TotalEnergies has tasked Vallourec with supplying tubular solutions for drilling 48 wells as part of its integrated gas project in Iraq, reinforcing their ongoing industrial cooperation on the Ratawi field.
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.
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.
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.
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.
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.
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.
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 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.
TotalEnergies launches construction of the final key infrastructures of the Gas Growth Integrated Project in Iraq, putting into execution all its oil, gas, solar and water components.
A new analysis estimates that existing oil fields could yield up to 1,000 billion additional barrels without major new discoveries, using proven methods supported by artificial intelligence.
QatarEnergy, TotalEnergies and Basra Oil Company begin construction of the final infrastructure components of Iraq’s integrated gas project, mobilising more than $13bn in investments to modernise the country’s energy supply.
Iraq is negotiating with Oman to build a pipeline linking Basrah to Omani shores to reduce its dependence on the Strait of Hormuz and stabilise crude exports to Asia.
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
SOMO is negotiating with ExxonMobil to secure storage and refining access in Singapore, aiming to strengthen Iraq’s position in expanding Asian markets.
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's August report reveals Russian production above quotas and commercial dominance in Asia, while Kazakhstan massively exceeds its reduction commitments.
Cut off from Iranian energy imports by Washington, Iraq accelerates commercial efforts in Africa while resuming oil exports through Turkey to quickly secure new economic and energy markets.
Iraq has initiated its first waste-to-energy project in Baghdad, a $500 mn venture supported by Chinese firm SUS ENVIRONMENT and overseen by Iraqi authorities.
Iraq and the United Arab Emirates have submitted compensation plans to OPEC+ to offset their production surplus in February, amid falling crude prices and the gradual reduction of cuts planned for April.
Under pressure from US sanctions, Iraq explores alternatives to Iranian gas to secure its electricity supply, notably turning to Qatar and Oman, while considering the installation of floating LNG terminals.
Iran invests $17 billion to counteract declining reservoir pressure at South Pars, a gas field shared with Qatar, securing estimated reserves equivalent to around 363 billion barrels of oil.
OPEC+ has authorized a gradual increase in Iraq's oil quota starting in April 2025, enabling the country to reach 4.11 million barrels per day by January 2026, amid strategic developments marked by the imminent reopening of the Iraq-Turkey pipeline.
The United States has decided not to renew Iraq’s exemption, granted since 2018, allowing Baghdad to import electricity from Iran despite U.S. sanctions. This measure increases pressure on Iraq, whose energy supply largely depends on its neighbour.
Opec+ has reaffirmed its plan for a gradual increase in oil production starting from April 2025, a decision that has led to a drop in oil prices, particularly Brent. This strategy marks a shift in the cartel’s approach.
British oil giant BP will present a strategic revision on Wednesday, marked by a shift back to fossil fuels and a reduction in renewable energy investments, following a sharp decline in net profit last year.
Baghdad announces an agreement with Erbil to restart the export of 300,000 barrels per day via the Turkish port of Ceyhan. A government delegation will travel to Iraqi Kurdistan to finalize the export mechanism after two years of suspension.
The Trump administration is increasing pressure on OPEC to boost oil production. Between economic strategies and geopolitical stakes, global market balance remains fragile as OPEC+ takes a cautious approach ahead of key decisions.
Iraq and BP finalize an ambitious agreement to rehabilitate four oil fields in Kirkuk and exploit flared gas, aiming to boost energy production and reduce dependence on Iranian gas.
Despite internal disagreements, OPEC+ decided to maintain its production cuts until March 2025, extending their gradual removal to avoid a price drop in an uncertain market environment.
Saudi Arabia may lower its oil prices for Asian markets in January, a potential strategy to respond to weak demand and growing regional competition. A decision still pending confirmation.
The Trump administration considers sanctions against Iraq to limit Iranian influence. These measures could redefine the geopolitical and economic dynamics of the global energy market.
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.
