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Kurdistan

Aramco and SOMO suspend crude supplies to India’s Nayara Energy
Saudi and Iraqi exporters halted supplies to Nayara Energy, forcing the Rosneft-controlled Indian refiner to rely solely on Russian crude in August.
Iran cuts 1.4 GW to Iraq, Baghdad speeds up regional interconnections
The suspension of 1,400 MW of electricity supplied by Iran to Iraq puts pressure on the Iraqi grid, while Tehran records a record 77 GW demand and must balance domestic consumption with regional obligations.

OPEC Revises Global Oil Forecasts for 2026 to 106.5 Million b/d

OPEC's August report reveals Russian production above quotas and commercial dominance in Asia, while Kazakhstan massively exceeds its reduction commitments.
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Iraq and Syria Revive Kirkuk-Baniyas Pipeline to Bypass Traditional Routes
Baghdad and Damascus intensify discussions to reactivate the 850 km pipeline closed since 2003, offering a Mediterranean alternative amid regional tensions and export blockages.
Massive power outage in Iraq after losing 6,000 MW of capacity
A nationwide blackout left Iraq without electricity for several hours, affecting almost the entire country due to record consumption linked to an extreme heatwave.

OPEC+ Cuts Production Despite Higher Quotas in July

OPEC+ oil production fell to 41.65 million barrels per day in July 2025, reveals S&P Global's Platts survey, as Saudi Arabia normalizes production after June's Iran-Israel tensions.
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Iran-Iraq clandestine oil network generates three billion dollars annually
Baghdad denies any involvement in sophisticated smuggling system mixing Iranian and Iraqi oil. Washington sanctions networks accused of financing designated terrorist organizations.
Chinese oil companies strengthen their presence in the Iraqi market
Independent Chinese oil companies are intensifying their investments in Iraq, aiming to double their production to 500,000 barrels per day by 2030 and compete with the sector’s historic majors.

Iran and Iraq struggle to finalize gas agreement despite advanced negotiations

Discussions between Tehran and Baghdad on export volumes and an $11 billion debt reveal the complexities of energy dependence under U.S. sanctions.
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OPEC+ increases production by 547,000 barrels as non-OPEC supply explodes
The eight voluntary OPEC+ members accelerate their market return in September despite weakened global demand and record production from the Americas.
Drone attacks disrupt five oil fields in Iraqi Kurdistan within one week
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.

ShaMaran suspends production after explosion at HKN-operated site

An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
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BP and Shell sign strategic agreements to revive Libya’s oil industry
BP and Shell intensify their commitments in Libya with new agreements aimed at revitalizing major oil field production, amid persistent instability but rising output in recent months.
OPEC+ Significantly Raises Oil Quotas with Additional 548,000 Barrels
Major oil producers accelerate their return to the market, raising their August quotas more sharply than initially expected, prompting questions about future market balances.

Abu Dhabi Fund allocates $205mn to connect Gulf electricity grids

The Abu Dhabi Fund for Development has granted AED752mn ($205mn) financing to the Gulf Interconnection Authority to connect the electricity grids of the United Arab Emirates and Saudi Arabia, enhancing regional energy exchange.
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Hormuz Threat: Producing Countries Face an Imminent Diplomatic Crisis
The potential closure of the Strait of Hormuz places Gulf producers under intense pressure, highlighting their diplomatic and logistical limitations as a blockage threatens 20 million daily barrels of hydrocarbons destined for global markets.
Eni, BP and TotalEnergies partially evacuate Iraq; Lukoil maintains operations
Following US strikes in Iran, international energy companies partially evacuate their teams from Iraq as a precaution, while Lukoil maintains its entire personnel on southern oilfields.

Iraq Suspends Oil Projects Amid Regional Conflict and Strained Logistics

The Middle East conflict forces Iraq to delay certain oil developments, disrupting field operations despite temporary stability in production and exports amid growing logistical tensions.
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Baghdad Challenges Kurdistan’s Gas Contracts with American Companies
The Iraqi federal government initiates legal proceedings against the autonomous region of Kurdistan regarding gas contracts signed with American companies, while Washington reaffirms its support for these strategic energy agreements.
Iraq entrusts major energy project in Basra to Sino-Iraqi consortium
Iraq has signed a deal with China’s Geo-Jade and Hilal al-Basra to develop an integrated project combining oil, refining and electricity in the country’s south.
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Green Wind Renewables launches 450 MW wind project in Western Australia
Mondi invests €120mn in biomass power plant in Slovakia to cut energy reliance
Bangladesh finalises memorandum with Aramco for LNG supply deals
Chevron eyes Libya return after fifteen years away from the oil market
ACWA Power commits to study 2,500 MW of energy projects in Syria
OPEC+ faces strategic challenges ahead of a decisive meeting on oil production
OPEC+ members meet amidst tensions over production targets, global economic uncertainties, and weak demand, particularly in China.
Baghdad: Saudi Arabia, Iraq, and Russia Discuss Oil Quotas Ahead of OPEC+ Meeting
Saudi, Russian, and Iraqi ministers met in Baghdad to discuss production quotas and oil market stability ahead of the crucial OPEC+ meeting scheduled for December 1.

