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Iraq

Western sanctions disrupt Lukoil’s international operations

Sanctions imposed by the U.S. and the U.K. are paralyzing Lukoil's operations in Iraq, Finland, and Switzerland, putting its foreign businesses and local partners at risk.

Le TAP augmente ses nominations de gaz aux interconnexions européennes clés

Les nominations du Trans Adriatic Pipeline progressent à Melendugno, Nea Mesimvria et Komotini, signalant davantage d’offre pipeline et une flexibilité accrue pour les expéditeurs face aux arbitrages avec le gaz naturel liquéfié.

The UN validates an Article 6.4 methodology for landfill methane

The Paris Agreement Crediting Mechanism formalizes a landfill-methane methodology, imposes an investment-based additionality test, and governs issuance of traceable units via a central registry, with host-country authorizations and corresponding adjustments required.
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Excelerate Energy to build Iraq’s first floating LNG terminal in $450 mn deal

Excelerate Energy has signed a definitive agreement with Iraq’s Ministry of Electricity to develop a floating liquefied natural gas import terminal at Khor Al Zubair, with a projected investment of $450 mn.

Turkey locks in 19 Bcma of LNG, Moscow and Tehran under pressure

Botaş lines up a series of liquefied natural gas (LNG, liquefied natural gas) contracts that narrow the space for Russian and Iranian flows, as domestic production and import capacity strengthen its bargaining position. —

Lukoil begins sale of international assets after new US sanctions

Lukoil has started divesting its foreign assets following new US oil sanctions, a move that could reshape its overseas presence and impact supply in key European markets.
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Baghdad in talks over OPEC quota despite exports at 3.6 million barrels

Iraq is negotiating a potential revision of its OPEC production limit while maintaining exports at around 3.6 million barrels per day despite significantly higher capacity.

Baker Hughes reports $8.2bn in orders in Q3 despite net income decline

Baker Hughes recorded a 23% increase in orders in Q3 2025, driven by its gas segment, while net income fell 20% year-on-year to $609mn.

Kuwait signs $489mn deal with Kuzu for wastewater treatment plant

Kuwait’s Ministry of Public Works has signed an agreement with Turkish company Kuzu to build a wastewater treatment plant for the upcoming Al Mutlaa city in the north of the country.
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EU bans co-processing to block imports of Russian oil products

The European Commission imposes new rules requiring proof of refined crude origin and excludes the use of mass-balancing to circumvent the Russian oil ban.

UK sanctions Rosneft, Lukoil and 51 vessels linked to Russian oil exports

The United Kingdom targets two Russian oil majors, Asian ports and dozens of vessels in a new wave of sanctions aimed at disrupting Moscow's hydrocarbon exports.

Valeura revives deep gas in Turkey through strategic partnership

Valeura Energy partners with Transatlantic Petroleum to restart gas exploration in the Thrace basin, with testing and drilling planned this quarter in deep formations.
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ExxonMobil returns to Iraq with deal on Majnoon oil field

ExxonMobil has signed a memorandum of understanding with the Iraqi government to develop the Majnoon oil field, marking its return to the country after a two-year absence.

Project InnerSpace unveils GeoMap in the Middle East with 14,000 GW geothermal potential

The new GeoMap tool identifies vast geothermal potential in the Middle East, notably for urban cooling, long-duration storage, and large-scale power generation.

Russian crude exports hit 18-month high despite sanctions pressure

Russian seaborne crude shipments surged in September to their highest level since April 2024, despite G7 sanctions and repeated drone strikes on refinery infrastructure.
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ShaMaran signs agreement to restart oil exports via Iraq-Türkiye pipeline

ShaMaran and several international oil companies have reached a provisional deal with Baghdad and Erbil to resume crude exports from the Kurdistan region via pipeline, after months of suspension.

Iraq resumes oil exports from Kurdistan after two-year suspension

Baghdad has restarted crude shipments from Kurdistan via the pipeline to Turkey, following a two-year halt linked to legal and contractual disputes involving international firms operating in the region.

Eight international oil companies reach deal to resume Kurdistan exports

Eight oil companies and Iraqi and Kurdish authorities have reached a preliminary deal to restart crude exports via the Iraq-Turkey pipeline, halted since March 2023.
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EBRD injects $100mn into DenizBank’s green bond in Turkey

The European Bank for Reconstruction and Development invests $100mn in a DenizBank green bond to expand sustainable financing access and support capital markets in Turkey.

