• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 5 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 4 hours Hong Kong protesters appeal to Trump for support.
  • 14 hours Europe: The Cracks Are Beginning To Show
  • 16 hours Iran Vows Major War Even If US Conducts "Limited Strikes"
  • 1 hour Memorize date 05/15/2018 cause Huawei ban is the most important single event in world history after 9/11/2001.
  • 1 hour Millennials: A boil on the butt of the work ethic
  • 3 hours A little something for all you Offshore swabbies
  • 11 hours Ban Fracking? What in the World Are Democrats Thinking?
  • 16 hours LA Times: Vote Trump out in 2020 to Prevent Climate Apocalypse
  • 13 hours When Trying To Be Objective About Ethanol, Don't Include Big Oil Lies To Balance The Argument
  • 4 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 51 mins Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 1 hour Shale profitability
  • 24 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 11 hours Let's shut down dissent like The Conversation in Australia
Alt Text

The U.S. Briefly Overtook Saudi Arabia In Gross Oil Exports

The United States briefly overtook…

Alt Text

Can Argentina's Shale Boom Survive?

Argentina’s shale boom is falling…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

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

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:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play