The Oil Ministry announced its intention to create a length of 1800 km pipeline to transport Iraqi oil through the Syrian port of Banias, with a capacity 2.5 million barrels per day, confirming that the energy export from the ports of Basra will reach five million barrels per day in mid-2013.
Oil prices are at a satisfactory level for producers and consumers, allowing oil producers to invest in capacity while not impeding the global economic recovery, Opec secretary-general Abdullah al-Badri said today.
French oil major Total has informed the Syrian authorities it will stop production in the country in accordance with European Union sanctions, a company spokesman said on Monday.
Iraq is in talks with the United States about a dispute over exploration deals signed by US oil company Exxon Mobil in Iraq’s semi-autonomous Kurdish region without national government approval, a senior Iraqi official said.
Qatar and Royal Dutch Shell signed a tentative deal Sunday to jointly develop a $6.5-billion (U.S.) petrochemicals complex, deepening ties between the tiny Gulf nation and Europe’s largest oil company.
EU sanctions against Syria will impact Total’s operations in the middle eastern country but the group will continue its oil production there for now, a spokesman for the French oil group said on Friday.
Libyan oil production has increased to 840,000 barrels per day (bpd) as companies resume output following the eight month war, the National Oil Corporation (NOC) said in a statement.
Iraq’s oil exports in November ran at an average of 2.135 million barrels a day, or 2.2% above the rate of October, the head of the State Oil Marketing Organization, or SOMO, said Thursday.
The European Union plans to add Syria’s General Petroleum Corporation (GPC) to its list of sanctioned companies, diplomatic sources told Reuters on Wednesday.
Turkish oil refiner Tupras has ended an oil purchase deal with Syrian state company SYTROL, as several nations move to impose sanctions on the country, Haberturk newspaper on Wednesday quoted Tupras chief executive Yavuz Erkut as saying.
