• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 11 minutes Forecasts for oil stocks.
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 mins China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 45 mins California breaks 1 GW energy storage milestone
  • 1 day Colonial pipeline hack
  • 2 days Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 7 hours Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 3 days Survival of Oil and Gas industry.
China’s Opaque Oil Data Leaves Markets In The Dark

China’s Opaque Oil Data Leaves Markets In The Dark

Because China doesn’t report crude…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Iraq Slashes Oil Output To Compensate For Overproduction

Iraq will pump less oil this month and next to make up for excess production last year, the deputy chief of SOMO, the oil marketing company of Baghdad.

For both January and February, Iraq plans average daily output of 3.6 million barrels, Ali Nizar told Bloomberg in an interview. This would compare with 3.85 million barrels daily for December.

Exports will also fall, to some 3 million bpd from 3.3 million bpd for December, as long as the Kurdistan Regional Government agrees to cut its oil output as well, Nizar said. The December export figure significantly exceeded Iraq’s own forecast for the month, which saw exports at 2.8 million bpd.

Separately, Iraq reportedly plans to cut exports of crude to India, one of the world’s top three oil importers, to stay within its OPEC+ production quota. The news was unexpected, according to industry sources who spoke to Reuters last week, and involved supply cuts of between 10 and 20 percent to some Indian refiners.

Iraq is OPEC’s second-largest producer and exporter and the biggest supplier of oil to India. However, the country has consistently failed to meet its production quota as agreed under the OPEC+ deal to control oil supply amid the pandemic. As a result, OPEC’s number-one, Saudi Arabia, threatened the laggard and its fellow quota violator Nigeria that it would start pumping more oil unless they got in line. Since then, the two have been trying, committing to deeper cuts than initially agreed to make up for the overproduction.

With production capped, Iraq is struggling to maximize what it can export. Recently, the country struck a deal with a Chinese company to supply it with crude in exchange for an advance payment of $2 billion. Baghdad needs the money now to prop up its ailing economy that has yet to recover from the effects of the war with the Islamic State.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News