Latest news with #Al-Marsoumi
Shafaq News
11 hours ago
- Business
- Shafaq News
Iraq ranks second among Arab seaborne oil exporters in May
Shafaq News/ Iraq ranked second among the largest Arab oil exporters by sea in May 2025, according to data from the Washington-based Energy Research Unit. The figures showed that seaborne crude oil exports from the top five Arab exporters rose in three countries on a monthly basis, while Iraq and Libya recorded declines. Saudi Arabia led the list in May, increasing its seaborne exports by approximately 266,000 barrels per day (bpd) from the previous month. Iraq followed in second place with an average of 3.27 million bpd, down by 32,000 bpd compared to April's 3.3 million bpd. Government reports indicated that Iraq aimed to keep exports below 3.2 million bpd in May and June to align with its OPEC+ production quota. On a year-on-year basis, Iraqi exports fell by 294,000 bpd compared with May 2024, when they reached 3.56 million bpd. The United Arab Emirates ranked third with exports rising to 3.02 million bpd, followed by Kuwait with 1.37 million bpd. Libya came fifth, with exports declining to 1.19 million bpd last month. Meanwhile, economist Nabil Al-Marsoumi warned of potential disruptions to maritime trade routes in the event of a regional conflict between the United States and Iran, which could negatively impact oil supplies. He urged the resumption of exports via the pipeline from the Kurdistan Region to Turkiye's Ceyhan port. In a social media post, Al-Marsoumi wrote, "If the US and Iran agree, the world will live in peace. If they disagree, the gates of hell will open.' He noted that in case of escalation, 'maritime trade routes will close, oil export platforms will be destroyed, transport and insurance costs will surge, and oil supplies will be negatively affected, pushing prices higher.' Al-Marsoumi added that Gulf oil-exporting countries would be severely impacted as export routes narrow or shut down, especially those lacking alternative outlets. 'The reviving the Ceyhan pipeline as more essential now than ever,' he concluded.
Shafaq News
27-05-2025
- Business
- Shafaq News
Iraq's April oil revenues barely cover salaries and licensing fees, economist says
Shafaq News/ Iraqi oil revenues for April are only sufficient to cover public sector salaries and oil licensing company expenses, economic expert Nabil Al-Marsoumi said on Tuesday. Al-Marsoumi stated that 'a drop in Iraq's oil exports and a decline in global oil prices—from $72.5 per barrel in March to $66.7 in April—led to a 15% decrease in revenues, from $7.716 billion to $6.738 billion.' The Iraqi Ministry of Oil confirmed these figures in a statement released Monday, outlining its final export and revenue statistics for April, based on data from the State Organization for Marketing of Oil (SOMO). According to the ministry, Iraq exported a total of 100,953,282 barrels of crude oil in April, generating $6.738 billion in revenue. The majority of exports—99,752,879 barrels—came from fields in central and southern Iraq. Additionally, 900,584 barrels were exported from the Qayyarah field in Nineveh province, while 299,819 barrels were exported to Jordan.
Shafaq News
18-05-2025
- Business
- Shafaq News
Decades later: Iraq's oil refinery in Somalia resurfaces in spotlight
Shafaq News/ An Iraqi oil refinery built in Somalia in the 1970s under a joint deal with Mogadishu still exists, an overlooked legacy just now brought to light by economist Nabil Al-Marsoumi. In remarks to Shafaq News, Al-Marsoumi noted that the facility was built in 1974 by Iraq's State Company for Oil Projects with an annual refining capacity of 500,000 tons. He explained that Iraq financed the refinery's construction in foreign currencies, while Somalia's 50% share of the project's costs was to be repaid over three years after operations began, at a symbolic interest rate. Al-Marsoumi noted that the Somali president asked Iraqi Prime Minister Mohammed Shia al-Sudani, on the sidelines of the Arab League Summit held in Baghdad on Saturday, to rehabilitate the now-damaged refinery, signaling interest in restarting operations. 'Quite the surprise,' he said. 'Iraq has a refinery abroad and nobody even knew!'
