• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 6 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 3 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 1 hour Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 2 hours WE Solutions plans to print cars
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 2 hours Oil prices going down
  • 13 hours Sabotage at Tesla
  • 7 hours Nopec Sherman act legislation
  • 6 hours Sell out now or hold on?
  • 11 hours China & India in talks to form anti-OPEC
  • 9 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 17 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 1 hour Gazprom Exports to EU Hit Record
  • 1 hour Australia mulls LNG import
  • 50 mins Oil and Trade War
Alt Text

Permian Discount Could Rise To $20 Per Barrel

Midstream constraints plaguing Permian drillers…

Alt Text

Will Iran Pursue Relations With North Korea?

Some foreign policy analysts criticized…

Alt Text

Did OPEC Need To Cut Oil Output At All?

Global oil demand continues to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Is Iraq Coming Back To The OPEC Deal?

Oil Rigs

Iraq may not be going rogue on the OPEC deal after all, and will apparently be putting up three new proposals for discussion at the cartel’s technical meeting in Vienna on Monday and Tuesday.

“Our alternatives are based on other variables and will make it easier for OPEC members to make a decision,” Iraqi oil minister Jabbar al-Luaibi told The Wall Street Journal on Sunday. But no explanation of what those “other variables” are was given.

“All of the options will be logical and in line with OPEC policy,” al-Luaibi noted, but declined to provide more details over Iraq’s proposals.

Whatever the proposals Iraq does offer in Vienna, the fact remains that ever since OPEC agreed to agree on a production cap in late September, Iraq has disputed even the general framework of a possible agreement.

The day after OPEC said it would work to work out a deal, Iraq quickly chimed in to dispute the cartel’s use of secondary sources to calculate its members’ output, which it knew would be used as a basis for determining what level of production each member would be held to.

A month later, Iraq pleaded exemption from cuts on the grounds that it needed resources to fight the Islamic State. Related: Oil Majors Scrambling For Acreage In The Booming Wolfcamp

Last week - as OPEC’s technical meeting this week and the ministerial meeting next week were nearly upon is – OPEC-related rhetoric was once again in full swing. Saudi Arabia’s oil minister Khalid al-Falih said that OPEC needed to cap production at 32.5 million bpd in order to balance the market. This figure is at the lower end of the 32.5 million bpd-33 million bpd range tentatively set in September, and more than 1 million bpd lower than OPEC’s October production of 33.64 million bpd —a new record, according to OPEC secondary sources.

Reports also have it that Iran and Iraq had been asked to freeze production at “current levels” as OPEC is struggling to get its members to agree on a deal in what may be one of the last opportunities to clinch the much-discussed but little-specified agreement.

Amid this background, Sunday’s comments by the Iraqi minister that his country would put forward three new proposals for negotiation share this lack of specificity. But it seems that Iraq is no longer dismissing the cap outright, showing at least that it is willing to talk and offer solutions, whatever they may be.

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