48893
Iraq’s production rate peaked at 4.51 million barrels per day in January 2016.
Iraq’s production rate peaked at 4.51 million barrels per day in January 2016.

Iraq Supports Oil Output Freeze

Iraq Supports Oil Output Freeze

Iraqi Prime Minister Haider al-Abadi announced on Tuesday that the country would support a freeze in oil production during the next meeting of the Organization of Petroleum Exporting Countries in September.
“We are with freezing production at the OPEC meeting," he told reporters at a news conference in Baghdad, Oil Price reported.
The organization will meet informally in Algiers on the sidelines of the International Energy Forum.
The meeting will be newly-appointed Oil Minister Jabar Ali al-Luaibi’s first IEF event representing Iraq as the second largest oil producer in OPEC after Saudi Arabia.
Al-Luaibi called on international firms operating in Iraq to ramp up production in order to “boost national revenue”, according to an email obtained by Bloomberg last week.
Any ramp-up in production before the meeting would give Iraq leverage to freeze output at a higher production level during the OPEC summit. The nation’s oil production has been slowly declining since the beginning of this year.
Iraq’s production rate peaked at 4.51 million barrels per day in January 2016 —a month before barrel prices crashed to $26.21. Last month, Iraqi fields produced 4.36 million barrels a day.
The Iraqi government and the Kurdistan Regional Government have been embroiled in an oil war against each other and against the Islamic State.
Qayyara’s oilfields were captured late last week, and Iraqi forces are now trying to complete an offensive to recapture nearby Mosul—the largest city still under IS control —in the coming weeks.
Baghdad and the KRG have been at odds over the terms of oil revenue-sharing deal that would allow the unilateral export of oil from Iraq. Currently, Kurdistan exports approximately 500,000 bpd of oil via Turkey, to Baghdad’s dismay.
While Iraq may have decided to freeze its oil output for now, it will no doubt continue to pursue its ambitious target of 6 million barrels per day in 2020. A goal that seems out of reach for OPEC’s No.2 that continues to struggle to pay the international oil companies it works with while fighting a war with IS militants.

Short URL : http://goo.gl/FFs4We
  1. http://goo.gl/S3FWnX
  • http://goo.gl/IrjyeU
  • http://goo.gl/BvyrKQ
  • http://goo.gl/6Q7eXS
  • http://goo.gl/psVGpQ

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...

Trending

Googleplus