DIRS.INFO The most relevant business & tech news

☆ A shadow ‘financial crisis’ has cost the world $2 trillion
▼ + stars: | 2024-11-10 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

That’s a lot of damage – but it’s only a small fraction of what climate change has cost people around the world. A new report is flashing a warning signal about climate change and natural disasters, finding that their total economic damage has skyrocketed into the trillions. “Just as the global financial crisis was met with a swift and concerted response from world leaders, we need governments to understand that the economic impact of climate change necessitates a response of similar speed and decisiveness,” said John W.H. Trump has promised to undo climate regulations in the country, including rolling back pollution limits on tailpipes and power plants. Separate data released last week by Europe’s Copernicus Climate Change Service confirms that the world will likely surpass a grim milestone this year: 2024 is likely to be the hottest year on record.

Persons: Hurricane Helene, Hurricane, ”, John W.H, Denton AO, Donald Trump, Trump, ” Denton, Europe’s Copernicus Organizations: CNN, International Chamber of Commerce, United Nations, ICC Locations: Hurricane, Hurricane Milton, CoreLogic, Azerbaijan, Paris

☆ Tiffany Haddish defends Zimbabwe grocery store TikTok video after backlash
▼ + stars: | 2024-07-30 | by ( Amarachi Orie | Nimi Princewill | ) edition.cnn.com time to read: +3 min

CNN —Tiffany Haddish has responded to a backlash over a video she posted on TikTok in which she excitedly showed the folk back home that there are grocery stores in Zimbabwe. So, I’m out here in Zimbabwe in Harare and look at the grocery store. They got a grocery store. A screengrab taken from a TikTok video of Tiffany Haddish in a Zimbabwe grocery story. Believe it, believe it, believe it, believe it.

Persons: CNN — Tiffany Haddish, ” Haddish, Tiffany Haddish, “ Aw, “, “ Tiffany Haddish, Haddish, “ Tiffany, Mhako, Tiffany Haddish’s, ” Mhako Organizations: CNN, Zimbabwe National Chamber of Commerce, Boston Consulting Group Locations: Zimbabwe, Harare, Africa, ”

☆ Exxon CEO says dispute with Chevron over Hess Guyana oil assets could drag into 2025
▼ + stars: | 2024-05-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Darren Woods, chairman and chief executive officer of Exxon Mobil Corp, speaks during the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. Exxon CEO Darren Woods said Monday that the dispute with Chevron over Hess Corporation 's oil assets in Guyana likely will not be resolved until 2025. "This is an important arbitration obviously not only for Exxon Mobil but for Chevron and Hess," Woods said. Exxon is claiming a right of first refusal on Hess' assets in Guyana under a joint operating agreement that governs a consortium that is developing the South American nation's prolific oil resources. The CEO has repeatedly expressed confidence that Exxon will prevail in the dispute, saying the company wrote the agreement that governs the consortium.

Persons: Darren Woods, Woods, CNBC's David Faber, Hess Organizations: Exxon Mobil Corp, P Global, Exxon, Chevron, Hess Corporation, Milken Institute's Global Conference, Exxon Mobil, Hess, International Chamber of Commerce Locations: Houston , Texas, Guyana, Los Angeles, Paris

☆ Exxon is not trying to acquire Hess in dispute with Chevron over Guyana oil assets, CEO says
▼ + stars: | 2024-03-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

When asked directly, Woods told the CERAWeek by S&P Global energy conference that acquiring Hess is not one of Exxon's objectives in the dispute with Chevron. HOUSTON — Exxon is not trying to acquire Hess as the oil major battles with Chevron over lucrative oil assets in Guyana, CEO Darren Woods said Monday. Exxon is claiming a right of first refusal over Hess' Guyana assets under a joint operating agreement that governs the Stabroek oil block, which is estimated to have 11 billion barrels of oil and gas. Woods said Exxon is also trying to find out how much value Chevron's deal is placing on Hess' Guyana assets. Exxon wrote the joint operating agreement that governs the Stabroek block, Woods said.

