• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 4 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 2 mins Iran downs US drone. No military response . . Just Destroy their Economy Completely. Can Senator Kerry be tried for aiding enemy ?
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 hour Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 7 hours Coal Boom in Asia is Real and a Long Trend
  • 3 hours Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 4 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 13 hours Solar Panels at 26 cents per watt
  • 6 hours Huge UK Gas Discovery
  • 18 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 18 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 18 hours US to become net oil exporter in November: EIA
  • 17 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 15 hours US Shale Drilling lacks regulatory body.
Alt Text

Middle East Torpedo Attacks Send Oil Prices Soaring

Oil prices jumped on Thursday…

Alt Text

OPEC’s Struggle To Avoid $40 Oil

Saudi Arabia cannot afford to…

Alt Text

The Oil Price Risk Analysts Are Ignoring

While geopolitical tensions in the…

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

Trending Discussions

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

Trending Discussions


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