• 4 hours British Utility Companies Brace For Major Reforms
  • 8 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 10 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 11 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 12 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 13 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 14 hours Rosneft Signs $400M Deal With Kurdistan
  • 17 hours Kinder Morgan Warns About Trans Mountain Delays
  • 23 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 8 days China Set To Continue Crude Oil Buying Spree, IEA Says
Alt Text

Big Oil Refuses To Give Up On The Barents Sea

Despite failures in the Barents…

Alt Text

Russia Goes All In On Arctic Oil Development

Fighting sanctions and low oil…

Alt Text

Has The Bear Market In Oil Finally Ended?

Recent data provides reasons to…

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

OPEC

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


Leave a comment

Leave a comment




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