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11.11.25 - 12:36
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India Races To Replace Russian Oil With US, Iraqi, & UAE Crude (ZeroHedge)
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India Races To Replace Russian Oil With US, Iraqi, & UAE Crude
Authored by Irina Slav via OilPrice.com,
Two Indian refiners bought a total of 5 million barrels of crude oil from the United States, Iraq, and the UAE on the spot market as they seek alternatives to Russian crude.
Reuters reported, citing unnamed industry sources, that Hindustan Petroleum Corp. had bought 2 million barrels of West Texas Intermediate and 2 million barrels of Murban crude for delivery in January.
The other refiner, Mangalore Refinery and Petrochemicals, bought 1 million barrels of Basra Medium, also to be delivered in January, the Reuters sources said.
The search for alternative oil supplies follows the Trump administration's decision last month to sanction Rosneft and Lukoil, which together account for half of Russia's oil exports and a significant portion of Indian imports from the country.
The sanctions ignited a rush to secure supplies ahead of the entry into effect of the sanctions, on November 21, while ...
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11.11.25 - 05:06
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Lukoil Declares Force Majeure At Major Iraqi Oil Field Due To New US Sanctions (ZeroHedge)
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Lukoil Declares Force Majeure At Major Iraqi Oil Field Due To New US Sanctions
Via The Cradle
Russian energy corporation Lukoil has declared force majeure at Iraq's West Qurna-2 oil field as a result of US sanctions on the firm, four sources told Reuters on Monday.
"Iraq has halted all cash and crude payments to Lukoil," the sources said. The Russian energy firm operated Iraq's West Qurna-2 oil field, which produces 480,000 barrels per day (bpd).
Image source: Reuters
Lukoil holds a 75 percent stake in the field, one of the largest in the world. It also holds a 50 percent stake in Egypt's West Esh El-Mallaha (WEEM) oil fields and a 10 percent stake in the UAE offshore Ghasha project, while maintaining a network across Europe and Central Asia.
The report comes as the energy firm has been suffering significant disruptions in its operations due to recent US sanctions.
Romania and Bulgaria have been scrambling to protect Russian-owned oil refineries from shutdowns before...
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16.10.25 - 14:06
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Iraq Sets Deadline To End Dependence On Iranian Gas, Under US Pressure (ZeroHedge)
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Iraq Sets Deadline To End Dependence On Iranian Gas, Under US Pressure
Via The Cradle
Iraqi Prime Minister Mohammed Shia al-Sudani said he aims to end Iraq's $4-billion dependence on Iranian gas by early 2028, outlining a plan to recover flared gas and attract foreign investment during an interview with CNBC published Tuesday.
"We developed a clear vision to address this structural imbalance that affects our ability to generate and produce electricity and provide it to citizens," Sudani told CNBC's Dan Murphy in Baghdad.
Via AFP
He said Iraq had signed investment deals with TotalEnergies, Chinese, and Emirati companies to capture and process gas currently burned off at oil sites. "For the first time in Iraq's history, there is a clear plan and daily action to resolve this issue, with a deadline of early 2028 set for zero gas flaring," Sudani said.
Gas supplied by Iran powers around one-third of Iraq's electricity, yet years of neglect, graft, and inadequate investment...
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10.10.25 - 17:45
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Iraq Inks Major Oil Development Deal With ExxonMobil (ZeroHedge)
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Iraq Inks Major Oil Development Deal With ExxonMobil
Via The Cradle
Iraq will sign an agreement with Texas oil major, ExxonMobil, to manage, develop, and operate the Majnoon oil field in the country's south, three Iraqi officials familiar with the matter told Reuters on Thursday.
The deal will also cover upgrades to Iraq's oil export infrastructure in the south and include a profit-sharing arrangement for crude and refined products. Iraq's State Organization for Marketing of Oil (SOMO) is expected to formalize the agreement alongside ExxonMobil and the state-owned Basra Oil Company.
Via Reuters
According to Bloomberg, the US-based energy giant has reached a non-binding heads of agreement with Baghdad to re-enter Iraq two years after its withdrawal.
Iraqi Prime Minister Mohammed Shia al-Sudani confirmed the preliminary deal but did not disclose details. An Exxon spokesperson told Reuters, “We are pleased to have signed an HoA with the Iraqi Oil Ministry to evaluate exploration, develo...
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30.09.25 - 11:09
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Wiederaufnahme der Öllieferungen aus dem irakischen Kurdistan steht offenbar kurz bevor (SG)
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Die Sorge, dass die USA ihre Gangart gegen Russland verschärfen könnten, hat die Ölpreise wieder an den oberen Rand der seit zwei Monaten geltenden Handelsspanne getrieben. Dabei gab es auch Nachrichten von höherem Angebot(-spotenzial): Die im irakischen Kurdistan tätigen Ölunternehmen haben mit der irakischen Zentralregierung und der kurdischen Regionalregierung eine Einigung erzielt, so dass der Export aus der nördlichen Region in Kürze wiederaufgenommen werden kann..
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