Persons: Woods, Hess, Darren Woods, CNBC's Organizations: Global, Chevron, Exxon, HOUSTON, Offshore Oil Corporation, International Chamber of Commerce Locations: Guyana, China, Paris, CERAWeek

☆ Exxon could make a bid for Hess' oil assets in Guyana if Chevron deal terminates
▼ + stars: | 2024-03-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Exxon Mobil indicated Wednesday it could make a bid for Hess' oil assets in Guyana if the company's merger agreement with Chevron fails due to a dispute over pre-emption rights. Exxon filed for arbitration at the International Chamber of Commerce in Paris Wednesday morning to adjudicate the dispute with Chevron over Hess' Guyana assets, Exxon senior vice president Neil Chapman said during an interview at a Morgan Stanley event. "We are extremely confident in our position that pre-emption rights exist in this contract, and we fully intend on ensuring that we preserve those pre-emption rights," Chapman said. Chevron entered an agreement in October to purchase Hess for $53 billion, in a play to gain a foothold in Guyana's massive offshore oil assets. The oil major has said Exxon's pre-emption rights under the joint operating agreement do not apply to its pending merger with Hess.

Persons: Hess, Neil Chapman, Morgan Stanley, Chapman Organizations: Exxon Mobil, Chevron, Exxon, International Chamber of Commerce, Hess Locations: Guyana, Paris, Hess

MEXICO CITY (AP) — The Mexican government sent 25,000 troops to Acapulco after the resort was hit by Hurricane Otis on Oct. 25, but apparently that hasn’t stopped the violence this week. The main Acapulco business chamber reported that gang threats and attacks have caused about 90% of the city’s passenger vans to stop running, affecting the resort’s main form of transport. The chamber said the violence was forcing businesses to close early on Thursday and Friday. The government has pledged to build about three dozen barracks for the quasi-military National Guard in Acapulco. But even with throngs of troops now on the streets, the drug gang violence that has beset Acapulco for almost two decades appears to have continued.

Persons: Hurricane Otis, hasn’t, “, ”, Alejandro Martínez Sidney, Sidney Organizations: MEXICO CITY, National Chamber of Commerce, Tourism Services, Local, National Guard Locations: MEXICO, Acapulco

☆ Italy's Eni wins in arbitration case against Uniper -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/File Photo Acquire Licensing RightsLONDON/MILAN/FRANKFURT, Nov 27 (Reuters) - Eni has won a $600-million award after an arbitration court decided in the Italian firm's favour and against Germany's Uniper in a row over a liquefied natural gas (LNG) supply contract, three trading sources said. The 2017 annual report by the International Group of LNG Importers (GIIGNL) showed a 15-year contract under which Eni supplied Uniper with 0.65 million tonnes of LNG per annum between 2007 and 2022. Eni was not immediately available for comment. ($1 = 0.9168 euros)Reporting by Marwa Rashad, Francesca Landini and Christoph Steitz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Alessandro Bianchi, Germany's, Uniper, Eni, Marwa Rashad, Francesca Landini, Christoph Steitz, Miranda Murray Organizations: Eni, REUTERS, Sunday, International Chamber of Commerce, E.ON, International Group, Thomson Locations: Rome, Italy, MILAN, FRANKFURT

☆ This is what the largest-ever seizure of counterfeit shoes, bags, and other luxury items looks like
▼ + stars: | 2023-11-16 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +2 min

Authorities in New York recently announced the largest-ever seizure of counterfeit goods in the US. The 219,000 counterfeit items seized included 219,000 bags, clothes, shoes, and other luxury products. AdvertisementFederal authorities in New York City just made the largest-ever seizure of counterfeit goods — worth an estimated $1.03 billion. Boxes full of counterfeit goods were seized from the storage facility. AdvertisementPhotos released by authorities show boxes upon boxes full of counterfeit goods, as well as units with floor to ceiling shelves absolutely overflowing with counterfeit luxury handbags, shoes, wallets, clothing, sunglasses, and more.

