Latest news with #ArabEnergyOrganisation
Zawya
03-06-2025
- Business
- Zawya
Iraq's oil revenues up $1bln in 2024
Iraq earned nearly $1 billion more in 2024 over the previous year despite a decline in average crude prices last year, official data show. The crude export earnings of OPEC's second largest oil producer stood at around $95.5 billion in 2024 against $94.4 billion in 2023, the Central Bank of Iraq said. The report gave no reason for the rise but according to the Kuwaiti-based Arab Energy Organisation (AEO), Iraq exported around 3.35 million barrels per day (mbpd) in 2024, slightly higher than in 2023, when exports stood at nearly 3.34 mbpd. Average Brent crude prices stood at around $81 a barrel in 2024 compared with nearly $83 in 2023, according to the US Energy Information Administration. Iraq's oil revenues soared to one of their highest levels of around $113 billion in 2022, when crude prices soared above $100. The surge allowed Iraq to record a large budget surplus despite high spending in 2022, enabling it to ease borrowing from the local banks. An adviser to Prime Minister Mohammed Al-Sudani said last week Baghdad intends to borrow again this year to fund the budget shortfall after oil prices dipped below Iraq's forecast price of around $70. 'The 2025 budget envisages a deficit of 64 million Iraqi dinars while spending was forecast at IQD200 trillion ($153 billion)…the Finance Ministry will resort to borrowing whenever needed to cover the deficit,' financial adviser Mudhar Saleh said. In June 2023, Iraq approved a three-year budget for the period 2023-2025 based on an average oil price of $70 a barrel and crude exports of 3.4 million bpd. Annual spending was set at around $153 billion with a shortfall of $49 billion but Parliament allowed the Finance Ministry to revise expenditure through the year depending on oil market conditions. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
22-05-2025
- Business
- Zawya
GCC projects to boost Arab LNG output to 192 mn tonnes in 2027
Gas projects in the Gulf and other regional countries will boost the total Arab liquefied natural gas (LNG) export capacity to its highest level of around 192 million tonnes in 2027, an Arab energy official reports. Capacity is estimated at around 110 million tonnes per year and the bulk of the projected increase will come from Qatar, Oman and the UAE, said Jamal Loughani, secretary general of the Kuwaiti-based Arab Energy Organisation (AEG). Loughani, quoted by AEG's monthly bulletin published this week, noted that key LNG projects in the region include expansions in Qatar, the 9.6 million tonne Ruwais LNG project in Abu Dhabi and Oman's Marsa LNG, a Sohar-based joint venture between France's TotalEnergies and OQ (Oman Oil). 'The UAE and Oman projects, besides expansions in Qatar and those in Mauritania, will bolster the Arab LNG export capacity by nearly 40 percent to 192 million tonnes in will naturally boost the Arab share of the global LNG market,' he said. He noted that Arab LNG exports recovered slightly in the first quarter of 2025 following a decline by around 3.4 million tonnes in 2024 due to a sharp fall in the supplies of Egypt and Algeria. From around 112 million tonnes in 2023, total Arab LNG exports slumped by nearly 3 per cent to about 108.6 million tonnes in 2024, he said. Qatar, which controls the world's 3rd largest proven gas deposits after Russia and Iran, is boosting its export capacity of 77 million tonnes by 85% to nearly 142 million tonnes in 2030, an increase of 65 mtpy from projects at its gigantic offshore North Field. Qatar's proven natural gas reserves stood at around 23.8 trillion cubic metres at the end of 2024, concentrated mostly in the 6,000-sq-km North Field. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
18-04-2025
- Business
- Zawya
Libyan oil sector to surge on high crude quality
Libya's ambitious plans to boost oil production to nearly two million barrels per day (bpd) could be attained given the high quality of its crude and proximity to key consumers, the head of the Arab Energy Organisation (AEO) has said. Libya controls nearly 6.7 percent of the total Arab recoverable oil deposits of around 717 billion barrels, which account for around 54 percent of the world's proven oil reserves, Jamal Al-Loughani said. In his comments in the AEO's bulletin published last week, Al-Loughani said OPEC member Libya is currently pumping nearly 5.2 percent of the total Arab crude production of about 22.9 million bpd, equivalent to 1.15 million bpd. 'The most important feature of the Libyan oil sector is the quality of the crude oil produced, as it is light and has a low sulphur content. This is suitable particularly in the European market,' said the secretary general of the Kuwait-based AEO, formerly the Organisation of Arab Petroleum Exporting Countries. He said another advantage is Libya's geographical location which is close to major consumer markets that are expected to record increased energy demand in the future. This will provide an opportunity to develop the Libyan energy sector to provide the necessary petroleum supplies to these markets, he said. Al-Loughani said Libya's plan to boost production capacity could be achieved by attracting international partnerships, injecting capital, improving efficiency, and increasing extraction rates within a strategy to modernise the energy infrastructure. 'This will help Libya regain its position as a major player in the global energy sector… There is no doubt that the ambitious strategic plan which aims to increase production to 2 million bpd of oil and 4 billion cubic feet of natural gas, reflects a trend toward reconsidering previous methods of boosting production and bringing it to the targeted levels,' Al-Loughani said. In recent comments, a Libyan official said the country is seeking investments ranging between $3 to 4 billion to boost oil output capacity to 1.6 million bpd. Acting oil and gas minister Khalifa Abdulsadek said the country's goal extends beyond reaching 1.6 million bpd with aspirations to increase production to two million bpd. 'There is momentum in reconstruction, and this can only be achieved by increasing the production,' he added. (Writing by Nadim Kawach; Editing by Anoop Menon) (
