• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 13 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Plunging Natural Gas Prices Is Bad News for Drillers

Plunging Natural Gas Prices Is Bad News for Drillers

The once red-hot labor market…

U.S. Oil Drilling Sees 6-Rig Gain

U.S. Oil Drilling Sees 6-Rig Gain

The total number of active…

Iraq’s First New Refinery In Decades Set To Hit Full Capacity By July

The new Karbala refinery south of Baghdad is expected to reach full 140,000 barrels per day (bpd) capacity by July this year, a source at the facility told Reuters on Tuesday.

The Karbala refinery, estimated to have cost just over $6 billion, is expected to begin commercial production of fuels in the middle of March, Iraqi Oil Minister Hayan Abdel Ghani said this weekend.  

The start of production will see the refinery doing test runs at 60% of capacity, according to the source who spoke to Reuters.

Karbala, Iraq’s first new refinery in decades, is designed to produce gasoline, LPG, jet fuel, gasoil, fuel oil, and asphalt. According to Argus, the fuels from the facility will help Iraq cut its refined product imports by an estimated 60%.

The new refinery is not expected to affect Iraq’s crude oil exports as OPEC’s second-biggest producer could either raise its oil production or cut processing rates at other refineries, the source told Reuters.  

Iraq’s exports from the southern port of Basra averaged 3.24 million bpd in December, per data from state-owned marketer SOMO seen by Reuters.

Iraq, OPEC’s second-largest producer behind Saudi Arabia, raked in more than $115 billion in oil revenues in 2023, according to figures released by the country’s oil ministry last week. That figure stems from crude oil exports of 1.209 billion barrels last year—or an average of 3.320 million bpd.

As OPEC’s second-largest crude oil producer, producing 4.5 million bpd in Q3, Iraq relies on oil revenues for nearly all of its export income.

Iraq’s oil revenues fell in 2020 to just $42 billion, according to Al-Monitor, as Saudi Arabia and Russia’s oil price war collided with the start of the pandemic, tanking crude oil prices. In 2021, Iraq’s oil revenues rebounded to $75.6 billion.

Iraq is home to the world’s fifth-largest proven oil reserves, holding 145 billion barrels.


By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News