Browsed by
Category: World and U.S News

OPEC Alliance considering Stronger Cuts in Oil Production

OPEC Alliance considering Stronger Cuts in Oil Production

As the global economy shakes, the OPEC oil alliance is considering stronger cuts to production next year to prevent an expected price slump in the market. Some reports have indicated that authorities from some of the biggest Petro-nations in the world are seeking to cut an extra 400,000 barrels of oil per day from the global market. They are also considering stronger cuts of up to 800,000 barrels. It is noteworthy that the tighter oil production policy already has the…

Read More Read More

An Increase in the Global Oil Supply and agreement between OPEC and IEA

An Increase in the Global Oil Supply and agreement between OPEC and IEA

The IEA (International Energy Agency) has indicated that global oil stocks may increase swiftly, in spite of the agreement between OPEC and its allies to enhance production cuts. The Agency also said the production for the United States and other non-OPEC countries may experience a significant amount of decline.  The Paris-based agency IEA said in a monthly report that global oil stocks may increase by 700,000 barrels in the 1st quarter of 2020, despite the additional cuts and decreasing expectations…

Read More Read More

Integrity Commission will recover $87 Billion Iraqi Money from 55 Countries

Integrity Commission will recover $87 Billion Iraqi Money from 55 Countries

The Integrity Commission has confirmed Iraq’s attempt to collect amounts in surplus of 87 billion U.S dollars as an initial evaluation amount. It is due to 55 countries that had contracted with it prior to the Iraqi invasion of Kuwait to form a contract with similar value goods. The Head of Recovery Department at the Integrity Commission issued a press conference. He said, “Iraqi laws authorize 2 official bodies to recover Iraqi funds abroad, which is the money recovery fund…

Read More Read More

Russia is looking to Modernize OPEC to Change Oil Production Calculation Method

Russia is looking to Modernize OPEC to Change Oil Production Calculation Method

The Russian OPEC sources have indicated that Russia will call on other oil producers to change Moscow’s production calculation. Point to be noted that most of the major oil-producing countries are expected to meet in Vienna next month. OPEC and other oil-producing countries have been curbing oil production for 3-years to balance the market and boost oil prices. But, Russia measures its output differently. Russia introduces condensate a light and high-quality type of crude oil often extracted during gas production…

Read More Read More

Iraqi Oil Ministry will construct 5 New Refineries in the country

Iraqi Oil Ministry will construct 5 New Refineries in the country

The Iraqi Oil Ministry is working hard on the selection of various international investment companies in order to construct 5 new refineries in the provinces. The ministry stressed that the Iraqi Oil Ministry financed the Karbala refinery. It would save about 9 million liters of gasoline per day in addition to other outgrowths, after its completion. The undersecretary for liquidation affairs of the ministry, Hamed Al-Zobaie issued a press statement that oil ministry has planned to construct 5 new refineries…

Read More Read More

International Energy Agency surprised Oil Producing Countries in the World

International Energy Agency surprised Oil Producing Countries in the World

The IEA (International Energy Agency) issued a report and surprised the world, notably the oil-producing countries. The agency has indicated when the end of oil will start as the main source of fuel and energy in light of the growing use of clean energy. It is noteworthy that oil demand worldwide is expected to slow from 2025 due to fuel efficiency improvement and an increase in the use of electric-powered vehicles. But, the IEA said that it is unlikely to…

Read More Read More

Iraq is offering a significant amount of Land for Agricultural Investment

Iraq is offering a significant amount of Land for Agricultural Investment

The Iraqi Minister of Water Resources Jamal Al-Adli announced the measures of the ministry in cooperation with the Iraqi Ministry of Agriculture. He also indicated the Investment Authority steps of a million acres for investment as a first stage. Al-Adli issued a press conference accompanied by the Minister of Agriculture and Chairman of the Investment Authority. He said that the land offered for investment is distributed between the provinces of Najaf and Al-Muthanna. The Ministry allocated an area of ??700…

Read More Read More

Iraqi Oil Ministry declared total amount of Oil Exports and Revenues in October 2019

Iraqi Oil Ministry declared total amount of Oil Exports and Revenues in October 2019

The Iraqi Oil Ministry has announced the total amount of exports and revenues for the month of October 2019. The total amount of oil exports rose from September. A spokesman for the Iraqi Oil Ministry, Asim Jihad said in a press statement that the total amount of crude oil exported for the month of October from central and southern Iraqi oil fields amounted to 103 million, 540 thousand, and 855 barrels. The statement further said the exported quantities amounted to…

Read More Read More