• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 8 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 5 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 3 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 1 day Trump Hands Putin Major Geopolitical Victory
  • 7 hours America Could Go Fully Electric Right Now
  • 31 mins Buying votes is cool now.
  • 1 day Those Nasty White People and Camping Racism
  • 5 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 18 hours .
  • 14 hours The Truth about Chinese and Indian Engineering
  • 16 hours Brent above $45. Holding breath for $50??
  • 23 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 17 hours The World is Facing a Solar Panel Waste Problem
  • 2 days Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days China wields coronavirus to nationalize American-owned carmaker
Massive Losses Force Glencore To Slash Dividends

Massive Losses Force Glencore To Slash Dividends

The coronavirus-fueled demand destruction of…

Iraq Looks To Lure Saudi Investment As It Tries To Comply With OPEC+ Deal

Iraq is looking to attract investment from Saudi Arabia in one of its natural gas fields, Iraqi Deputy Prime Minister and Finance Minister, Ali Allawi, told Bloomberg, while OPEC’s second-largest producer looks to be seriously trying to comply with the OPEC+ production cuts.

Iraq is seeking Saudi investment in either the Akkas or the Mansuriya gas field, Allawi told Bloomberg in an interview published on Wednesday.

“Saudi Arabia has a high readiness to back our energy projects,” the Iraqi minister said.

“At the end of the day, they will pick one field. They are also interested in solar energy,” Allawi added.

Saudi Arabia will not be providing support to the Iraqi budget, Allawi told Bloomberg.  

Iraq, one of the oil producers worst hit by the oil price crash, relies on oil revenues for 95 percent of its budgetary income and is one of the least diversified economies in the Middle East. The oil price crash has seriously impacted the budgetary income and the economy at OPEC’s second-largest producer. 

Iraq is also in “intensive” talks for a loan from the International Monetary Fund (IMF), minister Allawi told Bloomberg.

Pressured by the OPEC+ leaders Saudi Arabia and Russia, Iraq – which has been the least compliant member of the coalition – has promised to compensate for the loose compliance in May and June with deeper cuts in July and the following months.

By the middle of June, Iraq had made significant cuts in its crude oil exports in a move suggesting that it was improving its compliance with the record production cuts.

For the full month of June, Iraqi oil exports dropped by 310,000 bpd, or by 9 percent, according to Reuters estimates of loading data and industry sources. This decline in crude oil exports last month points to Iraq delivering three-fifths of its share of the cuts, Reuters has calculated.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News