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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. Refining capacity in Iraq is expected to reach 1.6

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Eni report: global oil reserves and oil production up in 2018 due to US

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OPEC registered zero growth as production in the Arab Gulf countries were offset by losses in Iran and Venezuela due to geopolitical issues. 2018 recorded an overall growth in oil production of 2.5 The tight oil production phenomenon continued to increase the share of sweet light crudes, which rose above 20% worldwide.

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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. The 400,000 b/d Jizan refinery in Saudi Arabia reportedly came online in late 2021 and began exporting petroleum products earlier this year.

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An OPEC Deal Extension Isn’t As Simple As It Sounds

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It’s been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by OPEC to rebalance the market. And according to Iraq, the agreed-upon cuts have been all about exports all along. But Iraq is uniquely positioned.

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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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Biden called the latest release a “wartime bridge” to increase oil supply until domestic production ramps up later this year. million barrels over a 45-day period to calm the global oil market in the immediate aftermath of the beginning of the Iraq war. The release is by far the largest yet from the national reserves.

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IEA says oil supplies may not keep up with demand

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In its latest annual World Energy Outlook , the International Energy Agency (IEA) warned that the current period of oil abundance may be fleeting, and in fact, without heroic levels of production increases, oil markets will grow dangerously tight in the coming years. Instead, much of the world’s hopes are pinned disproportionately on Iraq.

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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).