• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 5 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 5 hours Clean Energy Is Canceling Gas Plants
  • 38 mins Rethinking election outcomes for oil.
  • 5 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 4 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 3 mins China leaders meet to discuss proposed 5 year economic plan.
  • 3 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 1 day GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 21 hours Video Evidence that the CCP controls Joe Biden
  • 2 days America's Frontline Doctors - Safely Start Living Again!
  • 1 day OP article : "Trump blasts Biden Fracking Plan . . . "
  • 4 hours Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 7 hours Irina Slav has a good article - Regarding Investors & Oil
  • 11 mins Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 1 day Biden denies fracking ban
  • 2 days Is the coal industry on the way out?
The Consolidation Of U.S. Shale

The Consolidation Of U.S. Shale

The shale consolidation wave is…

Is Iraq Finally Complying With The OPEC+ Oil Output Deal?

OPEC’s second-largest producer, Iraq, which is also the least compliant member of OPEC+, has made significant cuts in its crude oil exports so far in June, in a move suggesting that it is improving its compliance with the record production cuts. 

Exports from Iraq fell by 300,000 barrels per day (bpd), or by 8 percent, in the first two weeks of June compared to May, Reuters reported on Tuesday, quoting industry sources and ship-tracking data.

Exports from the southern port of Basrah, Iraq’s main oil export terminal, have dropped by 170,000 bpd to average 2.93 million bpd so far this month, according to Reuters’ sources and tanker-tracking data. Exports from the north have also dropped, by around 130,000 bpd to some 350,000 bpd so far this month.

These declines in Iraq’s crude oil exports suggest that OPEC’s second-largest producer is working to reduce supply after the leaders of the OPEC+ pact – Saudi Arabia and Russia – had all laggards commit to full compliance with the cuts before agreeing to a one-month extension of the record production reductions. 

Earlier this month, OPEC+ agreed to extend the record production cuts of 9.7 million bpd by one month through the end of July, contingent on all countries in the pact complying 100 percent with their quotas and compensating for lack of compliance by overachieving in the cuts in July, August, and September.

Last week, reports emerged that Iraq’s State Oil Marketing Organization (SOMO) has asked some of the Asian buyers of its Basrah crude grades if they could give up delivery of some already contracted cargoes for loading this month and next. Iraq’s government is also said to have approached international oil companies operating some of its largest oilfields to reduce production further and they had agreed.

Iraq confirms “its commitment to the voluntary oil production adjustments of June and July 2020, as well as the voluntary adjustments for the period following the end of July, despite the economic and financial challenges,” Iraq’s new Oil Minister, Ihsan Abdul Jabbar Ismaael told his Saudi counterpart, Prince Abdulaziz bin Salman, last week.

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