Urgent energy drive: Iraq expands production in Maysan
Shafaq News/ Iraq is working to expand oil and gas production in Maysan province, confirmed Ali Shaddad, a parliamentary oil and gas committee spokesman, on Thursday.
Maysan's oilfields currently produce around 300,000 barrels of crude and 140 million cubic feet of associated gas daily. "Of this, 30-35 million cubic feet is used to power electricity stations within the Buzurgan, Fakka, and Abu Gharb fields," Shaddad explained. Efforts are underway to increase gas utilization for power generation.
The drive to maximize domestic energy resources comes as the government works to address power shortages, especially in central and southern Iraq. "With electricity demand expected to rise as summer approaches, the situation has become more urgent after the US revoked Iraq's waiver to import Iranian gas," Shaddad remarked.
Iraq, along with seven other OPEC+ members, is currently withholding 2.2 million bpd from the market. Starting in April, the group plans to gradually increase production, with Iraq's output rising by 12,000 bpd each month.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
2 hours ago
- Shafaq News
Oil prices dip, but supported ahead of US-China trade talks
Shafaq News/ Oil prices dipped a few cents on Monday but held onto most of last week's gains as investors watched for U.S.-China trade talks in London later in the day supported by some hopes a deal could boost the global economic outlook and fuel demand. Brent crude futures slipped 6 cents to $66.41 a barrel by 0450 GMT. U.S. West Texas Intermediate crude fell 4 cents to $64.54. The prospect of a U.S.-China trade deal have boosted some investors' risk appetite and supported oil prices as three of Donald Trump's top aides were set to meet with counterparts in the first meeting of the U.S.-China economic and trade consultation mechanism. The announcement of the meeting on Saturday followed a rare call on Thursday between Trump and President Xi Jinping, with both under pressure to dial down tensions as China's export controls on rare earths disrupt global supply chains. Brent had advanced 4%, and WTI gained 6.2%, last week, their first weekly gain in three weeks after news the two countries were talking about their trade differences. "Brent crude oil gained ground to near the top of its recent trading range over the past week on buying encouraged by an increased appetite for risk in equity markets as tariff fears eased," Tim Evans of Evans Energy said in a note. A U.S. jobs report showing unemployment held steady in May appeared to increase the odds of a Federal Reserve interest rate cut, further supporting gains last week. In China, exports growth slowed to a three-month low in May as U.S. tariffs slammed shipments, data showed on Monday, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world's second-largest economy on both the domestic and external fronts. The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months, as state-owned and independent refiners underwent widespread planned maintenance. The prospect of a China-U.S. trade deal that could support economic growth and increase demand for oil outweighed worries about increased OPEC+ supply after the group announced on May 31 another big output hike for July. HSBC expects OPEC+ to accelerate supply hikes in August and September, which are likely to raise downside risks to the bank's $65 per barrel Brent forecast from the fourth quarter of 2025, it said in a research note on Friday. Capital Economics researchers said they believe this "new faster pace of (OPEC+) production rises is here to stay". WTI's discount to Brent has also been narrowing on a combination of increased OPEC+ output, modest U.S. crude oil supply growth and the potential for output declines next year, ING analysts led by Warren Patterson said in a note. The U.S. benchmark strengthened on supply concerns after wildfires disrupted production in Canada and on robust U.S. fuel demand during the summer driving season. The number of operating U.S. oil rigs, an early indicator of future output, fell by nine to 442 last week, energy services firm Baker Hughes said on Friday.