Persons: —, it's Organizations: Service, Southern, of, Attorney's, Southern District of New York Authorities, Southern District of, US Department of Homeland Security, Chamber of Commerce, Frontier Locations: New York, Manhattan, New York City, of New York, Southern District, NYC's Chinatown, Southern District of New York

It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Leon Li, Emily Chow, Edwina Gibbs, Stephen Coates Organizations: REUTERS, Rights, Brent, ING, Organization of, Petroleum, Strategic Petroleum Reserve, U.S . Treasury Department, Kurdistan Regional Government, of Commerce, International Energy, APEC, Markets, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Washington, Moscow, Iraq, Kurdish, Turkey, Shanghai

☆ Oil prices edge up after OPEC says market fundamentals are strong
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters) - Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Oil prices were also supported by a U.S. crackdown on Russian oil exports, potentially disrupting supply. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Emily Chow, Edwina Gibbs Organizations: REUTERS, Rights, Brent, Organization of, Petroleum, ANZ Research, Kurdistan Regional Government, of Commerce, U.S . Treasury Department, Strategic Petroleum Reserve, International Energy, Energy, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Iraq, Kurdish, Turkey, Washington, Moscow

☆ 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

☆ Explainer: Why is Siemens Energy seeking $16 billion state guarantees?
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +5 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. To make sure it can get the guarantees to fulfil its order backlog, Siemens Energy has turned to the government. Siemens owns a 25.1% stake in Siemens Energy and has not ruled out helping. Siemens still provides around 7 billion euros of performance guarantees to projects Siemens Energy is working on, significantly down from the 40 billion euros at the time of the spin-off around three years ago. Apart from seeking guarantees from the government, banks and Siemens, Siemens Energy said it is "evaluating various measures to strengthen the balance sheet", without elaborating further.

Persons: Chris Helgren, Banks, Roland Busch, hade, Andreas Rinke, Christoph Steitz, Victoria Farr, Andres Gonzalez, Pablo Mayo, Alexander Huebner, Tom Kaeckenhoff, Josephine Mason, Susan Fenton Organizations: Siemens Energy, REUTERS, Siemens, International Chamber of Commerce, German Economy Ministry, SIEMENS, Triton, Pablo Mayo Cerqueiro, Thomson Locations: Vancouver , British Columbia, Canada, downpayments, Berlin, Frankfurt, London, Munich

☆ Turkey says to re-start operations of Iraq oil pipeline this week
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Turkey's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Turkey, September 14, 2023. Turkish Energy Ministry Press Office/PPO/Handout via REUTERS/File photo Acquire Licensing RightsABU DHABI, Oct 2 (Reuters) - Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday. "Within this week, we will start operating the Iraq-Turkey pipeline after resuming operations. Turkey has been a reliable transit route for oil and gas, he added. Turkey was weighing legal action against Iraq, which has an outstanding enforcement case against Turkey, Bayraktar said last month.

Persons: Alparslan Bayraktar, ABU, Bayraktar, Maha El, Nadine Awadalla, Louise Heavens, Jonathan Spicer Organizations: Turkey's Energy, Turkish Energy Ministry Press, REUTERS, International Chamber of Commerce, ICC, Iraq, Thomson Locations: Ankara, Turkey, Handout, ABU DHABI, Iraq, Abu Dhabi, Baghdad

☆ How knockoffs took over America
▼ + stars: | 2023-09-14 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +10 min

But these fake products have major financial and societal impacts that can lead to lost sales, jobs, and livelihoods. US Customs and Border Protection officers inspect boxes of counterfeit products at the Los Angeles/Long Beach Seaport complex. Edward Berthelot/GettyWhy sales of counterfeit goods have soaredE-commerce has been a breeding ground for knockoffs. AdvertisementAdvertisementAccording to the US Sentencing Commission , the maximum sentence for selling counterfeit goods is 10 years in prison. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Daniel Shapiro's, Hugo Boss, counterfeiters, Spencer Platt, Getty, Shapiro, Jason Armond, Gabrielle Chanel, Michael Kors, Gucci, Chanel, Zers, Edward Berthelot, Superfakes, They've, Wang Zhao, I'm, counterfeits, It's Organizations: Service, Red, Puma, Fila, eBay, US Department of Homeland Security, International Chamber of Commerce, Frontier Economics, Customs, Border Protection, Los, United States Intellectual, United Nations Office, Drugs, UN, Seaport, Economic Cooperation, Development, US Chamber of Commerce, US Customs, Protection, US, Commission, Nike, Amazon Locations: Wall, Silicon, Manhattan, Los Angeles, Long, Beijing, Europe, China

Brent crude was down 36 cents at $84.10 a barrel by 11:45 a.m. EDT (1545 GMT). China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Amplifying demand concerns, U.S. central bank officials have not ruled out further interest rate hikes to contain inflation. A preliminary Reuters poll showed that crude oil and gasoline inventories were expected to have fallen last week, with data from American Petroleum Institute due later on Tuesday. Separately on Monday, Shell (SHEL.L) said it was investigating a possible leak on the 180,000 bpd Trans Niger oil pipeline, though no force majeure has been declared.

