louise Heavens Organizations: UAE, Crescent Petroleum, Sunday, United, Thomson Locations: BAGHDAD, Iraq, United Arab Emirates, Basra, Diyala, Baghdad, OPEC, United States

☆ Oil dips on possible easing of tight supply, China woes hurt demand outlook
▼ + stars: | 2023-08-22 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

"Crude oil struggled to keep its head above water on signs of supply tightness easing," said Brian Martin and Daniel Hynes, analysts from ANZ Bank in a note to clients. Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Meanwhile, gloom over the economic outlook in China, the world's second biggest oil consumer, continued to pressure oil prices and heighten worries about fuel demand. Putting a floor to oil prices, U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods.

Persons: Lucy Nicholson, Brent, Brian Martin, Daniel Hynes, Hayan Abdel, Ghani, Muyu Xu, Katya Golubkova, Shri Navaratnam Organizations: REUTERS, Rights, . West Texas, ANZ Bank, Reuters, International Chamber of Commerce, of, Petroleum, Eurasia Group, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, Fed, Thomson Locations: Bakersfield , California, OPEC, Turkish, Ankara, Turkey, Iraq, China, Beijing, Eurasia, Singapore, Tokyo

☆ Iraq oil minister in Turkey to discuss resuming northern oil exports -sources
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, Aug 21 (Reuters) - Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq's northern oil exports via Turkey's Ceyhan port, said an oil official. Turkey halted Iraq's 450,000 barrels per day (bpd) of exports through the northern Iraq-Turkey pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC). Turkey wants to negotiate regarding the size of damages it was ordered to pay in the arbitration ruling and also seeks clarification on other open arbitration cases. "Iraq's oil minister is in Turkey to discuss obstacles delaying the resumption of oil exports and how to resolve lingering issues," said an oil ministry official who is close to the Iraqi northern oil exports operations.

Persons: Hayan Abdel, Ghani, Ahmed Rasheed, Ahmed Elimam, Susan Fenton, David Gregorio Our Organizations: Reuters, International Chamber of Commerce, Chamber of Commerce, ICC, Kurdistan Regional Government, Thomson Locations: BAGHDAD, Turkish, Ankara, Turkey, Iraq, Paris, Iraqi Kurdistan, Baghdad, Ceyhan, Kurdistan

☆ Iraq, TotalEnergies sign massive oil, gas, renewables deal
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BAGHDAD, July 10 (Reuters) - Iraq and French oil major TotalEnergies (TTEF.PA) on Monday signed a long-delayed $27 billion energy deal that aims to increase oil production and boost the country's capacity to produce energy with four oil, gas and renewables projects. TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne calling it a "historic day". "I hope that this will be a strong signal to other investors to come to Iraq," Pouyanne said. Exxon Mobil, Shell and BP have all scaled back their operations in Iraq in recent years, contributing to a stagnation in oil production. Iraq's oil production capacity has remained at around 5 million barrels per day in recent years.

Persons: TotalEnergies, QatarEnergy, Patrick Pouyanne, Hayan Abdel, Ghani, we'll, Abdel, Pouyanne, Maher Nazeh, Nadine Awadalla, Timour, Louise Heavens, Jason Neely, Christina Fincher Organizations: Monday, Exxon Mobil, Shell, BP, Thomson Locations: BAGHDAD, Iraq, Baghdad, Basra, Saudi, U.S, Saudi Arabia, Dubai

Three OPEC+ sources told Reuters on Friday cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices. "There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.

Persons: Leonhard, Russia's Novak, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Alexander Novak, Novak, Edward Moya, OANDA, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes Organizations: Austrian, REUTERS, LONDON, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, Russia, Ukraine, China, India, Russian

Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session. The three sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically production cuts take effect the month after they are agreed, but ministers could also agree a later implementation. Two OPEC sources said the ministers could also discuss new production baselines from which each member performs cuts.

Persons: Leonhard, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Frances Kerry, Christina Fincher Organizations: Austrian, REUTERS, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, VIENNA, Russia, Ukraine, China, India, West, Nigeria, Angola, UAE

Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April. Earlier, two OPEC+ sources said they did not expect the group to agree further cuts. "We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market," Iraq's Oil Minister Hayan Abdel-Ghani said on arriving in Vienna. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Persons: JP Morgan, Hayan Abdel, Ghani, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Kirsten Donovan, Barbara Lewis, Marguerita Choy Organizations: OPEC, Reuters, Organization of, Petroleum, Brent, Saudi Arabia's Energy, International Energy Agency, JP, Rapidan Energy Group, Thomson Locations: Saudi, VIENNA, Russia, OPEC, Vienna, Russian

☆ Factbox: What have OPEC+ producers said ahead of June oil policy meeting?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

LONDON, May 30 (Reuters) - Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend. Russian Deputy Prime Minister Alexander Novak said on Thursday he expected no new steps from OPEC+ in Vienna, Russian media reported. Novak later added in a statement that OPEC+ would make a decision on what is best for the oil market. Three sources with knowledge of current Russian thinking told Reuters last week Russia is leaning towards leaving oil production volumes unchanged. IRANIranian President Ebrahim Raisi told the secretary general of OPEC on Saturday that he hopes oil producers can calm the market, calling for the unity of OPEC members, Iranian media reported.

