• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 2 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 7 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 1 hour US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 1 min Recession Jitters Are Rising. Is There Reason To Worry?
  • 1 min Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 5 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 1 hour TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 8 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 4 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 1 hour Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 13 hours US to Drown the World in Oil
  • 2 hours Iran Is Winning Big In The Middle East
  • 8 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
Alt Text

Here’s Why Canadian Oil Prices Are Finally Rallying

Canadian pipeline companies are looking…

Alt Text

The Downside Risk For Oil Prices Is Undeniable

From trade wars, to slowing…

Alt Text

Oil Crashes On New Trade War Escalation

Oil prices opened the week…

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
Download on the App Store Get it on Google Play