Persons: Lucy Nicholson, Brent, Jim Ritterbusch, majeure, Natalie Grover, Paul Carsten, Muyu Xu, Katya Golubkova, Tomasz Janowski, David Evans, David Goodman, David Gregorio Our Organizations: REUTERS, Companies Shell, West Texas Intermediate, Saudi, Ritterbusch, Associates, American Petroleum Institute, of Commerce, Shell, Thomson Locations: Bakersfield , California, China, Russian, Galena , Illinois, U.S, Iraqi, Turkey, Iraq, Saudi, Niger, London, Singapore, Tokyo

☆ 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

☆ Sanofi says arbitration court rejects Boehringer's Zantac claims
▼ + stars: | 2023-06-20 | by ( Ludwig Burger | ) www.reuters.com time to read: +1 min

FRANKFURT, June 20 (Reuters) - Sanofi (SASY.PA) said on Tuesday that the International Chamber of Commerce rejected rival drugmaker Boehringer Ingelheim's (BI) claims to be indemnified by Sanofi in cancer lawsuits linked to heartburn drug Zantac in the United States. Shares in France's Sanofi, which added that the decision cannot be appealed, gained 2.4% shortly after the 0700 GMT market open, reaching a three-week high. Sanofi and Boehringer had sought arbitration to determine whether liability in lawsuits was transferred to the French group after it acquired the marketing rights from Boehringer in a 2017 deal. Sanofi reiterated that it regarded its defence of the underlying litigation as very strong. "There is no reliable scientific evidence that Zantac causes the alleged injuries in the cases brought against GSK, Pfizer, BI, Sanofi, and others in the U.S. litigation," the company said.

Persons: drugmaker Boehringer, Boehringer, Sanofi, Ludwig Burger, Kirsten Donovan, Emma Rumney Organizations: Sanofi, International Chamber of Commerce, GSK, Pfizer, BI, Thomson Locations: FRANKFURT, United States, Boehringer, U.S

Germany's DAX index (.GDAXI) fell 0.3% by 0750 GMT, retreating farther from a record high hit on Friday. The continent-wide STOXX 600 index (.STOXX) edged 0.1% lower. The chemicals index (.SX4P) slid 1.7%, leading sectoral declines. London's FTSE 100 index (.FTSE) rose 0.2%. Reporting by Shreyashi Sanyal in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Boehringer's Zantac, Stuart Cole, drugmaker, Boehringer, Jerome Powell, Shreyashi Sanyal, Eileen Soreng Organizations: Europe Sanofi, Equiti, People's Bank of China, Sanofi, International Chamber of Commerce, Global Auto Holdings, Bank of, Investors, . Federal, Thomson Locations: Europe, China, United States, British, Bengaluru

☆ Brazil Is Key to Slowing Global Warming. But Its Carbon Market Has Struggled.
▼ + stars: | 2023-06-07 | by ( Paulo Trevisani | ) www.wsj.com time to read: +8 min

With Brazil struggling in its efforts to create a regulated carbon market, the country’s new president is moving to scrap his predecessor’s approach and start anew. Financing carbon-capture projects such as reforestation could also generate carbon credits. For example, a local regulated carbon market could help exporters avoid the carbon border adjustment mechanism the EU plans to charge on some imported products from 2026. Exporters also hope a regulated market would help repair Brazil’s abysmal environmental reputation, a product of its history of deforestation. The da Silva administration plans to have a carbon market operating in a couple of years, Toni said.

