Iraq to Build 5 New Refineries With 790,000 bpd Capacity

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
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Iraq to Build 5 New Refineries With 790,000 bpd Capacity

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)

The Iraqi Ministry of Oil has announced its intention to select a number of specialized international investment companies to build five new refineries around the country.

The ministry's official, Hamid al-Zobaie, said in a press statement there is a plan to build five refineries across the country through investment and various refining cards, pointing out that the ministry is currently seeking fitted companies to build these refineries.

Zobaie added that qualification and selection processes are to study technical and financial capabilities of the companies, especially that the construction of the refinery requires up to $3 billion. Applying companies must also commit to the deadlines and ensure completion of construction within the schedule.

The official listed the refineries that will be referred to investment: Kirkuk with a capacity of 70,000 barrels per day (bpd), Wasit capacity of 140,000 bpd, Nasiriyah capacity of 140,000 bpd, Basra card 140,000 bpd, and al-Faw capacity of 300,000 bpd.

The ministry is financing Karbala refinery which is about 78 percent completed, and once it is fully constructed, it will provide about 9 million liters per day of high-quality gasoline, in addition to various oil derivatives in accordance with international standards.

Rehabilitation and development operations of refineries are done by Iraqi staff, noted the official, who added that the cost of refinery rehabilitation is much lower than its construction.

The Ministry of Oil has prepared a plan to add fluid catalytic cracking (FCC) units used in petroleum refineries which are used to convert petroleum crude oils into more valuable gasoline.



Haitham Al Ghais Announces COP31 As The ‘Age of all Energies’

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)
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Haitham Al Ghais Announces COP31 As The ‘Age of all Energies’

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said on Monday that the world will require more electricity in the decades to come, but it will also need more from almost all other energy sources.

“The future is not about focusing on one particular energy and conveniently forgetting the role of others. Today we hear much talk of the ‘Age of Electricity’, but that is not fully switched on. The future should be about the ‘Age of all Energies’ and an understanding of how important each energy is to others,” Al-Ghais wrote in an op-ed published in the Turkish Anadolu Agency.

The op-ed comes as the 31st United Nations Climate Change Conference (COP31) is taking place from 9 to 20 November 2026 in Antalya, Türkiye.

According to the OPEC Secretary General, four points illustrate some of the blind spots in the discourse around electrification.

First, he spoke about the ‘electrification of everything’ that has a material reality.

“The so-called ‘Age of Electricity’ depends on adding hardware everywhere. It is device and equipment intensive. It means filling homes, offices, cars and cities with more and more things,” he said.

Therefore, the production and delivery of such equipment utilize international supply chains, with materials making multiple journeys, often crisscrossing the globe, before the final assembly line, he wrote.

“These logistics are overwhelmingly dominated by petroleum powered transportation modes,” the OPEC chief noted.

Additionally, he wrote, more electrification will also lead to an ‘Age of More Cables and Chargers.’

According to Al-Ghais, “Each gadget that it depends on adds at least one power brick and cable. Many will add two or three. This means dozens of separate chargers, low-voltage power supplies and leads, and, in the case of electric vehicles (EV), the heavy cable and fixed internal wiring that tie this all together.”

Second, he wrote, electrifying everything means more petroleum-derived products. “The devices this goal depends on are plastic intensive. Plastic insulation and jackets will be needed for cables. Chargers and power blocks are plastic shells around transformers. These devices also require packaging, often made from plastic material,” he noted.

Also, some electrified technologies require substantially more plastic components than the traditional systems they replace.

For example, Al-Ghais wrote, a mid-sized EV is likely to contain 45% more plastic and polymer composites than a similarly sized petrol or diesel model.

In this regard, he said the petrochemical requirements for ‘electrification’ are often overlooked.

“They did not receive much attention in the International Energy Agency's (IEA) Special Report on Electrification written in advance of COP31,” he noted.

Moreover, Al-Ghais said from the perspective of EVs, it is important to remember the other challenges facing their expansion, such as the availability of critical minerals, public charging capacity, subsidies and the market realities impacting both manufacturers and consumers.

Third, he referred to what OPEC has written repeatedly, saying that petroleum and petroleum-derived products are essential for manufacturing, maintaining and installing electricity grids.

Al-Ghais said that these include cables, overhead lines, pylons, transformers, substations, and control systems.

