• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 3 hours Sources confirm Trump to sign two new Executive orders.
  • 12 hours CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 6 hours In a Nutshell...
  • 3 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 12 hours A Real Reality Check on "Green Hydrogen"
  • 1 day Why Wind is pitiful for most regions on earth
  • 6 mins Sometimes I Think Trump Supporters on This Forum Are Russians
  • 39 mins Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 39 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 day Why Oil could hit $100
  • 11 hours Putin Paid Militants to Kill US Troops
  • 3 hours Where is Alberta, Canada headed?
  • 3 days Coronavirus hype biggest political hoax in history
Chinese Oil Majors Could Form A Powerful Buyers Club

Chinese Oil Majors Could Form A Powerful Buyers Club

China’s state-owned oil companies—Sinopec, CNOOC,…

Citigroup: Oil Will Never Return To $100

Citigroup: Oil Will Never Return To $100

Citigroup analysts said on Thursday…

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

Unsatisfied With Oil Prices, Iraq Calls For New OPEC Meeting

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:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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