Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and boardroom mean Royal Dutch Shell, ExxonMobil and Chevron are all under pressure to cut carbon emissions faster. That s good news for the likes of Saudi Arabia s national oil company Saudi Aramco, Abu Dhabi National Oil Company and Russia s Gazprom and Rosneft. It means more business for them and the Saudi-led Organization of the Petroleum Exporting Countries (OPEC). Oil and gas demand is far from peaking and supplies will be needed, but international oil companies will not be allowed to invest in this environment, meaning national oil companies have to step in, said Amrita Sen from Energy Aspects consultancy.
By Reuters Staff
1 Min Read
A worker is seen at Iraq s Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files
BAGHDAD (Reuters) - Iraqi oil exports stood at about 2.9 million barrels per day (bpd) in May, little changed from the previous month, the country’s oil ministry said on Tuesday.
Exports from Iraq’s southern Basra terminals hit 2.8 million bpd during May, the ministry said, while shipments from Kirkuk through Ceyhan averaged about 99,000 bpd.
Iraq, which is OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue. It was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers.
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Oil prices would likely further pick up ahead of an Opec+ meeting this week despite a delayed resumption in passenger aviation and worsening coronavirus infections in India, experts say. Analysts and market observers said the Organisation of the Petroleum Exporting Countries and its allies are likely to continue the existing pace of gradually easing oil .