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Iran, Iraq, Syria sign $10B gas pipeline deal

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Iran, Iraq, and Syria have signed a deal for the construction of the Middle East’s largest gas pipeline, which would carry gas from Iran’s South Pars gas field to Europe via Iraq, Syria, and Lebanon and beneath the Mediterranean Sea. Iraq has said that it needs 10 to 15 million cubic meters of Iranian gas per day.

Syria 199
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Honeywell UOP technology selected for new 300K bpd oil refinery in Iraq

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The Iraq State Company for Oil Projects (SCOP), under the Ministry of Oil for Iraq, has selected Honeywell’s UOP to provide key technologies to process 300,000 barrels per day (bpd) of domestic crude oil into gasoline and diesel fuel at a new refinery in Nassiriya, Iraq.

Iraq 186
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EIA: At least 9 new refinery projects to come online before end of 2023 in Asia and Middle East; 2.9 MMb/d

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The new refinery projects would increase production of refined products, such as gasoline and diesel, and in turn, they might reduce the current high prices for these products. A new 140,000 b/d refinery is scheduled to come online in Karbala, Iraq, this September, targeting fully operational status by 2023.

Asia 418
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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). President George H. Bush authorized a drawdown of 33.75 2005 Hurricane Katrina Sale.

Oil 418
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EIA: Top 5 US crude oil suppliers account for 72% of total crude imports; highest proportion since 1997

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Crude oil imports from the top five foreign suppliers to the United States—which in 2012 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq, in that order—accounted for almost 72% of total US net crude oil imports, the highest proportion since 1997, according to the US Energy Information Administration (EIA).

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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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A new 140,000 b/d refinery is scheduled to come online in Karbala, Iraq, this September, targeting to be fully operational by 2023. A new 230,000 b/d refinery operated by a joint venture between state-owned-firms OQ (of Oman) and Kuwait Petroleum International is set to come online in Duqm, Oman, likely in early 2023.

Global 448
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IEA: record oil output from US, Brazil, Canada and Norway to keep global markets well supplied

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In the United States, fuel-economy standards for passenger cars will curb gasoline demand with growth coming from the petrochemical sector, which is thriving thanks to low-cost ethane. Sharply falling production in Venezuela will offset gains in Iraq, resulting in OPEC crude oil capacity growth of just 750,000 barrels a day by 2023.

Brazil 218