Halliburton in Talks to Buy Exxon Stake in Iraqi Oil Field, Energy Minister Says

According to Iraqi Energy Minister Ihsan Abdul Jabbar, Halliburton is in talks with Exxon Mobil to buy its stake in the West Qurna-1 oil field in Southern Iraq. Abdul Jabbar told reporters that Iraq wants a U.S. partner, but if the talks fail, the state company Basra Oil Co. could be a potential buyer.

Halliburton said it is not accurate that the company is interested in buying Exxon’s stake in the oil field.

The Iraqi Minister also said he expects OPEC+ to increase supply by 400,000 barrels in January, and the emergence of omicron virus has not affected the global oil demand much.

The 23-nation OPEC+, led by Saudi Arabia and Russia, decided to raise supply by the amount Abdul Jabbar stated earlier this month. But the bloc also said the numbers can change depending on the market conditions.

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