Shafaq News
29-04-2025
- Business
- Shafaq News
Iraq oil breach: Pumping more amid price pressure
Shafaq News/ Iraq has exceeded its OPEC+ oil production quota by more than 200,000 barrels per day (bpd), exposing Baghdad to mounting pressure to curb output as global demand softens and oil prices decline. Economist Nabil Al-Marsoumi, citing official data, said Iraq's crude exports averaged 3.437 million bpd in March, generating $7.716 billion in revenue. However, total production rose above 5.2 million bpd, far exceeding its OPEC+ target. OPEC+ sources told Reuters the group may consider advancing output cuts to June if market conditions worsen. Barclays, meanwhile, lowered its 2025 Brent price forecast to $70 a barrel, citing an anticipated surplus of one million bpd. According to the State Oil Marketing Organization (SOMO), Iraq exported more than 106 million barrels of crude in March, primarily from southern oil fields, with smaller volumes from Qayyara and Kirkuk. While Baghdad largely complied with its quota in early 2025, production surged in March, driven by the recovery of the Rumaila oilfield. April estimates suggest Iraq continued to overproduce by up to 300,000 bpd. 'This excess could lead to additional restrictions on Iraq's oil production starting in May,' Al-Marsoumi warned, adding that falling prices could face further pressure, especially with the lingering impact of tariffs imposed by former US President Donald Trump. In response to OPEC+ pressure, Iraq has announced plans to cut exports by around 100,000 bpd in May to demonstrate compliance. Baghdad has also pledged to submit an updated compensation plan to address its earlier overproduction. Analysts say Iraq's chronic struggle to stay within OPEC+ limits may draw sharper scrutiny this year as price weakness and supply concerns test the group's cohesion. 'Baghdad will likely face tougher demands to curb production if it wants to avoid stricter measures later this year,' one oil analyst said.
Shafaq News
16-03-2025
- Business
- Shafaq News
Expert: Iraq's power crisis to worsen this summer
Shafaq News/ Iraq is unlikely to see a significant improvement in its electricity supply this summer, despite government assurances, as key energy projects remain years from completion, economic expert Nabil Al-Marsoumi warned on Sunday. In a Facebook post, Al-Marsoumi stated that "the current production of domestic gas cannot replace Iranian imports at this stage, as achieving self-sufficiency requires several years of development and investment." He also noted that "solar energy projects expected to contribute to power generation will not be completed for at least three years, even under the best circumstances." As summer demand surges, Iraq is exploring alternative power sources, but major projects face delays. Al-Marsoumi explained that "renting and installing a floating power platform in Khor Al-Zubair will take no less than a year, while constructing fixed platforms in Al-Faw Port would require more than two years." Regional grid connections also offer no immediate relief, according to Al-Marsoumi, who explained that the planned Saudi electricity linkage requires three years, the 500-megawatt supply from Kuwait is unlikely before 2026, and plans to double Turkish electricity imports to 600 megawatts remain uncertain, pending European Union approval. To bolster supply, Iraqi Electricity Minister Ziyad Ali Fadel met with Turkish Energy Minister Alparslan Bayraktar in Baghdad alongside Turkish Ambassador Anil Bora Inan, confirming Iraq's readiness to expand powerimports from Turkiye. He also proposed establishing a joint high-level technical committee to monitor the implementation of energy agreements. Adding to the strain, the Trump administration revoked Iraq's waiver to pay Iran for electricity imports, as part of its "maximum pressure" policy on Tehran. In response, Iran's Foreign Minister recently pledged support for Iraq against what he described as "illegal measures" by the US that block Baghdad from continuing energy purchases from Tehran. Iraq has long depended on Iranian electricity and gas imports, particularly in peak summer months, with transactions historically relying on US waivers renewed multiple times each year. Baghdad signed an agreement to diversify supply in October 2024 with Turkmenistan to import 20 million cubic meters of gas per day via Iran's pipeline network under a swap arrangement, but technical issues have delayed implementation, according to the Ministry of Electricity.
