Oil Exports

Iraq's oil ministry has announced the resumption of oil exports from northern Iraq's semi-autonomous Kurdish region. The exports had been halted for nearly two years after the International Chamber of Commerce sided with Iraq in an arbitration case as a long-standing dispute over the independent export of oil by the Kurdish regional government. The ministry said in a statement on Saturday that it had completed the necessary procedures to restart shipments through Turkey's Ceyhan port. It said that exports will resume in accordance with federal budget regulations and Iraq's OPEC production quota, according to the "agreed-upon framework". The ministry urged the Kurdish region's authorities to transfer crude oil extracted from the region's oil fields to the State Organisation for Marketing of Oil, facilitating its exports via the Iraq-Turkey pipeline. "We call on the regional authorities to deliver the produced quantities in line with signed contracts to ensure smooth operations," i

Opec+ pumps about half of the world's oil and earlier this month delayed a plan to raise output until April

Several analysts suggested Washington might take some action to cut Iran's oil exports in part to temper any Israeli reaction to the Iranian strikes, which could escalate the conflict

On Feb. 16, the government raised the windfall tax on petroleum crude to 3,300 rupees a metric ton from 3,200 rupees and hiked the tax on diesel to 1.5 rupees a litre from zero

Still, having scraped through the crisis, Europe has emerged into a new reality that has its own list of challenges

The new owner of the 100,000 tonnes of Urals crude carried on the Leopard I was a similarly low-profile outfit, Guron Trading, also based in Hong Kong, according two trading sources

The refinery executives said Indian processors will maintain their long-term supplies from producers such as Saudi Arabia, with any increase in Russian purchases done on a spot and opportunistic basis

Argentina stays top exporter to India since war broke out

Trade weakness would affect growth

India, the world's third-largest oil importer, has been ramping up Russian crude imports and increasing oil product exports to the West for higher margins.

The average price for Iraqi crude oil in October was 88.31 dollars per barrel, the Ministry said in a statement on Tuesday, citing statistics from the State Organisation for Marketing of Oil.

An invoice seen by Reuters shows the bill for supplying oil to one refiner is calculated in dollars while payment is requested in dirhams.

The company benefited from a rebound in oil prices, up about 23% during the first quarter, as fuel demand recovered after being decimated last year by lockdowns

The move aims to mobilise the Gulf Arab state's private sector to help wean the economy off its reliance on oil exports, which still account for more than half the state's income

Trade deficit at 25-month high as imports surge 8% after continuous declines; Data shows industrial activity picking up in December

The company said it will uphold its commitment to pay out dividends of $18.75 billion for the second quarter

Washington has exempted some Venezuelan oil trade from sanctions, when transactions are in exchange for fuel and food or to repay debts rather than for cash

Farmers need stable policy environment for investment

The US Treasury Department imposed new restrictions on a shipping network controlled by Iran's Islamic Revolutionary Guard Corps on Wednesday

With China grabbing more Saudi crude, flows to India, Japan and South Korea also appear to have declined last month