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Government Directives to Diversify Oil Export Outlets and Boost National Revenues

High-level government directives have been issued to follow up on increasing the volume of oil exports and working diligently to find alternative and diverse export outlets. These steps aim to enhance...

Significant Rise in Global Oil Prices, Brent Crude Surpasses $108

Global crude oil prices experienced a noticeable surge on Friday, driven by supply and demand dynamics and ongoing geopolitical concerns, particularly the crisis in the Strait of Hormuz. According to...

Nine Oil and Gas Tankers Cross Strait of Hormuz Despite Regional Tensions

Navigational data reported that nine vessels loaded with oil and gas crossed the Strait of Hormuz recently, according to maritime tracking data. Sources indicated that the movement of oil and gas tank...

Strait of Hormuz Turmoil Disrupts Iraqi Markets: How Maritime and Land Shipping Control Prices?

The head of the Diyala Chamber of Commerce affirmed that maritime and land transport form the backbone of Iraqi trade, while the impact of air shipping remains limited. He explained that over 50% of g...

Al-Binaa and Development Coalition Nominates Bassem Mohammed Khudhair for Oil Ministry in Upcoming Government

The Construction and Development Coalition, led by Mohammed Shia' Al-Sudani, has nominated Bassem Mohammed Khudhair for the position of Oil Minister in the upcoming government formation. This came dur...

OPEC Lowers Global Oil Demand Growth Forecasts for 2026

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecasts for global oil demand growth in 2026, affected by the repercussions of the war on Iran. The organization explaine...

Iraqi Oil Prices Record Notable Rise in Global Markets

Iraqi oil prices recorded an increase during daily trading in global markets.According to official data, the price of Basra Medium crude rose to $118.99 per barrel, while the price of Basra Heavy crud...

Ministry of Oil Follows Up on Pipeline 46 Rehabilitation to Resume Exports via Ceyhan Port

The Ministry of Oil followed up on the rehabilitation works of Pipeline 46 for exporting crude oil through the Turkish Ceyhan port, within plans to resume and ensure the smoothness of export operation...

Iranian Revolutionary Guard Threatens Firm Military Response to Any Targeting of Oil Tankers

The naval force of the Iranian Revolutionary Guard threatened to respond forcefully to any targeting of Iranian oil tankers or commercial vessels, warning that such acts may be met with direct militar...

China's Oil Imports Plunge to Near Four-Year Low Amid Iran Tensions

China's crude oil imports recorded a sharp decline during the past month of April, reaching their lowest level in nearly four years, amid the repercussions of tensions related to the war in Iran and t...

MP Abbas Hayyal Secures Approval to Include Oil Contract Stabilization in 2026 Budget

MP Abbas Hayyal secured approval to include the file for stabilizing contracts under Resolution (315) within the 2026 budget, in a new parliamentary step targeting employees of several companies affil...

Military Intelligence Foils Two Oil Derivatives Smuggling Operations in Diyala and Salah al-Din

The Military Intelligence Directorate foiled on Friday (May 8, 2026) two oil derivatives smuggling operations in Diyala and Salah al-Din governorates.The directorate stated in an official statement th...