During the month of January, oil from Iraq’s southern provinces are holding close to a record high for 2019. This could raise question whether OPEC’s second-largest producer is following through on the deal to cut output.
Jordan is on a mission to rejuvenate trade with its neighbour, Iraq, as regional competitors scramble for footholds in the country. However, Jordanian officials have voiced their concerns about competitiveness within the export sector.
The Basra province, in southern Iraq, was rocked by renewed violence last week as political protests regain momentum, threatening local oil facilities. To make matters worse, the state-run company responsible for oil projects in mid-stream has had “a spotty execution track record.
Saudi Energy Minister Khalid Falih announced that his country resumed oil exports via the Bab el-Mandeb Strait, amid Egyptian fears that a decrease in traffic in the popular shipping corridor could impact Suez Canal revenues.
Iraq’s Oil Minister Jabar al-Luaibi has ordered the state-run companies of the oil ministry to develop Mansuriyah gas field near the Iranian border. This comes after International Organisations failed to develop the field due to security concerns in Iraq.
Algeria exported 27.2 million tonnes of crude oil in the first quarter of 2018 as part of strategy to slash costs on imported petroleum goods. The costs of imports dropped from 188.2 million to 51.3 million after the shift.