Iraq’s Maysan Oil drills first well on Iranian border

11/07/2017 13:27 Oil Market


Iraq’s state-owned Maysan Oil will survey the production of oil and gas at the Haifaya oil field, which was opened while the Oil Minister Jabrane Al-Luaibi was visiting.

The minister said that the expansion works the field is currently under will enable a boost in it’s production, expected to reach 400,000 barrels per day by the end of 2018.

The relationship between Iran and Iraq have been cordial for the past few years, especially since Iran finally started exporting natural gas to Iraq following security-related setbacks. 

The daily quota of the exports kicked off at around 7 million cubic meters the previous month, and should come to 35 million cubic meters somewhere in the near future.

Iraq is OPEC’s second largest oil producer, lagging Saudi Arabia only when concerning national output. In May and June, production from OPEC countries boosted by 220,000 barrels per day, and the outpouring productivity from Libya and Nigeria caused the bloc to outpace its 31.9 million barrels per day maximum by 600,000 barrels.

OMV does not expect a cash call from Nord Stream 2 until the end of the year

15/08/2017 11:34:00

OMV is confident that Gazprom-owned Nord Stream 2 won’t be making any more cash calls until the end of the current year. OMV has already settled the first €200 million portion of its funding obligation for the construction of the 55 bcm/year pipeline from Russia to Germany.


Daily (15.08.2017): Oil prices dropped by 2.6% on Monday of weakening Chinese oil demand

15/08/2017 11:17:00

Oil prices decreased on Monday steeper than expected on raising concerns that a glut of refined fuel products might weaken Chinese demand for oil. Also, U.S. drilling rig data published by Baker Hughes on Friday showed explorers boosted oil drilling capacity. Oversupply has been supported by rising production in Libya, which is trying to regain its pre-war oil production levels. Brent fell by 2.63% to close at $50.73 a barrel, while WTI price declined by 2.52% to end at $47.59 a barrel.


Lack of customers drives Spanish coal mine to close down

15/08/2017 09:31:00

The La Escondida coal mine was shut down on Friday. The last-of-its-kind project was located in the Caballed de Arriba town, and was closed down because no one wanted to buy its coal.