• 3 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 9 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 11 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 11 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
Who’s Winning The Electric Vehicle Race?

Who’s Winning The Electric Vehicle Race?

Automakers and suppliers of automotive…

Kobe Steel Scandal Could Rattle Nuclear Industry

Kobe Steel Scandal Could Rattle Nuclear Industry

The scandal at Japan’s Kobe…

Oil Rich Iraqi Oil Province Kirkuk Ready To Participate In OPEC Cuts

Iraq

Kirkuk, one of Iraq’s richest oil provinces and under Kurdish control since 2014 has now said it’s ready to curb oil production if Iraq requires it to do so.

Bloomberg quoted Ahmed Al-Askari, the head of Kirkuk’s oil energy and industry committee as saying that his province is prepared to reduce output if the decrease is ‘’proportional’’ with the country’s other regions.

Earlier this week, Oilprice reported that Iraq might delay the output cut, as it plans to cut production, but not necessarily meet the deadline of January 1 which OPEC collectively agreed on.

Thus far, Iraq has shown various signs of going rogue as some of the International Oil Companies (IOC’s) have reported increased oil output. Oil major BP reported on Tuesday that it managed to ramp up oil production in the giant Rumaila field, reaching a 27 year high with over 1.45 million bpd produced.

The Wall Street Journal surprised markets last week by publishing a shipping document dated December 8th which revealed Iraq’s plans to increase Basrah grade oil exports by 7 percent in January 2017.

Although the director of Iraq’s oil marketing company SOMO declined to comment on Iraq’s intention to ramp up oil exports in January, Iraq’s oil minister Al-Luaibi was quick to say that he would instruct SOMO to adjust export levels in order to comply with the OPEC cuts.

Ahead of the OPEC deal to curb production, Iraq produced 4.8 million bpd in November and decided to offer a 4.5 percent production cut, amounting to some 210,000 bpd.

Related: Oil Prices Edge Lower On Crude Inventory Build

Producing around 12 percent of Iraq’s total oil output. Kirkuk’s oil production in October 2016 amounted to 614,071 bpd of which 49,338 were produced by Iraq’s North Oil Company. In line with Iraq’s commitment to the OPEC deal, Kirkuk would be looking at an output cut of around 25,000 bpd.

25,000 bpd may not seem like a lot, but Kirkuk, protected by Kurdish Peshmerga troops, continues to fight against ISIS and its regional government still struggles to pay salaries to civil servants, pay off its swelling debts and compensate International Oil Companies.

By Tom Kool of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Dan on December 22 2016 said:
    Next stop $65 as I don't see much solar in the State of Michigan and 2016 was not the hottest year on record, except to those in Vermont.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News