Twitter: @vera_mironov, Mohammed Hussein is the policy director at the Iraqi Center for Policy Analysis and Research. After 15 years of corruption, Iraqi protesters have finally reached a breaking point. The Future of Iraq’s Oil Is Russian. By Vera Mironova and Mohammed Hussein, for Foreign Policy. And due to the long-term nature of oil and gas contracts, Russia’s market share will only increase over time. Just in September, meanwhile, the Russian company Stroytransgaz won a 34-year contract for oil and gas exploration in Iraq’s Anbar province, a deal that Lavrov especially thanked Iraq for during his visit, according to a source in the Iraqi prime minister’s office. According to ibn Khordadbeh, already in the 9th century one could encounter Rus merchants in the markets of Baghdad, to which they brought beaver, fox pelts, and swords. U.S. President Donald Trump might like to claim that the United States still has a hand in the region’s oil sector. There were no official agreements signed; politics, Syria, and terrorism seemed like an afterthought; and diplomats were in the minority during the week’s events. Instead, Lukoil has reined in production to 280,000 barrels a day to help Iraq comply with its quota under the global supply-cuts agreement, said Egor Zubarev, managing director of the company’s Middle Eastern business. Despite ongoing protests in Baghdad, which have seen the departure of many foreign diplomats for security concerns, Russia has doubled down. Many demonstrators see Tehran’s hand in widespread violence and support for the embattled prime minister. Iraq, OPEC’s second-largest producer, ordered international companies working at its fields to pump less oil after the Organization of Petroleum Exporting Countries and allies including Russia agreed in April to take nearly a 10th of the world’s supply off the market. At the time, there was no need for Russians since the Americans had a strong presence and support in the region. We will NEVER let a reconstituted ISIS have those fields!” And in a meeting with Turkish President Recep Tayyip Erdogan, he noted, “We’re keeping the oil. By Simon Watkins. Rather, it will be Russia in charge on the ground. In a recent tweet about Syria, for example, he wrote, “The Oil Fields discussed in my speech on Turkey/Kurds yesterday were held by ISIS until the United States took them over with the help of the Kurds. Russian influence over the oil in Iraq and Syria is not only a long-term economic blow to the United States, but a political one, too. All material subject to strictly enforced copyright laws Please read our Terms & Conditions, Cookies Policy and Privacy Policy before using the site. Lower crude prices are putting pressure on the government’s budget, and some oil projects have slowed due to Baghdad’s shortage of cash, Oil Minister Ihsan Abdul Jabbar said Tuesday in an online conference. Later, when the Kurdish leaders got disappointed with Americans, Russians appeared stronger and friendlier. May 28, 2020. By Editor on 18th November 2019 in Iraq Oil & Gas News, Politics, Security. 0. Still, Iraq is “undoubtedly” one of Lukoil’s “prioritized regions,” he said. 129. It should come as no surprise that, after investing more than $10 billion into Iraq’s energy sector over the past nine years, Russia’s interest in the country mostly centers on commercial concerns. For example, in 2009, the Russian company Lukoil won one of the first oil contracts in postwar Iraq, for the West Qurna-2 development project in Basra. But Iraqi officials aren’t particularly worried. (Bloomberg) --Lukoil PJSC is seeking to develop new oilfield projects in Iraq even as slumping crude prices and OPEC+ supply cuts have compelled the company to slash production in the country. It could be true that the region’s fields will never again be controlled by the Islamic State, but it is unlikely that the United States will play the biggest role, either. Exxon, BP, and Lukoil are among the largest foreign producers in Iraq, and all were asked to reduce output. Smoke billows from a fire that broke out at the North Oil Company installations in the disputed oil-rich province of Kirkuk, north of Baghdad, on Aug. 29. Since 2014, international oil companies have renounced at least 19 oil blocks in Kurdistan, according to an analysis by the Iraq Oil Report. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Some of the companies developing Iraqi oil, including Gazprom and Rosneft, are on U.S. sanctions lists for their connection with the annexation of Crimea and Russia’s involvement in conflict in eastern Ukraine. The lasting impact of Sanders and Corbyn, a profile of the UAE’s invisible Palestinian hand, and a drift toward authoritarianism in West Africa. Denmark removes final hurdle for Russian gas pipeline to Europe, Russia gets closer to new wheat harvest record thanks to surging grain yields, Iran is building a massive energy network to boost its geopolitical influence, Dump the dollar: Goldman warns US currency could plummet. While it expects for now to keep output levels unchanged, Lukoil will “soon” submit proposals to Iraqi authorities to develop a separate area in the south known as Block 10, Zubarev said in an email. Around that time, many Western oil companies (such as ExxonMobil and Chevron) partially or totally left the region due to the security concerns. © 2020 World Oil, © 2020 Gulf Publishing Company LLC. So now Russia basically controls this export.”. Iraq’s financial constraints present a challenge. The goal of the Russian company was to boost production at West Qurna-2 to 480,000 bpd this year. China’s growing influence in Latin America and climate change will both continue to shape the future of the bilateral relationship. Lukoil has a 75% stake in West Qurna 2 and is working on projects to explore other parts of the field as well as the separate Block 10 area. Democratic Socialists Lost, but Their Ideas Have Won, Election Violence in the United States Is a Clear and Present Danger, ‘We Don’t Believe in a Political Solution’ in Nagorno-Karabakh, Fighters Say, America’s Cultural Institutions Are Quietly Fueled by Russian Corruption. Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Bloomberg. The common belief in Kurdistan was that having a trade deal with them will also bring other, political and security, benefits.”, Even sanctions don’t seem to bother the Russians or Iraqis. Russia is not only interested in the oil fields themselves. Relations between Russians and the people of Iraq long predate the formation of the modern Iraqi and Russian states. S. Jaishankar’s “The India Way” is a rare book by a sitting foreign minister. Subscribe to RT newsletter to get stories the mainstream media won’t tell you, FILE PHOTO: The company logo of Lukoil is seen in West Qurna oilfield, Iraq © Reuters / Essam Al-Sudani, OPEC+ key breakaway asks BP to cut production at its biggest oilfield to finally comply with oil deal – report, Libya’s oil industry lifts force majeure on its biggest oilfield, We won’t deal with ships operating in Venezuela, Brazil’s Petrobras says amid US sanctions on oil trade with Caracas, Russia now makes more money from gold than natural gas exports, Russia proposes $20 billion in new investment projects with China, Australians can visit Antarctica during pandemic with no passport or luggage required, Sanctioned Venezuelan oil exports rise from historic lows thanks to increase in India sales – report, Exxon eyes global job cuts to keep afloat after oil price collapse, Central Bank of Russia does not rule out another pandemic wave & $25 oil price, Major banks, food & cosmetics brands linked to massive abuses in palm oil industry – report, Iran significantly boosts oil exports despite sanctions, Full stream ahead!
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