• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 15 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 41 mins 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 36 mins The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days Changing Gazprom ADRs to Russian shares
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
U.S. Gasoline Prices Could Sink Below $4 Today

U.S. Gasoline Prices Could Sink Below $4 Today

Gasoline prices in the United…

Iraq: OPEC Shouldn’t Heed Calls To Boost Oil Production

OPEC and allies should not bow to the pressure to increase production to offset supply disruptions, Iraq’s Oil Minister Jabbar al-Luiebi said on Monday, adding that unilateral decisions could be viewed as a breach of the production cut deal.

Oil prices still need more support and stability, and the pact producers “should not over exaggerate the need of the oil market for more oil supplies in the time being,” the oil minister of OPEC’s second-largest producer said in a statement, as carried by Reuters.

Al-Luiebi “rejects unilateral decisions by some oil producers without consulting the rest of the members” of the pact, according to the statement.

Some OPEC members are said to have been upset that Saudi Arabia hadn’t consulted them before hinting at a possible increase in production, which is setting the stage for a difficult OPEC meeting next week.

In recent weeks, there has been growing speculation that Saudi Arabia and Russia are thinking of reversing some of the production cuts in order to offset supply disruptions from Venezuela and possibly from Iran, after the U.S. sanctions on Tehran kick in later this year.

A day before U.S. President Donald Trump pulled the United States out of the Iran nuclear deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it to help keep oil prices stable should the U.S. decision on Iran disrupt oil supply, Reuters reported last week.

Related: Is Russia Bailing On The OPEC Deal?

Earlier last week, Bloomberg reported that the United States had quietly asked Saudi Arabia and several other OPEC nations to raise oil production by some 1 million bpd.

Iraq—one of the last holdouts before the supply cut pact was reached—has had a sketchy compliance record since the OPEC/NOPEC deal began in January 2017, and has failed to fully comply with its ceiling of 4.351 million bpd.

According to estimates by Platts, Iraq has exceeded its ceiling by the most within OPEC—by some 78,000 bpd since the start of the deal, with compliance at just 63 percent, compared to more than a 100-percent overall compliance of the OPEC/NOPEC group.

By Tsvetana Paraskova for Oilprice.com

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