26 Mar Latest news and updates as reported: WTI Crude $94.66/bbl
(Oilandgaspress) Iraq’s Ministry of Oil has announced finalised oil export volumes for February 2026.Iraq business guide
Total exports of crude oil (including condensates): 99,872,220 barrels.
Exports from the oil fields in central and southern Iraq amounted to 93,349,480 barrels.
Exports from the Kurdistan Region via the Turkish port of Ceyhan amounted to 5,551,610 barrels.
Exports from the Qayyarah field amounted to 971,130 barrels.
Average daily crude oil exports: approximately 3.567 million barrels per day.
The total value of oil exported was $6,814,585,000 ($6.81 billion).
This implies an average price per barrel of approximately $68.23. Related News
The Iraqi Civil Aviation Authority (ICAA) has extended the closure of Iraqi airspace to all arriving, departing and transit aircraft until 12:00 noon on Saturday. The authority said the decision was taken as a temporary and precautionary measure, based on an ongoing assessment of the security situation and in light of regional developments and tensions. Related News
The strain on Russia’s exports is compounding tensions linked to the conflict involving Iran. With fewer barrels reaching global buyers, competition for alternative supplies has intensified, particularly in Europe where replacement cargoes are harder to secure.
Reuters reporting indicates that close to half of Russia’s crude export infrastructure is currently out of action, equivalent to roughly 2 million barrels per day.
That shortfall is hard to replace quickly. Even temporary losses of this scale can move prices within days. Related News
Iran imposed a “de facto toll booth regime” in the Strait of Hormuz even before its parliament unveiled plans to formally charge ships transiting the critical maritime route, it has been reported.
The Islamic Revolutionary Guard Corps (IRGC) already required ships to submit full documentation, obtain clearance codes, and accept escorted passage through a controlled corridor of the strait, according to Lloyd’s List, a global authority on shipping. Related News
Russian officials confirmed Wednesday that Moscow is sending fuel to Cuba as humanitarian aid, intensifying geopolitical tensions as a Russian oil tanker likely bound for the island approaches the Caribbean. Moscow’s announcement comes amid a US effort to choke off oil supplies to Havana that has led to a worsening energy crisis and an unfolding humanitarian disaster. Related News
CNOOC Ltd reported a net profit of $17.7 billion (122.1 billion Chinese yuan) for 2025, down by 11.5% from 2024. The company attributed the decline to “the adverse impact of lower oil prices.”
The 2025 net profit turned out lower than the $18.9 billion (130.7 billion yuan) average of analyst estimates in a Bloomberg survey.Revenues from CNOOC’s oil and gas sales fell by 5.6% last year from 2024, with oil sales revenues down by 9.1% and natural gas sales up by 16.9%.
While the realized natural gas price was 3% higher, the realized crude oil and liquids price fell by 13.4%, to $66.47 per barrel in 2025, down from $76.75 a barrel for 2024. Related News
According to Reuters, citing Interfax, pipeline operator Transneft is attempting to redirect crude volumes away from ports hit by Ukrainian drone strikes, including Primorsk and Ust-Luga—two of Russia’s most critical export hubs.
Reuters calculations suggest as much as 40% of Russia’s oil export capacity is currently offline, factoring in port outages, pipeline issues, and tanker-related disruptions. Related News
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