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This paper aims to propose a decision tool that helps estimate the risk probability in the petroleum sector in Iraq, which has many benefits for identifying the most important factor. This model was developed by using the relative importance index (RII) method incorporated into fuzzy Logic. An extensive literature review was conducted, and a questionnaire was distributed to the private and government sectors to scan all possible risks in the petroleum sector. As a result, forty–eight risks in the petroleum sector were identified and categorized into four groups: operational risks, financial and administrative risks, economic and political risks, and potential risks. Also, the questionnaire results were analyzed using the relative importance index. The ranking of the groups and factors was demonstrated according to their level of effect on risk. Finally, a fuzzy assessment model was constructed and tested being appropriate to identify the probability of risk in the Iraqi petroleum sector to assess and estimate risk. Oil exploration company, one of the associations of the ministry of oil in Iraq, has been taken as a case study of this research to determine the risks and validate the model. This aim was accomplished by using the semi-quantitative risk assessment method and by introducing the concept of risk degree according to the assessment of risk and vulnerability. After summarizing the pandemic impact information on the oil projects from the Iraqi ministry of oil, a risk assessing index system was established. [ABSTRACT FROM AUTHOR]

Crises, by their environment, are inclined to have an undesirable influence on markets and financial activities. The emergence of COVID-19 has widely affected the global demand for crude oil. Prices continued to fall in January and February 2020, as China demand - the world main crude oil trader and Iraq main customer - ended up shutting down. This pressure increased to turn into the biggest price drop in March 2020. At that time, Iraq goes through the two crises of the Corona virus and the collapse of oil prices. Iraq's commitment to OPEC announcement to reduce its oil production was an issue, and Iraq did not only obtain a smaller amount of the crude oil it produces, as the second largest producer in OPEC, but also decided not to pump the same amount of it. This decision has a crucial impact on oil prices in Iraq using daily information of the crises. The results indicate that both COVID-19 and oil prices are inversely proportional. In addition, this crise has exhausted the Iraqi economy. Iraq was not prepared for such circumstances, logistically or morally. When reviewing oil prices before the emergence of COVID-19, it is impossible to reject the oil market recovery hypothesis. In other words, the results agree with the evidence of market performance before the crisis, and the opposite is completely true, as oil prices collapsed after the emergence of the virus at the end of 2019. The question here is whether or not we will be ready or prepared for such circumstances. This paper will summarize what Iraq has gone through concerning the oil markets, aspiring to benefit from this crisis. Although oil prices are recovering somewhat, this does not mean that the Covid-19 shock will be transient and may have long-term belongings. [ABSTRACT FROM AUTHOR]

The Arabian Gulf is regarded as a worldwide oil industry center. Iraq's oil ports are one of the major oil transportation hubs in the Arabian Gulf, and any spills might pollute the marine environment. A GNOME model, a physical model that illustrates the motions of oil spills in seawater and probable danger zones, is used to simulate the oil spill trajectory to have a better understanding of the spill's destiny. Oil spill trajectory modeling provides a prediction in advance of the direction of movement of the oil slick and the time it will take to reach the coast. The form requires the input of data on the time of the release of the spill, the duration of the release, the amount of the spill, and the speed and direction of both currents and winds. In this paper, different oil spill trajectory scenarios are simulated From Single point mooring (SPM1) in quantities of 100 and 50 barrels and Basra oil port in quantities of 100 and 50 barrels of medium crude oil In the north of the Arabian Gulf. The model's findings aid competent authorities in developing their emergency management strategies for responding to possible dangerous regions and Rapid treatment of oil spills. [ABSTRACT FROM AUTHOR]

This paper aims to demonstrate the importance of natural gas as a substantial source of energy as an alternative to crude oil, with the increase in global demand for it in the future, and the importance of this source for Iraq at the economic and environmental level. This article provides an overview of Iraq's natural gas reserves and the geographical distribution of this reserve over the regions of Iraq, in addition to the companies operating and developers there. The challenges facing the export and industry of gas in Iraq, the quantities of gas that are flared annually, and the associated financial and environmental damage were also presented. Finally, if the quantities of produced gas were to be invested, Iraq would achieve a significant improvement in the economic and environmental levels. [ABSTRACT FROM AUTHOR]