Budget amendment takes Iraq one step toward northern export restart. Parliament passed an amendment to the national budget law designed to pay oil companies in Kurdistan and unlock pipeline exports to Turkey.

Energy As Genel exits Taq Taq field, new hopes for restart. Change in operator could spur new activity at the oil field, which has been offline since 2023 after a steady production decline.

2 days ago · BASRA - Iraq's most prolific oil field is still producing at least 120,000 barrles per day (bpd) below its nominal capacity, nearly two weeks after a large fire destroyed a storage tank and took several dozen wells offline.. Field officials said they had hoped Rumaila, which averaged over 1.3 million bpd last year, could bring the temporarily shuttered wells back online by …

Dec 27, 2024 · Iraqi oil production continued a four-month slide, falling to its lowest level since June 2023 as the Oil Ministry tried to improve compliance with an OPEC-plus quota agreement.

Jan 15, 2025 · Steep reduction at Rumaila brought Iraq's December production average to its lowest level in 18 months as Iraq continues to restrain output in an effort to meet OPEC-plus expectations. Personnel from the state-run Iraqi Drilling Company (IDC) operate a drilling rig at the Zubair oil field in Basra ...

Jan 30, 2025 · Change in operator could spur new activity at the oil field, which has been offline since 2023 after a steady production decline. A flare burns at the Taq Taq oil field in 2016. (STAFF/Iraq Oil Report) ERBIL/SULAIMANIYA - London-listed Genel Energy is exiting the Taq Taq oil field in the Kurdistan ...

Aug 21, 2024 · Iraqi crude production increased by over 100,000 bpd for a second straight month in July as the Oil Ministry ramped up exports despite OPEC pressure to adhere to reduced quotas.

Sep 26, 2024 · August production falls as Iraq initiates cuts Renewed OPEC-plus pressure pushes Iraq to cut at least 100,000 bpd from state fields and accelerate maintenance plans at other projects in a bid to improve quota compliance.

Oct 18, 2023 · Iraq’s nationwide crude oil production maintained some upward momentum in September, inching up to 4.73 million barrels per day (bpd) from 4.71 million bpd in August, according to an Iraq Oil Report calculation based on field-by-field data. Fields controlled by the Kurdistan Regional Government (KRG) raised their combined output by about 50,000 bpd as producers found more buyers in the ...

Jan 22, 2025 · BASRA - Fuel shortages at Iraq's most prolific oil field caused production to drop by more than 250,000 barrels per day (bpd) at the end of 2024, highlighting the immense challenges of fighting natural reservoir decline and maintaining output at Rumaila.