• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 5 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 59 mins So the President is on that Hydroxy
  • 57 mins Russia loses its chance to capture the EU gas market
  • 2 hours 60 mph electric mopeds
  • 4 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 2 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 13 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 3 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 16 hours Iran's first oil tanker has arrived near Venezuela
  • 56 mins Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 hours DEFIANCE – There are More of Us Than Them
  • 1 hour Oil Capex Proportions
  • 10 hours Let’s Try This....

Iraq In Crisis

October was a truly bloody month for Iraq. Since nationwide protests broke out on October 01 after the ouster of a widely popular counter-terrorism general, more than 260 protesters have been killed and thousands have been injured by security forces in a spate of violence that has engulfed the entire Middle Eastern nation. Last week, more than a million disgruntled Baghdadi citizens occupied the capital city’s Tahrir Square calling for a new round of elections. This is bad news for Iraq in many ways as it paves the way for further political instability, stokes risks of a civil war and brings the Islamic State, thought to be decapitated and shattered, back into the equation.

Let’s look at some of the major consequences of the Iraqi protest wave from an oil and gas investors’ point of view:

1. Iraqi OPEC Non-Compliance is Here to Stay

If one is asked to think of a country that failed to comply with its OPEC+ commitments throughout the past two years, the self-evident answer is Iraq (the other rogue element, Nigeria, was exempted from the first phase of OPEC cuts so its history of wrong-doing isn’t as long). Not once in 2018-2019 did Iraq comply with its OPEC+ production quota, generally hovering some 0.2-0.3mbpd above the stipulated norm. With a politically detached caretaker government in charge until the next elections Iraq’s oil companies and SOMO have no incentive whatsoever to deviate from the current line – overproduction…




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