OPEC surprise Iraq

2019/9/12 12:38


The Organization of Petroleum Exporting Countries (OPEC) is considering cutting more Iraqi oil production.
Iraq cuts 210,000 barrels per day of production under the OPEC agreement.
The joint ministerial committee between OPEC and non-member states discussed insufficient oil production cuts in Iraqand Nigeria, the Russian news agency TASS reported, citing an unnamed source.
Saudi and Russian energy ministers called on all producers to comply with production cuts under the OPEC-led supply deal ahead of a joint monitoring committee meeting.
TASS quoted the source as saying that the OPEC + has no complaint about the level of compliance by Russia.
Oil Minister Thamer Ghadhban said on Wednesday that OPEC and its allies will discuss whether there is a need to deepen production cuts during the meeting of the Joint Ministerial Committee on Thursday.
Ghadhban said in a press statement from Abu Dhabi, "The decisions on production policy are collective decisions and that Iraq does not want to take the decision alone, adding that he would meet with the Saudi and Russian energy ministers."
He noted that the previous OPEC meeting discussed the reduction of production by 1.6-1.8 million barrels per day, but because of objection by some members have agreed to reduce it 1.2 million barrels per day.
Ghadhban also said the Kurdistan region must respect its commitments on oil exports and its share of the federal budget.
He added that the Kurdistan Regional Government is supposed to deliver 250,000 barrels of oil per day to the federal government, but is not yet committed to it.