Tag Archives | OPEC

Iraq Begins to cut Oil Production

By John Lee. Iraq has begun reducing its crude oil output from the start of the year, in line with its OPEC commitments. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said in a statement on Thursday: “Iraq confirms its commitment to the decision of OPEC, which was taken during the last meeting in Vienna, by […]

Iran, Iraq asked to Freeze Oil Output at Current Levels

By John Lee. Qatar’s Energy Minister has reportedly said that Iran and Iraq are being asked to freeze oil output at current levels, as part of a wider deal to restrain production. According to ArabianBusiness.com, Mohammed Al Sada told reporters: “We are discussing with both countries on that and we are looking at various ways and […]

Iraq to Continue Supporting OPEC Oil Market Stabilization

The Iraqi Minister for Oil has committed to support the efforts of the Organization of the Petroleum Exporting Countries (OPEC) aimed at stabilization of the oil market. At a meeting in Baghdad on Wednesday, Minister Jabar Ali al-Luaibi [Allibi] told OPEC Secretary General, HE Mohammad Sanusi Barkindo: “Your visit comes at a time when Iraq […]

Iraq Resists Joining OPEC Production Cut

By John Lee. Reuters reports that oil prices came under pressure on Monday as Iraqi oil minister Jabar Ali al-Luaibi [Allibi] said Baghdad wants to be exempt from any production cut the Organization of the Petroleum Exporting Countries (OPEC) is aiming to achieve. Falah al-Amiri, head of the State Oil Marketing Organization (SOMO) added that […]

Iraq Agrees to Limit Oil Production Target

By John Lee. Iraq’s Ministry of Oil has announced that it has agreed to limit its oil production target to 4.75 – 5 million barrels per day. The country is currently producing around 4.6 million bpd. Oil Minister Jabar Ali al-Luaibi (Allibi) is going to participate in the OPEC meetings at the end of November, […]

Luaibi: Iraq will work with OPEC

By Simon Kent. New Iraqi Oil Minister Jabar Ali al-Luaibi  has said he wants to work to increase Iraq’s oil reserve estimates and increase exports while working with OPEC on quotas, which currently stand at 14% of OPEC production for Iraq. Luaibi noted, “We will work to draw up stable policies and work to achieve […]

Iraq Boosts Oil Exports ahead of OPEC Meeting

By John Lee. Iraq plans to supply an additional 5 million barrels of crude oil to its partners in June, according to industry sources cited by Reuters. The country joins other Middle East producers in attempting to increase market share ahead of an OPEC meeting in Vienna later this week. Iraq had already been targeting […]

Iraq: New Attempt at OPEC Deal in June

By Simon Kent. Iraq’s representative to OPEC Falah Al-Amri has announced that plans are underway for a second round of talks on freezing OPEC output in June. Currently, Iran is now the sticking point in any such deal, aiming for 4 million BPD by March, and one Iranian official has called talks by non-OPEC members of […]

Iraq calls for Oil Production Freeze

By John Lee. The head of Iraq’s State Oil Marketing Organization (SOMO) has said the world’s major oil producers must agree to freeze production, in order to shore up flagging oil prices. Falah Alamri said: “They should do this deal as this is the only way to support the oil price … Everybody needs it […]

Iraq Willing to Cut Oil Production

By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) has said Iraq was willing to accept a decision by OPEC and non-OPEC members to cut crude production. Reuters quotes the Minister as saying: “Iraq will agree and cooperate if producers really want to cooperate to cut.” (Sources: Reuters, Shafaaq)

Abdul Mahdi: Iraq to Watch non-OPEC Production

By Simon Kent. Iraq’s oil minister Adel Abdul Mahdi (pictured) has spoken to Reuters regarding Iraq’s position on OPEC’s failure to agree on a production ceiling as the battle to drive out shale production continues. Abdul Mahdi said that Iraq was now looking at the “real world” and that they would have to monitor production in countries […]

Iraqi Oil Selling for $30 Per Barrel

By Simon Kent. Traders in Europe have reported to Reuters that the Basra Light grade of crude is selling for $30 on the European market, as Iraq gains on Saudi Arabia as one of the main suppliers of oil to EU countries. Last year, Basra split its exports into Basra Light and Basra Heavy grades and […]