Iraqi oil minister expects prices to rise over time

Iraq’s Energy Minister of Oil Thamer Abbas Al Ghadhban (C) speaks to journalists as he attends the 175th OPEC Conference of Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on December 06, 2018. (File/AFP)
Updated 10 December 2018
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Iraqi oil minister expects prices to rise over time

  • Ghadhban said the recent fall in Iraqi exports was due to weather conditions
  • “Our goal is to reach an export capacity of 6.5 million barrels per day but over several stages,” he said

BAGHDAD: Iraqi Oil Minister Thamer Ghadhban said on Monday he expected the fall in oil prices to stop and for prices to rise over time, adding that if OPEC had not cut production, prices would have dropped to $45-50 per barrel.
Speaking at a ministry event in Baghdad, Ghadhban said the recent fall in Iraqi exports was not due to technical reasons, as Iraqi oil fields have high capacity, but rather because of weather conditions.
“Our goal is to reach an export capacity of 6.5 million barrels per day but over several stages,” he said.
Speaking about the recent Kirkuk oil deal with the semi-autonomous Kurdistan Regional Government (KRG), Ghadhban said state oil marketer SOMO had received preferential prices, albeit for low quantities.
Iraq last month restarted exports of Kirkuk oil, halted a year ago due to a standoff between the central government and the KRG, after a new government in Baghdad agreed a tentative deal with Irbil.


Samba achieves record profit of $1.47 b by 2018

Updated 12 min 45 sec ago
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Samba achieves record profit of $1.47 b by 2018

Saudi Arabia's Samba Group posted record profits in 2018 at $1.47 billion (SAR 5.5 billion), up 10 percent from the previous year.  

On quarterly earnings, Samba Group's earnings grew 16 percent in Q4 2018 to $373 million (SAR 1.4 billion), Al Arabiya reported. 

The increase in net profit during 2018 compared to the previous year increased by 10 percent increase.

On the other hand, total operating expenses decreased by 8.4 percent due to lower salaries, depreciation and credit costs as well as general and administrative expenses.