Iraq has invited international consultancy firms to assist in managing the country’s multi-billion dollar oilfield water injection projects. The scheme would assist in raising the extraction rates in order to stop declines in production at fields such as Majnoon, Zubair and Rumaila.
Top crude exporter Saudi Arabia wants an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year, Oil Minister Ali al-Naimi said on Sunday.
Iraq’s crude oil exports rose to 2.508 million barrels per day (bpd) in April from 2.317 million bpd in March as new offshore export terminals helped increase sales, the head of the State Oil Marketing Organization (SOMO) said on Tuesday.
Egyptian energy companies have terminated a deal to supply Israel with natural gas.
Iraq will start crude oil loading from a new floating terminal in Basra Friday, the second the country has started operating within a month and a half, which will boost export capacity by another 800,000 to 900,000 barrels a day, a senior Iraqi oil official said.
Saudi Arabia's Oil Minister Ali al-Naimi said he expected a prolonged period of high oil prices and the world's largest crude exporter stood ready to use its spare capacity to supply the market with any additional requirements.
Mauritanian News Agency AMI reported that a Texas based, independent oil company, Kosmos Energy, yesterday signed an exploration and production agreement with the representatives of the Energy Ministry of Mauritania.
..Iraq resumed pumping oil via a pipeline through Turkey after a fire resulting from an "act of sabotage" was brought under control, the Iraqi oil ministry said on Thursday.
Yemen Liquefied Natural (LNG) Company said a sabotage group exploded last night the LNG main pipeline that links sector 18 and liquefaction plant in Balhaf in the Yemeni southern region of Shabwa .
Consuming nations won a new pledge from OPEC leader Saudi Arabia on Wednesday to boost oil supplies to help control prices and protect the global economy from any loss of Iranian crude due to potential sanctions.
