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2019-09-11 11:35:00

IRAQ'S OIL PRODUCTION 4.65 MBD

IRAQ'S OIL PRODUCTION 4.65 MBD

PLATTS - Iraq hasn't been able to restrict its oil output as agreed with OPEC and other producers partly because of "disagreements" with the Kurdish region in the northern part of the country, oil minister Thamir Ghadhban said Tuesday in Abu Dhabi.

"We are trying to agree to our commitment that we agreed with OPEC, but we are having difficulties," Ghadhban told delegates at a forum. "The reason why is because we have been having difficulties with disagreements between the regional and federal governments."

The Kurdish region has boosted its production, while Iraq's domestic demand increased during the summer, Ghadhban later explained to journalists.

Iraqi crude production rose to 4.65 million b/d in August, from 4.62 million b/d in July, the country's State Oil Marketing Organization said Monday, meaning the country pumped 140,000 b/d more than its OPEC quota of 4.51 million b/d.

Iraq has always pumped more than its commitment to the cuts, and third-party assessments of Iraq production suggest its overproduction is higher than official figures.

Ghadhban has said that Iraq intends to reduce its output starting in October to be more in line with OPEC cuts, with output reduced from state-operated oil fields.

"We had around 200,000 barrels a day [of domestic crude burn] during the summer, which is around 125,000 barrels a day above our winter demand," Ghadhban said.

This was in addition to the increase in Kurdish production and higher export capacity, he said.

Starting this month, Iraq's domestic crude burn will decline to about 80,000 to 85,000 b/d, Ghadhban said.

A new budget for the Kurdistan Regional Government currently under discussion will resolve a disagreement over production-sharing and oil revenue, Ghadhban said.

The budget is being discussed within the government and could be sent to parliament for discussion before the end of the year, he said.

"We have challenges, no doubt about that," Ghadhban said on the new budget. "So far we are paying for salaries and the rest is subject to discussion."

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Earlier:

IRAQ'S OIL PRODUCTION 4.65 MBD
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Tags: IRAQ, OIL, PRODUCTION
Chronicle:
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