• 10 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days "And this is perhaps the most dangerous kind of government there can be."
  • 11 hours Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day Demonising fossil fuels has caused major grid problem in Australia
  • 11 hours "...too many politicians believe things that aren’t true." says Robert Rapier
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 327 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 5 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
The Oil Price Rally Shows No Sign Of Slowing

The Oil Price Rally Shows No Sign Of Slowing

A perfect storm is gathering…

Libya Oil Production Plunges Amid Field Closures

Libya Oil Production Plunges Amid Field Closures

Libya is producing only about…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

OPEC’s No.2 Drags Down Output Cut Compliance Rate

Since the landmark deal that saw OPEC+ agree to cut nearly 10 million barrels per day of oil production to clear the global gut created by the coronavirus pandemic and wreckless production on behalf of Saudi Arabia and a handful of eager producers, one thing has threatened the cartel’s success: the OPEC laggards.

And Iraq is still dragging down the rest of the group’s compliance rate, according to official Iraq production figures for July.

Iraq has been promising to stick to the production cut deal since the beginning of July, but the market mostly dismissed Iraq’s optimism. Saudi Arabia did manage to get Nigeria and Iraq to agree to make up for any overproduction in May and June—and now July—by continuing to underproduce their quota in August and even beyond.

And oil prices are ever watchful of OPEC+’s production cut performance.

But according to SOMO, Iraq—who had said it would make some headway in July towards sticking more closely to its quota—made close to zero progress in doing so.

Iraq produced 3.697 million barrels of oil per day in July, compared with 3.698 million barrels per day in June. This compares with its 3.592 quota.

In August, Iraq was originally supposed to produce 3.804 million barrels per day. But Iraq must now cut an additional 400,000 bpd to make up for the overages of the last few months.

But Iraq has a problem, and while Iraq may be willing to cut production, its semi-autonomous Kurdish region and foreign oil company presence make this tricky to implement. And without any fundamental changes, Iraq’s likelihood of hitting their target in August is about as likely as it was in July, or June, or May.

Iraq will now have to answer to OPEC’s technical monitoring committee, which will meet next week.

By Julianne Geiger 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