Iraq Seeks to Diversify Its Oil Markets Towards Africa and Europe

Iraq explores new markets for its crude oil, targeting Europe and Africa to reduce dependence on China and India, its current main importers.
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UAE Oil Exports Exceed Quotas: Rising Tensions Within OPEC+
Despite commitments to OPEC+ to limit production, the United Arab Emirates shows oil export volumes well above quotas. This situation raises questions and rekindles tensions within the cartel.
Strategic Alliance Between Russia and Iraq: Stabilizing Oil Prices Through OPEC+
Russia and Iraq strengthen their cooperation within OPEC+ to manage oil price fluctuations. This coordination is crucial for their respective budgets amidst sanctions and heavy reliance on oil revenues.

Libya and Kazakhstan: Contrasting Production Efforts within the OPEC+ Alliance

OPEC+ recorded an increase of 30,000 barrels per day in October, marked by Libya’s production surge and Kazakhstan’s reduction. Compliance remains a key challenge for the group.
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Iraq’s Kurdistan Hopes for Quick Resumption of Oil Exports Despite Tensions with Baghdad
Iraq's Kurdistan Hopes for Quick Resumption of Oil Exports Despite Tensions with Baghdad
U.S. Elections Reshape the Future of Energy: Between Protectionism and Climate Transition
The recent U.S. elections could reshape energy policies, influencing global markets, trade relations, and climate commitments. The opposing candidates’ positions, between protecting fossil industries and promoting clean energy, outline divergent prospects.

OPEC+: eight members extend their production cuts until the end of December

Saudi Arabia, Russia, and six other OPEC+ countries extend their production cuts by 2.2 million barrels per day until the end of December to support oil prices weakened by uncertain demand.
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QatarEnergy enters Iraq’s 1.25 GW solar project with TotalEnergies
QatarEnergy acquires 50% of TotalEnergies' solar project in Iraq, aiming to diversify the country’s energy sources and reduce import dependency, supporting Baghdad's ambitions for energy independence.
SLB Reports a 13% Increase in Its Third-Quarter Profits for 2024
SLB, the world's leading oilfield services company, announces a significant profit increase in the third quarter despite a challenging market, while issuing cautious forecasts for the year's final quarter.

Iraqi Kurdistan: Critical Elections Amid Crude Export Blockade

The semi-autonomous Kurdistan region of Iraq is holding elections marked by disagreements over oil policies, while relations with Baghdad remain tense and the pipeline to Turkey remains closed.
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Iraq Seeks Western Investments to Reduce Gas Flaring and Increase Production
Iraq, among the largest emitters of flaring, is seeking to attract Western investors to develop its gas sector and decrease harmful emissions.
Iraq Turns to Kazakhstan to Address Gas Shortage
Faced with a shortage of gasoil affecting service stations in its central provinces, Iraq is turning to Kazakhstan to obtain 20 million cubic meters of natural gas to stabilize its energy supply.

Tengiz Achieves Record Production, Kazakhstan Faces Dilemma with OPEC+

The Tengiz oil field in Kazakhstan, operated by Chevron, sets a production record in October, escalating the country's tensions with OPEC+ over production quota compliance.
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Iraq boosts gas production and cuts energy imports
Iraq is aiming for gas self-sufficiency within five years, thanks to foreign investment and increased management of domestic production.
IEA lowers oil demand growth forecast for 2024
The International Energy Agency (IEA) cuts its forecast for global oil demand growth to 910,000 b/d for 2024, citing the economic slowdown in China and an accelerated transition to alternative energy sources.

ADNOC faces challenges to launch Upper Zakum futures contract

ADNOC's Upper Zakum exports are falling, making it difficult to launch a futures contract for this medium-sulphur crude. Liquidity and market challenges emerge as OPEC+ plans a quota increase.
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Iraq: budget crisis expected in 2025 as oil revenues decline
Iraq, whose economy relies heavily on oil, anticipates budgetary difficulties in 2025 due to falling crude prices, according to an economic adviser to the Prime Minister.
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OPEC cuts demand forecasts in the face of rising rival production
OPEC is revising its oil demand forecasts for 2024 and 2025 downwards, due to weak economic growth and increased supply from its competitors.
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