WorldOil Chevron to explore Iraq’s Nasiriyah province under new MOU While any production would likely be years away, the California-based oil major is looking to use this year’s crude price crash to gain access to quality reserves cheaply, while European rivals are focusing on a transition to low-carbon energy sources and Exxon Mobil Corp. is reining in spending. A tough summer for oil-dependent nations may foretell their new normal The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular. OPEC+ pressures Iraq to take deeper cuts as non-compliance continues Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call Thursday. Weatherford lands 20-well contract with Iraqi Drilling Company Weatherford International signed an 18-month contract with the Iraqi Drilling Company to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq. Saudi energy minister phones Iraqi counterpart, commends OPEC+ compliance Saudi Arabia commended Iraq for implementing almost all of its oil production cuts last month, another sign that the disputes over cheating that dominated recent meetings are being resolved. Iran inks $460 million oil deal, anticipating an end to sanctions “It’s true that our output is low because of cruel and illegal sanctions, but things won’t stay the same,“ Oil Minister Bijan Namdar Zanganeh said in a speech broadcast on state television. “We need to increase our production capacity to be able to return to the market in full force and restore our share whenever necessary.” Iraq asks BP to throttle flow in order to meet OPEC+ quota Iraq has asked BP to cut crude production at the nation’s biggest field of Rumaila by 10% as part of a push to comply with OPEC+ quotas, according to a person familiar with the matter, who asked not to be identified as the matter is private. Repeat offenders ding full compliance on OPEC+ output cuts OPEC’s delivery of its latest oil-production cutbacks, while strong overall, was undermined by its habitual laggards. Petrofac secures Iraq contract extension with Basra Oil Company The confirmation of the contract extension is recognition of Petrofac’s successful seven-and-a-half-year track record of safe and efficient delivery and ability to sustain and improve export levels as incumbent operations and maintenance service provider. OPEC+ proves its mettle by swiftly delivering oil production cuts Despite skepticism over the efficacy of the measures unveiled in mid-April by Saudi Arabia, Russia and their partners, compared to the immense hit to demand, the impact has been substantial. Oil prices have recovered by 60% in the past three weeks, as a pick-up in fuel use is complemented by the supply cuts.