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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…

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Iraqi Crude Oil Production has shown Historical Jump

Iraqi Crude Oil Production has shown Historical Jump

On Tuesday, the Iraqi Oil Minister Thamer Ghadhban announced the country’s approach to historical production in crude oil. He said Iraq is too close to reaching oil production capacity at 5 million barrels/ day. The country is also moving to add 2 million barrels/ day during the next couple of years. Ghadhban added that Iraq is still burning half of the associated gas production. He said the new projects to convert gas to liquid will contribute to resolving the problem….

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A continuous Decline in Oil Prices after an OPEC Agreement

A continuous Decline in Oil Prices after an OPEC Agreement

On Wednesday, the oil price stabilized after a sudden decline in the previous session. It was supported by an extension of the agreement between OPEC and its allies to cut production, in spite of a fear that demand will be dropped due to a global economic slowdown. The oil prices got support from data pointing a bigger than expected downfall in the U.S crude inventories. Brent crude for September delivery increased 12 cents to $62.52/ barrel or 0.2%. The U.S…

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International Oil Price increase to benefit oil producers including Iraq

International Oil Price increase to benefit oil producers including Iraq

The oil prices hit their highest levels on Monday since November 2018. The current increase was due to OPEC-led supply cuts and U.S sanctions on Venezuela, and Iran. The International Brent crude futures were at $66.66 per barrel at 0746 GMT. It is up 41 cents or 0.6% from their last close. Brent earlier climbed to its highest since November 2018 at $66.78 a barrel. The WTI (U.S West Texas Intermediate) crude oil futures were at $56.07 per barrel up…

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Russia Shows Proof of Smuggled ISIS OIL on Turkey’s Border

Russia Shows Proof of Smuggled ISIS OIL on Turkey’s Border

Iraqi Dinar 123 News:– The officials of Russian Defense Ministry uncovered the satellite images supposedly showing a number of tankers and trucks full of oil crossing into Turkey at the border from the area captured by the militants of ISIS in Syria. It is most important issue because Russia issued satellite photographs that are indicating the relationship between the Turkish government and the militant of ISIS and Daash. Russian government issued a statement that they have found evidence that Turkish…

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Russia and Iraq Are Ready to Collaborate in All Energy Sectors

Russia and Iraq Are Ready to Collaborate in All Energy Sectors

During production ceremony of West Qurna 2, the Deputy Prime Minister of Russia announced that Russian Government is ready to cooperate with Iraq in the development of all energy sectors. He thanked the local and central government of Iraq for cooperating with Russian engineering companies working in Iraq. He further ensured the cooperation and support of the Iraqi students and scholars’ studying and working in Russia. He further added that Iraqi will be given complete support and security during their…

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OPEC prices rise to more than $ 107 per barrel

OPEC prices rise to more than $ 107 per barrel

OPEC PRICES RISE TO MORE THAN $ 107 PER BARREL BAGHDAD / WAP / prices of OPEC, Wednesday, rising to more than $ 107, which he attributed to an oil expert tensions in the Middle East and between the United States and Russia.The organization said in a statement on its website, and seen by “Alsumaria News”, “The price of oil in the OPEC basket rose to a record 107 dollars and 80 cents per barrel.” The organization pointed out that “this increase comes after prices fell for up…

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Iraq gave the Russian business sector green light

Iraq gave the Russian business sector green light

RUSSIAN OFFICIAL .. IRAQ GAVE THE RUSSIAN BUSINESS SECTOR GREEN LIGHT Independent / follow-up / – said the Russian ambassador in Baghdad Ilya Margonov The Iraqi authorities gave Russian businesses the green light to enter and invest in Iraq territory, and they look positively to the question of the development of relations of economic and trade cooperation between the two countries, both government and private sectors. The Russian official pointed out that in spite of this the green light, but this does not absolve the Russian companies…

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