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Introduction. In November 2020, ahead of annual term contract negotiations,1 Iraq’s State Oil Marketing Organisation (SOMO) announced it would further split its crude streams from two into three by launching a new export grade: Basrah Medium.
It also takes a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia.
overview of the impact of the oil crisis on Iraq’s economy; Section 3 examines Iraqi oil production 1 based on a ramp-up of volumes from West-Qurna 2 and Halfaya. See: Ahmed Mehdi, Iraqi Oil: industry evolution and short and medium-term prospects, OIES Working Paper, October 2018
16 Φεβ 2023 · In the second half of the 20th century the international oil sector shaped Iraq's economy, forcing it to rely too heavily on revenue brought in by oil production and exports.
What are the implications of the move for International Oil Companies (IOCs) who regularly lift Iraqi crude? How has the new grade been priced? This Comment provides a snapshot into the opaque world of Iraqi crude marketing and the key strategic challenges – and choices – ahead for OPEC’s second largest producer.
In 1972, the Iraqi government established the Iraqi National Oil Company (INOC) to take control of the country's oil production. The INOC gradually assumed control of Iraq's oil fields, and by the mid-1970s, foreign companies were effectively barred from operating in the country.
This report outlines some of the areas where oil and gas have truly contributed to energizing Iraq’s economy, looking at increasing gas utilization in southern Iraq, which now carries the...