“As high-voltage subsea cables proliferate, this will see a surge in demand for specialized plastics and polymers,” he added.

Fourth, Al-Ghais said petroleum-derived products are important for electricity generation, regardless of the source.

“On average, 15% of the weight of a wind turbine is made from petroleum-derived materials like fiberglass, resin or plastic. About 10% of a typical crystalline silicon solar panel is made from plastic,” he explained.

Also, he said, petroleum-derived products are essential across value chains for manufacturing, building and transporting renewable technologies.

“This underscores the fact that energy sources are not locked in a zero-sum game where growth in one results in decline for another. They do not operate in silos. All energies will be required to meet global energy demand growth, address energy poverty that continues to impact billions around the world and provide energy security,” he wrote.

The OPEC Secretary General concluded that rather than neatly categorizing energy eras based on sources, perhaps it will be useful to recognize their interdependence and the reality that we are in the ‘Age of all Energies.’


Hormuz LNG Traffic Hits Highest in October since Iran War Began

 Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
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Hormuz LNG Traffic Hits Highest in October since Iran War Began

 Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer

The monthly ‌tally of laden liquefied natural gas (LNG) tankers exiting the Strait of Hormuz reached its highest in October since the US-Iran conflict disrupted shipping this year, vessel tracking data showed.

-Last month, 31 LNG tankers went through the key waterway, according to data from S&P Global Energy, of which 23 were loaded at Ras Laffan in Qatar and eight at Das Island in ‌the United Arab Emirates.

-October exports were the highest ‌since ⁠February when the war ⁠started and were up from September's corresponding tally of 23 vessels exiting the strait, the data showed.

-"We are looking at UAE back to pre-war transit levels and Qatar at over 30% of pre-war Hormuz transits," said Eric ⁠Yep, a senior principal analyst at S&P ‌Global Energy.

-Kpler's ‌shiptracking data showed 42 LNG cargoes were loaded in ‌October, up from 27 in September.

-The ‌changes come as Ras Laffan's October loadings reached 35 cargoes, surpassing 2.7 million tons, the highest since the war started, according to Kpler data. Qatar exported ‌nearly 6.2 million tons in February.

-Two of the vessels carrying LNG ⁠from ⁠Ras Laffan that exited the strait subsequently conducted ship-to-ship (STS) transfers off the coast of Oman's Sohar anchorage, Kpler data showed. The SC Prestige transferred LNG to the BW ENN Crystal Sky, which is now bound for South Korea.

-The Al Mafyar moved its LNG to Shandong Redwood and Ejnan, both of which delivered the cargoes to Pakistan.

-Das Island exports held steady at seven loadings in October, flat with September, Kpler data showed.


Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
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Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)

Gold prices eased on Tuesday as investors locked in profits after bullion's more than 1% rally in the previous session and awaited US inflation data for clues on the Federal Reserve's policy path.

Spot gold was down 0.4% at $4,124.42 per ounce, as of 0618 GMT. US gold futures for December delivery rose 0.5% to $4,133.00.

"It's just ‌a bit of ‌churn in the market. Prices are ‌easing back ⁠from the highs ⁠reached during the US session, which could be attributed to profit-taking," said Kyle Rodda, senior financial market analyst at Capital.com.

"If we continue to see a situation where the US does not want to escalate the conflict in the Middle East and oil prices are reversing as a result, that'd be very ⁠beneficial for gold because of its impact on ‌the dollar, inflation and interest ‌rate expectations," Rodda said.

US President Donald Trump said on Monday he plans ‌to hold off on new military strikes against Iran for ‌the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks. Oil prices fell on Tuesday, extending losses from the previous day, Reuters said.

Meanwhile, the US central bank ‌should move its monetary policy "with care" as it maps a response to inflation that remains its ⁠greatest risk, ⁠Richmond Federal Reserve President Tom Barkin said on Monday, adding he had no base case for what should be done at the December meeting.

Traders currently see an 84% chance that the US Fed will raise rates in December, according to CME's FedWatch tool.

Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal.

Investors now await the consumer price index report, due later in the day, followed by the producer price index data on Friday.

Among other metals, spot silver slid 0.3% to $53.22 per ounce, platinum steadied at $1,577.57 and palladium dropped 0.2% to $1,039.16.