Iraq’s State Oil Marketing Organisation (Somo) has signed a contract to buy around 1.5 million tonnes of gasoil and gasoline for delivery over the first half of the year, Reuters has reported, citing industry sources.
Iraq’s North Oil Co has said the country’s oil exports to Turkey through the Kirkuk-Ceyhan pipeline were flowing at around 350,000-400,000 barrels per day on Friday, after flow was stopped to re-fill storage tanks, Reuters has reported.
Iran has asked the Gulf Arab oil producers to reduce output back to pre-Libya crisis volumes, Reuters has reported. “We will ask the countries that increased their production when Libya stopped production to change the level of production to the previous level,” Iranian oil minister Rostam Qasemi said. A cut in supplies to May’s levels [...]
The International Energy Agency (IEA) has said if investment in the Middle East and North Africa (MENA) oil-producing region fell significantly, oil prices could reach $150 per barrel in the near term, Reuters has reported. “If between 2011 and 2015 investment in the MENA region runs one-third lower than the $100bn per year required, consumers [...]
A Bahraini senior oil executive has said consumers in the Middle East, who have long enjoyed subsidised gas, need to come to terms with paying much more, Reuters has reported. “The era of cheap gas prices in the Middle East is behind us,” Dawood Nassif, head of strategy and business development at Bahrain Petroleum Co [...]