• 5 minutes Global Economy-Bad Days Are coming
  • 8 minutes IT IS FINISHED. OPEC Victorious
  • 14 minutes Venezuela continues to sink in misery
  • 17 minutes Could Tesla Buy GM?
  • 2 mins Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 7 hours OPEC Cuts Deep to Save Cartel
  • 13 mins Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 17 mins How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 19 hours Price Decline in Chinese Solar Panels
  • 10 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 5 hours What will the future hold for nations dependent on high oil prices.
  • 3 hours Sleeping Hydrocarbon Giant
  • 8 hours And the War on LNG is Now On
  • 3 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 6 hours Air-to-Fuels Energy and Cost Calculation
  • 20 hours Rigs Down
Alt Text

Why The OPEC+ Deal Won’t Cut It

OPEC and its partners managed…

Alt Text

Joint OPEC+ Committee Recommends Cuts

According to Russian press agency…

Alt Text

Is The Saudi-Russia Oil Bromance At Risk?

Russia and Saudi Arabia are…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

OPEC’s No.2 Goes Rogue, Plans To Pump 5 Million Bpd

Iraq’s crude oil output could hit 5 million barrels daily by the end of the year, the country’s Oil Minister Jabar al-Luaibi told Iraqi media, adding that these projections “will not be affected by any fluctuations”.

According to OPEC’s latest Monthly Oil Market Report, in June Iraq pumped 4.5 million barrels of crude daily, up from 4.44 million bpd in May, according to secondary source data.

Exports in June averaged 3.2 million bpd, according to cargo loading data cited by Reuters. That’s up substantially from the 2.69 million bpd average for May and follows a decision by Baghdad to split the crude oil it exports into two grades, Basra Light and Basra Heavy, which prompted some field operators to boost output.

Al-Luaibi’s announcement of production growth plans comes ahead of a meeting of oil ministers today in St. Petersburg, to discuss how the oil production deal is progressing and what further steps the partners need to take to accelerate this progress. It also comes a week after Ecuador announced it would no longer comply with its obligations under the deal as it needs oil revenues to patch up its budget.

Iraq was perhaps the least willing OPEC member to take part in the deal. To the last day, Baghdad insisted it should be exempted from any cuts along with Nigeria and Libya due to its ongoing battle with IS that requires oil-export money. That Al-Luaibi’s announcement comes now that the deal was extended by another nine months, to March 2018, strongly suggests Iraq may follow Ecuador out the door.

Iraq is the second-largest oil exporter in OPEC, after Saudi Arabia. Under the November 2016 deal terms, it agreed to cut 210,000 bpd from its daily crude oil output, but to date has fallen short of hitting this target.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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