• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 6 hours EU has already lost the Trump vs. EU Trade War
  • 14 hours Judge Orders Trump To Release Tax Returns
  • 2 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 3 hours World oil demand will keep growing until 2030, climate-damaging emissions longer, says IEA
  • 9 hours Shale Gas News – November 9, 2019
  • 11 hours ''Err ... but Trump ...?'' #thedonkeystays
  • 5 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 15 hours Offshore SE Asia: Offshore OFS Could Get Major Boost in SE Asia
  • 5 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 14 hours The lies and follies of the "cry wolf" enviros: No more fire in the kitchen: Cities are banning natural gas in homes to save the planet
  • 15 hours Saudi Aramco IPO Will Not Save Kingdom
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 15 hours China's Renewables Boom Hits the Wall
A Bull’s Guide To Oil Markets

A Bull’s Guide To Oil Markets

While bearish sentiment appears to…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

Oil

The oil exports of Iraq’s semi-autonomous region of Kurdistan are not subject to the extension of OPEC’s production cuts, Iraq’s Oil Minister Jabbar al-Luaibi told Kurdish media network Rudaw during the OPEC meeting in Vienna on Thursday.

According to OPEC delegates, the cartel agreed today to extend the current output cuts for nine months until March 2018.

The reduction doesn’t include the Kurdistan Region,” Luaibi told Rudaw. “But we will be trying to include the Kurdistan Region in the reduction of its oil. I have plans to visit the Kurdistan Region and discuss this with them after my return to Iraq.”

The region of Kurdistan in northern Iraq is estimated to have 45 billion barrels of oil reserves. Exports from the fields in northern Iraq held by the Kurdistan Regional Government (KRG) stand at around 600,000 bpd. Most of the exports from landlocked Kurdistan are being carried out via the Kirkuk-Ceyhan pipeline to the Turkish Mediterranean coast.

Earlier today, Iraq’s Al-Luaibi said that the best option to bring the oil market back to balance was extending the production cuts by nine months.

OPEC’s no. 2 Iraq was thought to be one of the biggest stumbling blocks to a nine-month output cut extension, but on Monday OPEC’s no.1 Saudi Arabia and Iraq said that they had agreed that the cuts need to be extended by another nine months.

Related: Is Canada’s Oil Production Ready For A Resurgence?

Iraq was the last holdout to OPEC reaching the initial deal in November, when it first argued for exemption, due to funds need to fight ISIS, then disputing the so-called secondary sources that OPEC uses to calculate the single producers’ output levels and proposed cuts.

Then, even though it signed up to the initial six-month production cut deal, Iraq has been the biggest overproducer, and has so far failed to cut as pledged every month between January and April, according to OPEC data.

By Tsvetana Paraskova 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
Download on the App Store Get it on Google Play