RIYADH: Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of US crude inventory declines and OPEC’s voluntary output cuts announcement. Brent crude futures gained 44 cents, or 0.52 percent, to $85.38 a barrel by 11.15 a.m. Saudi time. West Texas Intermediate US crude was up 31 cents, or 0.38 percent, to $81.02 a barrel.
But it has experienced several setbacks amid disputes between Iraqi politicians over terms. Iraq's cabinet said in a late Tuesday statement that it had approved the amended 30% share "due to the importance of resolving the issue and proceeding with the signing of related agreements." Earlier on Tuesday, three sources told Reuters that Iraq has agreed to lower its share to 30% from 40% in the project, which was a key sticking point as TotalEnergies wants a majority stake. Iraq's state-owned Basrah Oil (BOC) will partner in the project, instead of the now-abolished Iraq's National Oil company (INOC), the cabinet statement added.
A new government and oil minister in Baghdad have foreign investors optimistic that potentially transformative energy projects can now move ahead in Iraq.
IBBC focused on 'Business Opportunities' at this year's Dubai Iraq Conference, 10 & 11 November Iraq Britain Business Council (IBBC)'s Dubai Autumn Conference this year is going to be significantly focused on 'Business Opportunities' for members and delegates, with the discussion of tangible investment and business opportunities throughout the sessions. Iraq has a bullish consumer