• 4 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 9 minutes Could Venezuela become a net oil importer?
  • 15 minutes Oil prices going Up? NO!
  • 2 mins The Tony Seba report
  • 2 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 29 mins Harley-Davidson "Made in EU"
  • 23 mins Could Venezuela become a net oil importer?
  • 2 hours Erdogan After Erdogan: New Presidential Mandate After Yesterday's Elections
  • 1 hour The U.S. Will Soon Give North Korea a Timeline of 'Specific Asks
  • 12 hours Kenya Eyes 200+ Oil Wells
  • 6 hours LNG Shortage on the Way
  • 11 hours Are Electric Vehicles Really Better For The Environment?
  • 4 hours Sell out now or hold on?
  • 20 hours Saudi Arabia turns to solar
  • 16 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 1 day Oil prices going Up? NO!
  • 3 hours No LNG Pipelines? Let the Trucks Roll In
  • 23 mins China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 12 hours OPEC soap opera daily update
Alt Text

New Sanctions On Russia Could Lift Oil Prices Further

New sanctions on Russia combined…

Alt Text

Is OPEC Deal Compliance About To Crash?

OPEC’s victory lap to celebrate…

Alt Text

This Critical Oil Price Divergence Could Boost US Exports

Shifting oil supply/demand dynamics between…

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

Unsatisfied With Oil Prices, Iraq Calls For New OPEC Meeting

Saudi oil plant

Iraq thinks that OPEC should hold a new meeting to discuss the cartel’s oil production cuts, given the fact that the current oil prices are still below expected levels, according to Iraqi Prime Minister Haider al-Abadi.

The price of oil is still below the level that is needed to replenish the budget deficit of Iraq, Kazakh agency KazTag reported on Wednesday, quoting Iraqi media that carried al-Abadi’s statements.

Iraq - OPEC’s second biggest producer behind Saudi Arabia - has “tried hard to cut down production volume in the cartel and keep the prices, now OPEC needs to conduct a new meeting to reach an agreement”, KazTag quoted al-Abadi as saying.

Yesterday, al-Abadi said at a news conference in Baghdad that the country needed oil to reach US$60 per barrel in order to fill in the budget deficit gap.

Iraq’s public finances have suffered from low oil prices, as Baghdad relies almost exclusively on oil revenues for budget proceeds. In addition, the country’s fight against Islamic State militants has been further stretching the dwindling financial resources.

Iraq has contractual obligations to foreign oil companies, and must deal with the Kurdish Regional Government (KRG), which controls fields in the north, making any production cuts quite complex. In this way, Iraq faces more challenges than other OPEC members in trying to comply with the deal. Related: Biggest Gasoline Glut In 27 Years Could Crash Oil Markets

Nevertheless, it’s a bit odd that Iraq – which in January missed its production cut target under the OPEC deal the most – is the one demanding a new meeting on cuts.

In the November 30 supply-cut deal, Iraq pledged to reduce its crude oil production by 210,000 bpd to reach and keep for six months a production level of 4.351 million bpd.

OPEC’s figures for January show that Iraq pumped – according to secondary sources – 4.476 million bpd last month. Iraq’s self-reported production was even higher – 4.630 million bpd. The secondary-source figure – which OPEC deems valid for cuts and compliance purposes – is still 125,000 bpd above the targeted level.

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