All publications by tag «IRAQ»
The minister "has affirmed the need to proceed forth with increasing oil and gas production through enhancing the national effort and those of the licensed companies for the remainder of 2016 and also for 2017," the statement said.
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.
“The Managing Director welcomed the Iraqi authorities' economic program, which is being supported by a $5.34 billion Stand-By Arrangement (SBA) from the Fund approved in July 2016. The Managing Director and the Prime Minister exchanged views on how the SBA can help Iraq address the shocks posed by violent attacks and the drop in global oil prices. The Managing Director reiterated the importance of strong commitment to sound policies and decisive action on key reforms that are crucial to yield the largest gains for Iraq’s population.”
"Our government supported the freeze and we have to support the freeze. We have the capacity to produce more. But if the freeze is for a certain period and will stabilize the market, definitely the freeze is in our favor,"
Iraqi Prime Minister Haider Jawad Kadhim Al Abadi and his Kurdish counterpart, Nechirvan Barzani, have agreed to split the proposed export volume of 150,000 bopd from Kirkuk’s Baba Gorgor and Khabbaz fields between them. On Tuesday, Kurdish news outlet Rudaw also claimed an agreement on Kirkuk oil had been reached.
“We support freezing oil production by OPEC due to the sharp decline of oil prices,” Mr. Abadi said at a news conference, saying it would help government-salaried oil-industry workers.
Iraq, which depends on oil sales for 95 percent of its public spending, appears set to continue boosting production, which currently stands at around 4.6 million barrels per day.
Prices have struggled to go much higher than $50 a barrel. After the longest run of gains since March, Brent crude, the international benchmark, traded 0.9 percent higher at $51.17 at 7:13 a.m. in London on Friday.
As a result of the investment, Iraq's crude output should increase by 250,000-350,000 barrels per day next year, the Iraqi officials said. The country now produces about 4.6 million bpd, most of it from the southern region.
The OPEC member pumped 4.632mn barrels of crude oil per day in July compared with 4.559mn bpd in June, state-run Oil Marketing Company (SOMO) said in a recent statement.