IRAQ WANT 5 MBD
According to REUTERS, Iraq will support a production ceiling next week at an informal meeting of oil producers in Algeria but aims to defend its share of output of between 4.75 million and 5 million barrels per day, Oil Minister Jabar Ali al-Luaibi said on Thursday.
"Iraq's fixed policy is to maintain Iraq's share estimated at between 4.75-5 million barrels per day," Luaibi said in a statement.
OPEC and non-OPEC producers are expected to revive a production freeze deal for the first time in eight years when they meet in Algiers on Sept. 26-28 after a similar initiative collapsed in Doha in April because Iran refused to restrict its supplies.
Iraq, along with Saudi Arabia, Iran and Russia has increased output to historic highs over the past year to fight for market share with higher-cost producers such as the United States where production has been falling back due to low oil prices.
Iraq is seen as one of the stumbling blocks to a global oil production deal given that it wants to increase output further next year, while Russia and Iran have probably both hit peak capacity and Saudi Arabia has never tested higher production levels.
But Iraq's OPEC governor Falah Alamri said on Thursday that Baghdad would not kill a deal. "We are not intending to flood the market, we are intending to support the market ... we will not participate in any action that will reduce the price."
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BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.
NPD - Preliminary production figures for June 2018 show an average daily production of 1 747 000 barrels of oil, NGL and condensate, which is an increase of 88 000 barrels per day compared to May.
NOVATEK - In the first half 2018, NOVATEK’s hydrocarbons production totaled 264.3 million barrels of oil equivalent (boe), including 32.93 billion cubic meters (bcm) of natural gas and 5,864 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 6.3 million boe, or by 2.4%, as compared to the first half 2017.
REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.