Basrah Crudes Rise Despite Benchmark Losses
2026-11-12 01:18 Shafaq News- Basrah Iraq's Basrah Heavy and Basrah Medium crude prices rose on Thursday, even as global benchmarks Brent and West Texas Intermediate (WTI) declined.
Basrah Heavy gained $0.47, or 1.03%, to $46.11 a barrel, while Basrah Medium rose by the same amount, or 0.95%, to $50.11.
Brent crude futures fell $1.47, or 1.58%, to $91.29 a barrel. WTI dropped $1.24, or 1.43%, to $85.29. The OPEC basket also declined, losing $5.97, or 6.49%, to $86.02 a barrel.
https://www.shafaq.com/en/Economy/Basrah-crudes-rise-despite-benchmark-losses-6
South Korea's Daewoo Hands Over Completed Khor Al-Zubair Tunnel
2026-11-12 03:57 Shafaq News- Basra Iraq inaugurated the immersed tunnel beneath the Khor Al-Zubair waterway in Basra, completing a major component of the Grand Faw Port project and establishing a direct road link between the Faw Peninsula and Umm Qasr, the Ministry of Transport said on Thursday.
Transport Minister Wahab Al-Hassani opened the tunnel, which is expected to shorten travel distances and reduce the time and cost of transporting goods between the two areas.
The ministry described the project as a key addition to Iraq's transport infrastructure, linking the country's ports to its road network and supporting the $17 billion Development Road project, a roughly 1,200-kilometer road and rail corridor planned to connect the Gulf with Turkiye and extend to Europe.
A Shafaq News correspondent reported that South Korea's Daewoo Engineering & Construction had formally handed over the completed tunnel to the General Company for Ports of Iraq.
The project involved installing 10 concrete sections beneath the Khor Al-Zubair navigation channel. In March 2025, the General Company for Ports of Iraq confirmed the successful immersion of the first section.
The company later announced that the fifth section, known as "Azal," had been installed on the channel bed. By May 9, 2026, construction was more than 95% complete, with the tunnel nearing readiness for vehicle traffic.
Last month, the company's Director General, Abdullah Ati Abdullah, said overall completion had reached 98%. The breakwater was fully completed, while infrastructure works stood at 94%.
Read more: Rebuilding Basra’s maritime power: Is Al-Faw Port the game changer for Iraq?
https://www.shafaq.com/en/Economy/South-Korea-s-Daewoo-hands-over-completed-Khor-Al-Zubair-tunnel
Iraq’s Gharraf Oilfield Produces 100,000 Boed, Shipments Suspended
2026-11-12 06:07 Shafaq News- Tokyo Iraq’s Gharraf oilfield is producing around 100,000 barrels of oil equivalent per day (boed) after resuming operations in June, but crude shipments remain suspended, Japan Petroleum Exploration Co. (JAPEX) said on Thursday.
In its financial results, which excluded the field’s expected production volumes from its forecast for October 2026 through March 2027 because of uncertainty, JAPEX maintained its forecast of three replacement liquefied natural gas (LNG) cargoes amid disruptions to Middle Eastern supplies. Two were allocated to the first half of the fiscal year, from April to September 2026, and one to the second half, from October 2026 to March 2027.
Located about 85 kilometers north of Nasiriyah in southern Iraq, Gharraf began production in August 2013 under a technical service contract. The field is operated by Malaysia’s Petronas, which holds a 45% stake, alongside JAPEX Garraf (30%) and Iraq's North Oil Company (25%).
https://www.shafaq.com/en/Economy/Iraq-s-Gharraf-oilfield-produces-100-000-boed-shipments-suspended
OPEC: Iraq’s Oil Output Jumps 11% In October
2026-11-12 06:42 Shafaq News- Baghdad Iraq's crude oil production rose by 489,000 barrels per day in October to 4.888 million bpd, up about 11.1% from 4.399 million bpd in September, according to OPEC data based on official Iraqi figures.
Separately, OPEC’s secondary-source estimates showed Iraq recording the second-largest monthly production increase among the group’s producers, behind Saudi Arabia and ahead of Kuwait.
On November 1, seven OPEC+ producers, including Iraq, agreed to keep production targets unchanged for December, OPEC said. The group’s next meeting is scheduled for November 29. OPEC also said the capacity assessment will serve as a reference for 2027 production baselines.
The Oil Ministry said on Saturday that Iraq is seeking a higher OPEC+ production target than its current 4.431 million bpd allocation for 2027 while remaining committed to the agreed limit.
https://www.shafaq.com/en/Economy/OPEC-Iraq-s-oil-output-jumps-11-in-October