The Iraqi Council of Ministers has approved a regulation requiring that 50% of foreign oil company employees working in the country be Iraqis. This comes after mass demonstrations in Basra calling for improved public services and increased job opportunities.
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.
The clashes between the different factions in Libya has decreased Libya's oil production and oil revenue immensely. The main ports of the Libyan Oil Crescent are controlled by the LNA while the GNA control two ports.
The Libyan National Oil Corporation (NOC) has announced that Libya has lost billions of dollars in oil revenues because of the clashes that have occurred in the Oil Crescent ports of Ras Lanuf and al-Sidra.
On the 26th of April, 2018 the Iraqi Oil Ministry held a oil and gas contract auction. While many have been considering this round of contract auctioning another failure of the Iraqi political system, Youssef Ali argues that the new contracts will bring lots of benefits to 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.