• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 48 mins Oil prices going down
  • 11 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 1 min Sell out now or hold on?
  • 1 hour Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 10 hours Two Koreas Agree To March Together At Asian Games
  • 2 hours When will oil demand start declining due to EVs?
  • 50 mins What If Canada Had Wind and Not Oilsands?
  • 9 hours Oil and Trade War
  • 2 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 8 mins Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 2 hours venezuala oil crisis
  • 13 mins Trump Hits China With Tariffs On $50 Billion Of Goods
  • 11 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 20 hours No LNG Pipelines? Let the Trucks Roll In
  • 20 hours China & India in talks to form anti-OPEC
  • 15 hours Australia mulls LNG import
Alt Text

240,000 Bpd Offline Following Clashes In Libya

Continuing clashes between the Libyan…

Alt Text

Goldman: OPEC Must Raise Production

Investment bank Goldman Sachs remains…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

OPEC’s No.2 Plans Significant Raise In Crude Output Next Year

Iraq Halfaya field

Iraq has started work on the third and final phase of the Halfaya oil field expansion, with the goal to double production capacity next year, a company official at the state-run firm overseeing fields in the province told Reuters on Tuesday.

With more facilities to separate crude oil from associated gas, production capacity at the Halfaya oil field is set to double to 400,000 bpd in 2018, said Adnan Noshi, head of Maysan Oil Co.

The Halfaya oil field, operated by PetroChina, is the biggest field that Maysan Oil is overseeing, and is pumping 200,000 bpd. The total production of Maysan Oil is currently 380,000 bpd, Noshi told Reuters.

Iraq, OPEC’s second-biggest producer behind Saudi Arabia, plans to boost its crude oil production by 600,000 bpd to 5 million bpd by the end of this year, regardless of its participation in OPEC’s production cut deal. Iraq has been the most disinclined of all parties to the agreement since its inception, with a lot of observers expecting it to be the first one to cheat.

In OPEC’s collective agreement to cut output, Iraq pledged to keep its production capped at 4.351 million bpd between January and June, by cutting 210,000 bpd from its October 2016 level.

OPEC’s secondary sources – the sources that the cartel considers as legitimate measure of the single countries’ production – show that Iraq’s production in March was 4.402 million bpd, slightly down from February, but still above the ceiling it had signed up to in the production cut deal. As per OPEC secondary sources, Iraq has not managed to comply yet with the agreement in any of the three previous months.

Iraq’s production in March stood at 4.46 million bpd, according to Falah Al-Amri, director general of Iraq’s State Oil Marketing Organization (SOMO), as quoted by Bloomberg.

By Tsvetana Paraskova 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