• 4 hours EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 8 hours Oklahoma Rig Explodes, Leaving Five Missing
  • 10 hours Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 13 hours Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 15 hours Libya’s NOC Restarts Oil Fields
  • 16 hours US Orion To Develop Gas Field In Iraq
  • 3 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 4 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 4 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 4 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 4 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 4 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 5 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 5 days Kinder Morgan Delays Trans Mountain Launch Again
  • 5 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 6 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 6 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 6 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 6 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 6 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 6 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 7 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 7 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 7 days Nigeria Among Worst Performers In Electricity Supply
  • 7 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 7 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
Alt Text

The Biggest Loser Of The OPEC Deal

The OPEC production cut deal…

Alt Text

CNPC Expects Robust Oil Demand Growth In China

Chinese state-owned oil and gas…

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

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


Leave a comment

Leave a comment




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