Iraq’s OilMin: Ready and committed to comply with oil output cut
|Speaking at a forum on Tuesday in Abu Dhabi, Iraq’s Oil Minister Thamir Ghadhban said that "we are trying to agree to our commitment that we agreed with OPEC, but we are having difficulties”.
Additional Quotes:
The reason why is because we have been having difficulties with disagreements between the regional and federal governments.
The Kurdish region has boosted its production, while Iraq's domestic demand increased during the summer.
Iraq intends to reduce its output starting in October to be more in line with OPEC cuts, with output reduced from state-operated oil fields.
We had around 200,000 barrels a day [of domestic crude burn] during the summer, which is around 125,000 barrels a day above our winter demand.
This was in addition to the increase in Kurdish production and higher export capacity.
Starting this month, Iraq's domestic crude burn will decline to about 80,000 to 85,000 b/d.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.