☆ Oil prices rise as tight supplies compete with economic concerns
▼ + stars: | 2023-05-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Still, global crude supplies could tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - is making additional output cuts that are reducing sour crude volumes. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani. Meanwhile, flows of northern Iraqi crude oil to Turkey's Ceyhan port have yet to resume following Baghdad's request to restart them last week, industry sources said on Monday, helping keep global supplies tight. The tightening of sanctions will also seek to undermine Russia's future energy production and curb trade that supports the Russian military, the people said.

SINGAPORE, May 15 (Reuters) - Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, said its oil minister, Hayan Abdel-Ghani. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Oil falls as economic concerns offset prospect of tighter supplies
▼ + stars: | 2023-05-15 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, May 15 (Reuters) - Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%. Investors will scour China's slew of economic data on industrial output, fixed assets investment, and retail sales in the week ahead for signs of oil demand improvement, she added. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Oil prices fall on stronger dollar, demand fears
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +3 min

Oil prices settled more than 1% lower on Friday, falling for the third consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China. "Lack of confidence in the economy is translating to a retreat to the safer dollar, and is also causing pessimism about oil demand," said John Kilduff, partner at Again Capital LLC in New York. Meanwhile, China's April consumer price data rose at a slower pace than in March, missing expectations, while deepening factory gate deflation refocused doubts about its recovery from COVID restrictions driving oil demand growth. U.S. oil rigs fell by two to 586 this week, their lowest since June 2022, while gas rigs plunged by 16 to 141, their lowest April last year. The Organization of the Petroleum Exporting Countries (OPEC) kept its global oil demand forecast for 2023 unchanged on Thursday, expecting economic risks to be offset by higher Chinese demand growth.

Companies TotalEnergies SE FollowBAGHDAD, May 3 (Reuters) - Iraq and TotalEnergies (TTEF.PA) expect to kick-start a long-delayed $27 billion project within the next two weeks, Iraq's oil minister Hayan Abdel-Ghani said on Wednesday. Abdel-Ghani said at a conference in Baghdad he expected five side agreements related to the deal to be signed in the next two weeks, paving the way for implementation to commence. Chief Executive Patrick Pouyanne said last week the two sides had reached an agreement on Iraq's stake in the project. "I think (it) is a good setup with our finalising of all the paperwork," Pouyanne said on TotalEnergies' first-quarter results call last week. "The government of Iraq confirmed the whole contract, no modification at all ... so that was for me more than a good news," Pouyanne said.

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 in final stages of talks on $27 billion TotalEnergies deal, says minister
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - Talks between French oil major TotalEnergies(TTEF.PA) and Iraq to resolve sticking points in a long-delayed $27 billion energy deal "have reached advanced stages", Iraqi oil minister Hayan Abdel-Ghani said on Sunday. "We will activate the deal very soon," Abdel-Ghani said at an energy event. Iraq's demand for a 40% share in the project is a key sticking point while TotalEnergies wants a majority stake, sources told Reuters. "We obliged some oil companies operating in the south to cut production to come in line with OPEC+'s agreed rates," he added. Reporting by Moayed Kenany Writing by Ahmed Rasheed and Hatem Maher Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Iraqi oil minister says OPEC members committed to agreed production rates
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Dec 3 (Reuters) - Iraqi oil minister Hayan Abdel-Ghani affirmed OPEC members are committed to the agreed production rates till the end of 2023, ministry statement said in a statement on Saturday. Abdel-Ghani made these remarks during a ministerial meeting of the member states of the Organization of the Petroleum Exporting Countries (OPEC) via video conference. Reporting by Enas Alashray and Yomna Ehab; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi, Iraqi energy ministers meet, review oil markets
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Nov 25 (Reuters) - The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. Iraq's energy minister Hayan Abdel-Ghani met Saudi energy minister Prince Abdulaziz bin Salman on a visit to the kingdom which began on Wednesday. In its last meeting on Oct. 5 an output cut of 2 million barrels a day was agreed. Prince Abdulaziz said earlier this week the group remains ready to take further measures if needed to balance supply and demand. Reporting By Maha El Dahan, Writing by Moaz Abd-Alaziz; Editing by Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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