X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 2 hours IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 1 day America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 7 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 1 day U.S. Presidential Elections Status - Electoral Votes
  • 3 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 3 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 3 days Texas Supply Chain Massacre
  • 1 day Top Conservative Lawyer Says Trump Can Stand Trial
  • 1 day “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 3 days An exciting development in EV Aviation: Volocopter
Oil Soars Despite Largest Ever Crude Build

Oil Soars Despite Largest Ever Crude Build

Oil prices jumped early on…

Reuters Poll: Bankers See Steady Rise In Oil Prices

Reuters Poll: Bankers See Steady Rise In Oil Prices

The combination of accelerating vaccination…

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 Now Says It Will Join OPEC Output Cuts

In its third flip-flop position on joining OPEC production cuts in as many days, Iraq signaled on Wednesday that it could be willing to cut its production and support OPEC’s efforts to reduce the glut and prop up prices.

“What we lose in lowering production we will gain in oil revenues. Our priority is to raise the price of a barrel of crude,” Iraq’s Prime Minister Prime Minister Haider al-Abadi said, as quoted by Reuters.

Following the latest Iraqi comment on the OPEC deal and the EIA report of a 1.3-million-barrel decline in crude oil stockpiles for the week to November 18, oil prices erased earlier losses and were trading almost flat as of 11:25 AM (EST).

Last Sunday, Iraqi oil minister Jabbar al-Luaibi said his country would be putting up three new proposals for discussion at OPEC’s technical meeting in Vienna this past Monday and Tuesday. No details were given on what those proposals may have been, but whatever they were, they were clearly not supported by other OPEC members.

Iraq and Iran – the cartel’s number two and three biggest producers and the most adamant opposition for the “all except Libya and Nigeria cut” proposal – continued to question their contribution to OPEC cuts on Tuesday, and the technical talks fell through with no particular result or decision made. Apart from, as Bloomberg reports, deferring the decision for Iraq and Iran until the real OPEC summit with oil ministers on November 30. Related: OPEC’s Matrix: If 1 Million Bpd Are Cut, Oil Will To Rally To $59

Next week, OPEC will be discussing all members except Nigeria and Libya cutting by between 4 percent and 4.5 percent of their output, Reuters reports, quoting OPEC sources.

Today’s remarks by the Iraqi prime minister could be interpreted as a sign that Iraq may have started to change its mind on production cuts, after seeing that other members may not be lenient enough to allow the Iraqi’s plea for an exemption on the grounds that it is fighting Islamic State. Or they could just be another hollow comment in the crowded OPEC-related rhetoric in recent weeks. After all, Iraq (and all OPEC and non-OPEC producers) has an entire week ahead to continue playing the oil markets until November 30.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Jack Ma on November 23 2016 said:
    SA will cut as can be seen by rapid hoarding and storage of oil in tankers as we are now in contango and traders are expecting a oil shock and shortage in the near future. IMHO

Leave a comment




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