By John Lee. The 37th OPEC and non-OPEC Ministerial Meeting -- known as 'OPEC plus' -- was held in Vienna at the weekend. Among the items agreed was to keep Iraq's planned oil production flat at 4.431 million barrels of oil per day for 2025. The next meeting of the group is scheduled to be […]
By John Lee. The Iraqi Ministry of Oil has reiterated its commitment to voluntary production cuts in support of initiatives by OPEC+ member states to maintain stability and balance in the oil market. Despite reports of regional production outside of coordination and agreement with the federal government, the Ministry says it has taken proactive measures […]
By John Lee. Starting from January 1, 2024, Iraq will implement a voluntary additional reduction of 220,000 barrels per day (bpd) in coordination with some OPEC+ member countries. This will bring Iraq's total oil production to 4 million barrels per day until the end of March 2024. Post that period, and to support market stability, […]
By John Lee. Iraq's Minister of Oil has affirmed Iraq's commitment to the OPEC+ agreement and the extension of the voluntary cut in oil production that was approved in April for the year 2023. Speaking at a press conference following the OPEC+ meeting in Vienna, Hayan Abdul-Ghani said Iraq will continue its voluntary reduction of […]
By Hassan Al-Saeed for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq's commitment to OPEC oil reduction won't affect exports Iraq's oil reduction per the recent OPEC+ agreement will not affect the country's revenues, according to Iraq's oil minister. Click […]
By John Lee. OPEC has reportedly agreed to increase Iraq's oil production to 4.5 million barrels per day (bpd) in June. The state-controlled Iraqi News Agency (INA) quotes Iraq's representative to OPEC, Muhammad Saadoun, as saying that oil production will then increase by 50,000 bpd each month from July to September. He also predicted an […]
By John Lee. Iraq has reportedly asked some Asian refiners to consider forgoing prompt shipments of its Basrah crude, a potential signal the country is trying to meet the output-cut pledges it made to OPEC at the weekend. More here. (Source: Bloomberg)
By John Lee. Iraq is reportedly cutting its oil output by around 700,000 barrels per day (bpd), a third less than required under an OPEC+ supply pact. Iraqi oil officials told Reuters that the government failed to persuade the international oil companies (IOCs) to agree to bigger reductions. More here. (Source: Reuters)
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Oil Market Collapse, Damages the Iraqi Economy and Changes Oil Geopolitics The collapse of the global oil market is undoubtedly unprecedented in its timing, magnitude, spread and devastating impacts across the globe. […]
By Padraig O'Hannelly. A senior oil executive has predicted that Iraq could surpass Saudi Arabia as an oil producer. Addressing delegates at CWC's Iraq Petroleum conference in London, Majid Jafar (pictured), CEO of Sharjah-based Crescent Petroleum, said: "Iraq is hugely underexplored. We at Crescent know of 300 structures just in the Western Desert that have […]
By John Lee. Iraq's oil ministry has said it will seek to limit oil production to 4.513 million barrels per day (bpd) for the next six months. based on the OPEC deal recently agreed. According to a statement from the Ministry of Oil, this would be a reduction of 140,000 bpd from the reference level […]
By John Lee. Financial Times reports that Iraq will comply with OPEC-led efforts to restrict crude oil production, even as Saudi Arabia said it is striving to boost its export capacity. It quotes Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] as saying that Iraq’s export capacity would reach 5m bpd by the end of this […]
