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.
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.
Major oil producers accelerate their return to the market, raising their August quotas more sharply than initially expected, prompting questions about future market balances.
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.
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.
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.
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.
Negotiations between the Kurdistan Regional Government and Baghdad officially focus on salary payments. Meanwhile, the Iraq-BP agreement to increase production in Kirkuk fuels speculation about a possible resumption of oil exports.
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.
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'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.
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.
Under pressure from falling prices, OPEC+ decided to extend the production cut by 2.2 million barrels per day until December 2024 to maintain market balance.
A Greek tanker carrying Iraqi crude was severely hit by missiles fired by the Iranian-backed Houthis, highlighting the escalation of terrorist actions in the Red Sea.
In July, India became the biggest buyer of Russian oil, surpassing China, against a backdrop of Western sanctions against Moscow and changes in global trade flows.
Lebanon obtains crucial support from Iraq with an increase in heavy fuel oil deliveries to 125,000 tonnes in August, aimed at keeping its power plants operational in the midst of the crisis.
Iraq acknowledged that it had produced 184,000 barrels per day (b/d) above its OPEC+ quota in June, and pledged to offset this surplus by September 2025 through further production cuts.
Hundreds of Iraqis demonstrate against load shedding and water shortages in the midst of a summer heatwave, underlining the urgent need for energy and water reforms in a country with a failing infrastructure.
The illegal export of Kurdish oil to Iran and Turkey, accelerated by the closure of an official pipeline, is raising major economic and political concerns in Iraq.
Igor Sechin, CEO of Rosneft, criticizes the increase in oil production capacity, saying it could destabilize the market despite OPEC+'s reduction efforts.
An Iraqi official confirms Iraq's support for the extension of current OPEC+ quotas, despite the oil minister's initial statements on the refusal of further cuts.
Dana Gas, the Emirati company, has announced that it is resuming production at the Khor Mor gas complex in Iraqi Kurdistan, following a drone attack that interrupted operations.
A recent drone strike targeting a strategic gas complex in Iraqi Kurdistan caused significant injury and disruption, highlighting ongoing regional tensions.
The latest OPEC+ data show a slight rise in production in March, despite Saudi efforts to ensure strict compliance. S&P Global's analysis points to a potentially volatile market.
OPEC+ countries with overproduction in the first quarter of 2024 must submit their compensation plans by April 30, a move designed to stabilize the market.
The expansion of Canada's Trans Mountain pipeline could redefine the flow of crude oil to Asia in the second quarter of 2024, offering new opportunities for arbitrage and source diversification, economic conditions permitting.