Persons: Luiz Inácio Lula da Silva, Jair Bolsonaro, ”, Gustavo Pinheiro, Luiz Gustavo Bezerra, Mayer Brown, Pelerson Penido Dalla Vecchia, Antônio Queiroz, Bezerra, Ana Toni, Silva, Toni, da Silva, Marina Silva, Annie Groth, “, Paulo Trevisani Organizations: Brazil, Climate, Society, Union, Vale, Agence France, group’s, International Chamber of Commerce, EU, Sustainable Business, National Secretariat, Street, Brazil’s Ministry of Development, Industry, Trade, Services, Environmental Ministry, United Nations Locations: Brazil, Paris, Braskem, Brazilian, Pennsylvania, Peru, Dubai

☆ Turkey's runoff election is paralyzing key oil exports from northern Iraq
▼ + stars: | 2023-05-25 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +6 min

Oil typically flows through Turkey from both the Iraqi state and the semi-autonomous Kurdistan Regional Government (KRG). More specifically, this Kirkuk crude flows down the Iraq-Turkey Pipeline linking the north of the Gulf country with Turkey's Ceyhan port in the Mediterranean. But the flows have been paralyzed since March 25 by a legal dispute involving federal Iraq, the KRG and Turkey. This decision led to U.S. companies deciding to exit contracts in Kurdistan and deterred some KRG oil buyers from further purchases. "The ruling party in Turkey [Erdogan's AKP] wants to settle the elections and then deal with KRG's oil with Baghdad."

Persons: KRG, Hayan Abdul, Ghani, —, Recep Tayyip Erdogan, Kemal Kilicdaroglu, Lawk Ghafuri, Yerevan Saeed, Saeed, Bilal Wahab, Wagner Organizations: CNBC, Kurdistan Regional Government, Turkey Pipeline, International, Commerce's, Reuters, ICC, Baghdad, BTC, Kurdistan, Gulf Institute, Sinjar, Washington Institute for Near East Locations: Turkey, Ankara, Baghdad, Iraqi, Kurdistan, Kirkuk, Iraq, Basra, Paris, U.S, Ceyhan, Baku, Syria, Erbil, Yerevan, Washington

☆ Iraq's crude production fell more than 6% in April -source
▼ + stars: | 2023-05-02 | by ( Rowena Edwards | ) www.reuters.com time to read: 1 min

Companies Oil Marketing Company FollowMay 2 (Reuters) - Iraq produced 3.938 million barrels per day (bpd) of crude in April, down 262,000 bpd from March, a source at state-owned crude marketer SOMO told Reuters on Tuesday. This level would mean the country produced almost 500,000 bpd below its April quota under the agreement with the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. The production decline comes after Turkey halted Iraq's 450,000 bpd of northern exports on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC). The outage has forced the majority of crude oil production in Iraq's semi-autonomous Kurdistan region to be shut in. Reporting by Rowena Edwards; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

April 24 (Reuters) - Iraq's northern oil exports showed few concrete signs of an imminent restart after a month of standstill, as aspects of an agreement between Baghdad and the Kurdistan Regional Government (KRG) have yet to be resolved, according to four sources. Baghdad and Erbil, the capital of Iraq's semi-autonomous Kurdistan region, signed a temporary agreement on April 4 to restart northern oil exports. The KRG and Iraq's oil ministry did not respond to requests for comment. Iraq's lack of willingness to discuss these issues has frustrated Turkey, according to one source. Fields which are still running include Khurmala, which has reduced output from around 135,000 bpd to 100,000 bpd, according to a source familiar with field operations.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSummarySummary Companies U.S. dollar, interest rate concerns pressure oilG7 coalition to keep Russian oil price cap at $60/bbl -sourceBaghdad, KRG take step toward resuming Iraq oil exportsChina's Q1 GDP data expected to support oil pricesSINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here," Price Futures Group analyst Phil Flynn said. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.

REUTERS/Umit BektasMarch 31 (Reuters) - An international arbitration ruling on March 23 prompted the shutdown of Iraq's northern crude oil exports through Turkey and sent oil prices back towards $80 a barrel. Iraq's federal government says its state-owned marketed SOMO is the only party authorised to manage crude exports through Ceyhan. Turkey was also asked to pay 50% of the discount at which KRG oil was sold, three sources said. According to a Turkish source, Iraq's initial demand was for about $33 billion. This comprised 370,000 bpd of KRG crude and 75,000 bpd of federal crude, a source familiar with pipeline operations said.

Search resuls for: "National Chamber of Commerce"

25 mentions found