• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 56 mins Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 9 hours Nuclear Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 9 hours Why I Think Natural Gas is the Logical Future of Energy
  • 9 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 1 hour Get on Those Bicycles to Save the World
  • 8 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 5 hours Iraq war and Possible Lies
  • 1 day Satellite Moons to Replace Streetlamps?!
  • 1 day Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 1 day Can “Renewables” Dent the World’s need for Electricity?
  • 15 hours Long-Awaited Slowdown in China Exports Still Isn’t Happening
  • 2 hours EU to Splash Billions on Battery Factories
  • 19 hours Can the World Survive without Saudi Oil?
Alt Text

Oilfield Service Companies Bet On Full Recovery

The return of the drilling…

Alt Text

Oil Price Rally Revives Offshore Oil Sector

The offshore sector was one…

Alt Text

U.S. Oil Production May Jump To 14 Million Bpd By 2020

Secretary of the Interior Ryan…

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

Oil Prices Fall As Iraq Goes Rogue, Refuses To Scale Back Production

In the latest turn of events regarding OPEC’s plan to cut production, Iraq said on Sunday that it should be exempted from output cuts because of the war it has been waging against Islamic State.

“We are fighting a vicious war against IS,” Reuters quoted the Iraqi Oil Minister Jabar Ali al-Luaibi as saying to reporters.

Iraq is requesting to join the ranks of Iran, Libya and Nigeria, who everyone expects will be exempt from production cuts when OPEC members meet in Vienna on November 30 to discuss the specifics of a possible output cap deal.

Since the cartel reached an initial agreement to work toward a deal to limit production to between 32.5 million bpd and 33 million bpd, Iraq has surprised the market several times with comments by officials.

Iraq was the first OPEC member to question how the organization calculates secondary-sources output figures, literally the day after the deal-to-make-a-deal was reached. Venezuela and Iran have since joined the group of those who claim that OPEC secondary sources undermine their production levels.

According to Bloomberg, Al-Luaibi said on Sunday that Iraq was now pumping more than the 4.7 million bpd it produced last month, and could further raise output.

The head of Iraq’s state oil marketing company, SOMO, Falah al-Amiri, also commented on Iraq’s oil production on Sunday, saying, as quoted by Reuters: “We should be producing 9 million if it wasn't for the wars.” Related: Iran Proving To Be Its Own Worst Enemy For Oil Development

Some countries have taken part of Iraq’s market share, therefore it would not cut production, he added.

Apart from weighing on the crude oil prices, the latest comments and signals coming from Baghdad are further pointing to even tougher negotiations that OPEC is facing in the month leading up to November 30.

At the time of writing, WTI Crude was trading down 2.03 percent at US$49.82, while Brent Crude was down 2.11 percent to US$50.69.

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