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 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.
In Iraq's Southern ports, oil export has increased from 3.490 million bpd in May to 3.521 million bpd in June, says Asim Jihad the spokesperson for Iraq's Oil Ministry. Iraq is OPEC's second largest producer.
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.
Spokesperson for the Iraqi Oil Ministry, Assem Jihad, stated that Iraq has exported more than 100 million barrels of oil during the month of April. The statistic did not record exports from Kirkuk as production has halted since last October'c crisis.