Russia shifts coal exports toward Asia, expert says

Facing Western restrictions, Russia plans to increase coal deliveries to China, India and Turkey, according to a recent presentation on the sector’s outlook.
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Oil: DNO forced to stop production in Iraqi Kurdistan

DNO announced on Wednesday that it had been forced to shut down its fields in the region because of the export freeze imposed by Turkey. This situation is likely to disrupt global financial markets and impact oil prices.

Turkey stops importing oil from Iraqi Kurdistan

Turkey has stopped importing oil from Iraqi Kurdistan following a decision by the arbitration tribunal of the International Chamber of Commerce in Paris.

TotalEnergies and Iraq in negotiations for an energy agreement

TotalEnergies and Iraq negotiate a key energy deal amid rising oil prices. Iraqi politicians have disagreements over Iraq's share of the project, but both sides are committed to keeping oil production stable.
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OPEC increases oil production in February, despite OPEC+ agreement

The Organization of the Petroleum Exporting Countries (OPEC) produced 28.97 million barrels per day (bpd) in February, an increase of 150,000 bpd from January. Despite the agreement within the OPEC+ alliance to reduce production to support the market, the resumption of Nigerian production contributed to this increase.

EBRD lowers its growth forecast for 2023

The EBRD is lowering its growth forecast for 2023 due to high inflation and continued fighting in Ukraine. The regions covered by the EBRD are expected to grow by 2.1% in 2023 compared to 3.0% in the previous projection in September. High gas prices and a mild winter have calmed prices, but inflation is eroding real wages and weighing on consumption.

The impact of war and sanctions on Russian gas

The impact of the war in Ukraine on gas trade with Europe has been disastrous for Russia, with several exports reduced and revenues almost halved this year according to estimates. Russia is seeking to adapt by negotiating new commercial contracts and diversifying its gas production in order to continue to maintain its economy.
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International sanctions and their impact on Russian trade

Russia has seen its gas exports fall by more than 25%, while oil exports have grown by 7.6%. International sanctions have a significant impact on Russian gas sales, but demand for Russian crude oil has increased in India, China and Turkey.

Russia: oil exports to non-sanctioned countries in 2023

Russia plans to increase oil exports to countries not subject to Western sanctions in 2023, after announcing a significant crude oil production cut for March. This strategy aims to compensate for the loss of market share due to Western sanctions and to find new outlets for Russian oil.

Rising oil prices in the face of earthquakes and the Chinese recovery

The oil market reacted to increased demand in Turkey due to earthquakes and a recovery in Chinese demand. Brent and WTI prices rose by 2.30% and 2.46% respectively. This situation allows the oil industry to envisage a recovery that favors sustainable development.
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Iraqi Kurdistan: Suspension of oil exports

Iraqi Kurdistan has announced the temporary suspension of its oil exports via Turkey due to the earthquake that hit the region. Exports, amounting to approximately 450,000 barrels per day, are being halted to ensure the safety of the operation and to avoid any unwanted incidents.

Akkuyu finalizes the installation of the IC dome

At Akkuyu in Turkey, the nuclear power plant is finalizing the installation of the internal containment dome.

Bulgaria signs a gas agreement with Turkey

Bulgaria will have access to the gas infrastructure of its Turkish neighbor, allowing it to diversify its supply from Russian gas.
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Turkey Increases Gas Reserves

In Turkey, President Tayyip Erdogan announced that the country's total volume of natural gas is now 710 billion cubic meters.

Turkey accuses Cyprus of Territorial Intrusion

Turkey accuses Cyprus of increasing tensions in the eastern Mediterranean over gas exploration.

Bulgaria emancipates itself from Russian gas

Bulgaria is negotiating to reserve about 1 bcm/year of import capacity in Turkish LNG terminals.
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Turkey between suspicions and achievements in biomass

Turkey is experiencing an increase in wood pellet deliveries to the European Union (EU) due to the embargo on Russia.

Russian crude: Turkey announces end of cap crisis

Turkey has announced the end of the crisis in the transportation of Russian crude oil linked to the price cap, which was causing tankers to be jammed.

Ordu welcomes a wave power plant

Ordu, Turkey, will be home to the world's largest wave power plant from Eco Wave Power and Ordu Energji.
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SOCAR no longer supplies Turkey with Russian crude

SOCAR, the Azerbaijani state oil company, is stopping its purchases of Russian crude oil for its Turkish refinery.

Russian crude oil cap disrupts shipping of oil

The entry into force of the European embargo on Russian oil and the levelling off of the price of Russian crude oil are disrupting the maritime transport of black gold, already slowed down by new formalities linked to the insurance of tankers.
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