• 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
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 18 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Warren Buffett Regrets Owning Electric Utilities

Warren Buffett Regrets Owning Electric Utilities

Buffett recognizes that the US…

Houthi Red Sea Attacks Are Boon for Pirates as Ships Reroute

Houthi Red Sea Attacks Are Boon for Pirates as Ships Reroute

It’s unlikely that surging piracy…

£2.99 Long Haul Electric Bus Pilot Launched in UK

£2.99 Long Haul Electric Bus Pilot Launched in UK

FlixBus has launched a three-month…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Iraq To Back Any OPEC+ Oil Production Decision

OPEC’s second-largest oil producer, Iraq, will support any unanimous decision that the OPEC+ group makes regarding the alliance’s future oil production policy, Iraqi Oil Minister Ihsan Abdul Jabbar Ismaael said on Friday, as quoted by Reuters.

Earlier this week, a Reuters report said that Iraq, the United Arab Emirates (UAE), and Kuwait—the biggest OPEC producers behind Saudi Arabia—are reportedly not particularly inclined to support a rollover of the cuts of 7.7 million barrels per day (bpd), because such cuts are too deep for their economies and budget incomes to sustain.

Sources in OPEC told Reuters that the two leaders of the OPEC+ pact, Saudi Arabia and Russia, would be inclined to favor rolling over the cuts of 7.7 million bpd in 2021, instead of easing them by 2 million bpd as set out in the current OPEC+ production agreement. However, the UAE and Kuwait, which have typically followed Saudi Arabia’s lead when it comes to agreements and compliance with the cuts, as well as Iraq, are reportedly unwilling to back a rollover of the deep cuts, according to Reuters sources.

Kuwait denied the Reuters report, with Oil Minister Khaled al-Fadhel saying that “Kuwait has supported the deal from day one, and has been one of the leading countries in terms of compliance with its agreed cuts in line with its longstanding history of impeccable compliance.”

“Kuwait fully supports the joint OPEC+ efforts to restore balance to the oil market, and going forward we will also support whatever necessary joint decisions will be agreed to under the OPEC+ framework,” al-Fadhel said in a statement carried by Kuwaiti state news agency KUNA.

Iraq’s comment on the latest market rumor came on Friday, after its oil minister said that OPEC’s second-biggest producer after Saudi Arabia would back any group decision about the cuts going forward.

By Tsvetana Paraskova for Oilprice.com

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