• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
The EU Allows Members to Ban Russian LNG as Imports Climb

The EU Allows Members to Ban Russian LNG as Imports Climb

The European Parliament approved rules…

OPEC Expects Solid Global Oil Demand This Summer

OPEC Expects Solid Global Oil Demand This Summer

OPEC expects strong oil in…

Shell Considers Leaving London Stock Exchange

Shell Considers Leaving London Stock Exchange

Shell's CEO has expressed dissatisfaction…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Baghdad Asks Kurdistan To Cut Oil Production

Atrush Kurdistan

The federal Iraqi government has asked the Kurdistan Regional Government to reduce oil production by 120,000 bpd, Reuters reported, citing the Iraqi News Agency.

The federal government is negotiating several scenarios for production cuts with the KGR, the report went on to say, as the northern semi-autonomous region produces a sizeable chunk of Iraq’s total oil output and needs to participate in the country’s compensatory cuts, necessitated by its earlier failure to stay within its production quota under the OPEC+ production cut agreement.

As of April this year, Kurdistan was exporting about half a million barrels of crude oil daily. After OPEC+ struck an agreement to cut production by 9.7 million bpd, Iraqi’s then-oil minister Thamer al-Ghadhban said that Kurdistan will also take part in the cuts.

Baghdad and Erbil are currently also negotiating a new budget deal for the semi-autonomous region.

Iraq is OPEC’s second-largest crude oil producer and as such, was required to cut one of the largest portions of national oil outputs under the April deal. However, the country surprised no one by failing to cut production as much as it had promised, prompting Saudi Arabia, OPEC’s de facto leader, to put its foot down and threaten Baghdad with punitive action if it continued to produce over quota.

As a result, at the June meeting of OPEC, Iraq and the other laggard, Nigeria, agreed to deepen their production cuts to compensate for overproduction in May and June while other OPEC+ members, notably Saudi Arabia, relaxed their cuts beginning in July.

OPEC produced 24.27 million bpd of crude in August, the latest monthly data showed. This was 950,000 bpd higher than the July average. Meanwhile, Iraq had undertaken to add another 400,000 bpd to its August cuts. Based on the current talks with Erbil, some of these additional cuts need to come from Kurdistan.

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News