• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 42 mins U.S. Presidential Elections Status - Electoral Votes
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 10 hours Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 3 days Federal Judge Says Biden Probably Wrong for Halting Drilling on Federal Land
Oil Stocks Are The Cheapest Equities On The Market

Oil Stocks Are The Cheapest Equities On The Market

In an online conference, billionaire…

Middle East Oil Prices Rise As Global Demand Recovers

Middle East Oil Prices Rise As Global Demand Recovers

Middle East oil producers have…

BP to Reduce Iraqi Production Target by more than One Million Barrels a Day

In order to ensure that oil reserves last longer, Baghdad has reduced its peak production targets, and has asked major oil producers in the country to help make these cuts. As a result BP is considering cutting its output target for the giant Rumaila oilfield by more than one million barrels a day.

“It is something the government has asked us to do,” said Bob Dudley, the Chief Executive of BP.

Iraq’s original production target of 12 million barrels a day by 2017 has been cut to a more realistic target of nine million barrels a day, and operators at southern oil fields such as the Rumaila are working to lower their production rates to comply. Even then many experts believe that nine million will be a difficult target to achieve due to the lack of infrastructure.

Related Article: Kurdistan: Our Pick for the Next Big Buy Out

According to Reuters, BP began discussing the possibility of reducing targets last year and in December sources said that BP was close to agreeing a deal to cut output at Rumaila to between 1.8 million and 2.2 million barrels a day.

The Iraqi oil ministry has already made agreements to lower production targets with Lukoil at West Qurna-2 and Eni at Zubair, and continues to negotiate with Royal Dutch Shell at Majnoon and Exxon at West Qurna-1.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News