Shafaq News
8 hours ago
- Shafaq News
Israeli Navy confronts Gaza-bound aid ship 'Madeleine'
Shafaq News/ Israeli naval forces surrounded the 'Madeleine' aid ship on Monday, as it approached Gaza carrying humanitarian aid and 12 international activists. The ship, part of the Freedom Flotilla Coalition, has drawn global attention amid Israeli efforts to block its arrival. Francesca Albanese, the UN Special Rapporteur on human rights in the Palestinian territories, reported that five Israeli military boats encircled the 'Madeleine.' She noted that the ship's captain instructed the crew to remain calm, stay seated, and wear life jackets, while the activists informed Israeli soldiers that they were carrying humanitarian supplies and planned to leave peacefully. Earlier, the Freedom Flotilla Coalition said the 'Madeleine,' also known as 'Madleen,' was 160 nautical miles from Gaza, aiming to enter the territory's waters to highlight the ongoing humanitarian crisis. Israeli Defense Minister Israel Katz ordered the military to intercept the ship, describing it as a 'hate flotilla' and warning activists, including Greta Thunberg, to turn back. Activists on board remain defiant, stating, 'We will not be intimidated. The world is watching.' They emphasized that the ship is unarmed and sailing in international waters. Israeli media report that the navy plans to intercept the vessel before it reaches Gaza's territorial waters, tow it to Ashdod port, and deport the activists. Israeli officials are said to be coordinating efforts to limit global coverage of the operation. Reuters reported that the Freedom Flotilla Coalition has sounded an alarm on board the 'Madeleine' in anticipation of interception. Meanwhile, activists have reported experiencing temporary signal jamming, which they suspect is an attempt by Israeli authorities to disrupt communications and control information about the voyage. The ship's mission comes as Gaza faces what international agencies warn is a 'catastrophic humanitarian situation.' Since October 7, 2023, about 90% of Gaza's population—around 1.9 million people—have been displaced, many multiple times. Most of Gaza's territory is now either militarized or under displacement orders, with severe shortages of shelter supplies. The entire population faces acute food insecurity, with over a million people in 'Emergency' hunger phase and nearly 470,000 people in famine conditions, according to the IPC classification. Markets have seen essential items disappear, while 14,100 children under five are at risk of severe acute malnutrition. The World Health Organization warns that Gaza's health system is near total collapse, with only 38% of health facilities partially functional and hospitals at risk of shutdown due to attacks and access restrictions. North Gaza has nearly no healthcare capacity remaining. Critical medical supplies are dwindling rapidly. Humanitarian aid access remains severely restricted despite international appeals, with Israel's blockade and security restrictions limiting entry of vital food, water, and medicine. UN agencies such as UNRWA have faced prolonged bans on bringing in supplies. Beyond food and medical care, there are widespread shortages of clean water, sanitation, and hygiene, compounding health risks and disease spread. Journalists in Gaza have also paid a heavy price, with more than 130 media workers killed since October 7, many of them Palestinian reporters. According to the Gaza Health Ministry, at least 54,880 Palestinians have been killed and 126,227 injured. Many more victims remain trapped under rubble or in inaccessible areas, with some UN reports suggesting the real toll may be even higher.
Shafaq News
11 hours ago
- Shafaq News
Baghdad, Amman push cooperation on economy and environment
Shafaq News/ Iraqi President Abdul Latif Rashid met, on Sunday, with Jordan's King Abdullah II in Nice, France, to advance bilateral ties and coordinate responses to regional crises, including the war in Gaza. The meeting, held during the UN's Third Ocean Conference, included Iraqi Deputy Prime Minister Fuad Hussein and Jordanian Foreign Minister Ayman al-Safadi and centered on boosting trade, aligning economic policies, and expanding environmental cooperation—especially in water conservation and biodiversity. Rashid urged joint efforts on climate goals and sustainable development. رئيس الجمهورية @LJRashid يلتقي جلالة الملك عبدالله الثاني ابن الحسين، على هامش مؤتمر الأمم المتحدة الثالث للمحيطات في مدينة نيس الفرنسية, ويبحثان تعزيز العلاقات بين البلدين الشقيقين وسبل تطويرها في المجالات كافة، وتوسيع التعاون والتبادل التجاري بما يخدم المصالح المشتركة للشعبين. — رئاسة جمهورية العراق (@IraqiPresidency) June 8, 2025 The leaders also discussed regional stability and reaffirmed support for Palestinian statehood, calling for urgent humanitarian aid to Gaza. King Abdullah backed stronger Iraq-Jordan cooperation, urging implementation of resolutions from the recent Arab League summit in Baghdad.
