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Sign InIn a move aimed at strengthening Iraq's logistical capabilities in the global energy market, the Iraqi cabinet has approved a preliminary agreement with an international consortium including Chevron, Capital TI, and Qatar's UCC. Under this authorization, the Basra Oil Company will sign a heads of agreement and a non-disclosure agreement to study strategic oil export pipeline projects. This initiative underscores Baghdad's commitment to developing modern infrastructure to ensure more efficient crude oil export flows.
This partnership comes as energy majors seek to expand their footprint in Middle Eastern infrastructure projects, with Chevron operating alongside peers like ExxonMobil, which recently reported robust results driven by production growth. Per market data, XOM shares are trading at $169.20, while SHEL stands at $78.02 and BP at $37.40 (close July 2, 2026). These strategic steps reflect Iraq's broader goal of attracting foreign direct investment from top-tier global firms to secure its vital export routes.
Investors are monitoring CVX stock, which closed at $169.20 on July 2, 2026, after reaching a session high of $169.55. Looking ahead, the market awaits the release of China's Manufacturing PMI on June 30, a critical indicator for energy demand that could influence the outlook for global oil majors. Additionally, upcoming central bank catalysts, including a speech by the ECB's Lagarde, will be closely watched for their impact on global growth prospects and the energy infrastructure sector.