• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 2 hours Shale Oil will it self destruct?
  • 12 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 2 hours Today in Energy
  • 2 days Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
  • 3 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 1 day Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Migration From Eastern Europe Raises German Population To Record High
  • 2 days Washington Post hit piece attacking oil, Christians and Trump
  • 17 hours Why Natural Gas is Natural
  • 13 hours LA Solar Power/Storage Contract
  • 2 days White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Iraq Moves To Pump More Oil Before The OPEC Summit

Iraq’s new Oil Minister Jabbar Al-Luaibi has asked the multinational corporations extracting oil on Iraqi lands to increase output, following a strong push by several other members of the Organization of Petroleum Exporting Countries to reach an agreement to freeze production next month.

Al-Luaibi called on firms to ramp up production in order to “boost national revenue”, according to an email obtained by Bloomberg. Although any ramp-up in production now would give it ammunition to freeze at this higher production level next month when OPEC members are scheduled to meet in Algeria during the International Energy Forum to discuss measures to reverse the ongoing oil glut.

The OPEC member’s production rate peaked at 4.51 million barrels per day in January 2016 - a month before barrel prices crashed to $26.21. Last month, Iraqi fields generated 4.36 million barrels a day.

Iraq has yet to confirm whether or not al-Luaibi will even attend the Algiers meeting, but his latest statement suggests that if he did attend, he would oppose efforts by Algeria, Venezuela and other suffering economies to freeze oil production.

“We, all, should keep in mind that increasing the oil production and associated gas utilization will not be compromised,” al-Luaibi said in an August 21 letter to contractors, according to a local news report cited by Bloomberg. “The full field development plans should contain specific and obvious commitments in respect of these two vital issues.” Related: China Plans To Slash Crude Demand By 250,000 Bpd

Most of Iraq’s crude oil extraction occurs in the southern portion of the country, under the purview of the South Oil Company - of which al-Luaibi was a longtime executive.

The freshman oil minister has also recently said that the oil export problem between the Iraqi government and the Kurdistan Regional Government are fundamentally resolvable.

By Zainab Calcuttawala 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