X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 6 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 2 days Interest article about windmills and waterwheels in Europe
  • 2 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 17 hours Retired RAF pilot wins legal challenge over a wind farm
  • 2 days “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova

Iraq Wants OPEC+ To Approve Higher Oil Exports

Iraq expects OPEC+ will allow it to increase its oil exports beginning next year, Reuters reported today, citing the Iraqi state new agency INA, which was quoting the country’s oil minister without any further details.

Iraq’s oil ministry has denied the claim.

Earlier this month, there was another report from INA that said Iraq was seeking an exemption from the OPEC production cuts. Oil minister Ihsan Abdul Jabbar denied the report soon after.

Iraq has struggled to reduce its production to the quota allocated it by OPEC+ to rebalance oil markets. Indeed, for two of the five months since the start of the cuts, it has overproduced considerably.

This prompted OPEC leader Saudi Arabia to take a sterner stance: the Kingdom threatened Iraq and fellow laggard Nigeria with another open-tap offensive if they did not fall in line. According to the latest production information, Iraq did. In August, OPEC’s number-two pumped less than its quota as it compensated for the overproduction in the previous three months. According to OPEC’s latest Monthly Oil Market Report, Iraq’s August production was down by 100,000 bpd on July, to 3.652 million bpd, based on data from secondary sources.

However, oil revenues are vital for the struggling Iraqi economy, which still has a long way to go before it recovers from the war against Islamic State. This has made Iraq reluctant to join the latest production-cutting drive. So, even if the country is officially towing the party line, it could certainly use a breather. Unfortunately, it is unlikely to get one, especially now that Libya is resuming production at several fields, eyeing a production boost of more than 160,000 bpd by the end of this month.

In fact, amid the deteriorating outlook on oil demand, OPEC+ might consider keeping production cuts at the current level of 7.7 million bpd, instead of relaxing these by another 2 million bpd from January next year.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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