• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 21 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

Iraq Denies Report It Sought OPEC Cut Exemption

Iraq is not seeking an exemption from the OPEC+ production cuts, the country’s oil ministry said in a statement following a Reuters report that suggested OPEC’s number-two was seeking relief from the deal for the first quarter of next year.

“The Ministry of Oil would like to categorically deny this baseless statement, and affirm that, to the contrary, Iraq remains fully committed to the April OPEC+ Declaration of Cooperation, and the compensation mechanism agreed in June,” the statement said, as quoted by Reuters.

The statement denies a report by Iraq’s state news agency, INA, which yesterday said that Oil Minister Ihsan Abdul Jabbar had discussed a possible exemption from the cuts with several of his counterparts from other OPEC members.

“The minister revealed efforts to exempt Iraq from the agreement to cut exports in OPEC and the subject has been broached with the organisation’s oil ministers in three consecutive meetings,” the INA report said.

Iraq was one of the laggards in the April agreement, failing to cut production to the quota assigned it by the OPEC+ group to shrink the global supply of oil amid crashing prices. This led OPEC leader Saudi Arabia to bring its foot down and demand that Iraq—and fellow laggard Nigeria—deepen their production cuts above their respective quotas to make up for their previous failures.

Iraq has assured its fellow OPEC members it would keep its word this time and cut 400,000 bpd in August and September to compensate for its previous undercompliance with the deal that required it to reduce its oil production by 850,000 bpd.

OPEC’s total production rose in August, according to preliminary data from Reuters, as the cartel continued to relax production cuts as per its agreement with Russia and the other non-OPEC partners in the April deal. The increase totaled 950,000 bpd from July, bringing the total to 24.27 million bpd.

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads From 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