2020-11-11 14:30:00
OPEC+ IRAQ, SAUDI ARABIA
PLATTS - 11 Nov 2020 - Iraq and Saudi Arabia have affirmed their "full commitment" to the OPEC+ output curbs decision in order to achieve an oil price that is fair to both consumers and producers, according to a joint statement published Nov. 10 on state news agencies.
Both countries "stressed full commitment to all decisions that have been agreed upon, in a manner that guarantees reaching fair and appropriate oil prices for exporters and consumers in the global oil market," the statement said.
The statement was issued after the end of a virtual meeting between Saudi Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa al-Kadhimi to discuss the outcome of the fourth session of the Saudi-Iraqi Coordination Council.
Iraq failed in October to adhere to its oil output quota as crude output, including flows from the semi-autonomous Kurdish region, rose 6.7% from September, official data by state oil marketer SOMO showed Nov. 5.
OPEC's second largest oil producer pumped 3.842 million b/d in October, above September's 3.60 million b/d and its quota of 3.804 million b/d, according to SOMO figures.
Habitual laggard
Iraq has been a habitual laggard this year in terms of its OPEC+ quota compliance. It overproduced from May through July and pledged to compensate for busting its quota during these months.
The country is supposed to make 698,000 b/d of catch-up cuts from September through to December, divided into 203,000 b/d in September and 165,000 b/d in each of October, November and December.
Iraqi officials in the federal government have in the past blamed overproduction in the Kurdish region for the country's lax compliance with oil output cuts.
Production from the federal government's fields reached 3.396 million b/d in October, while output from the Kurdish region averaged 446,000 b/d, the SOMO figures showed. SOMO did not give a breakdown in September.
Total exports in October rose 8% month on month to 3.292 million b/d, while the Kurdish region exported 416,000 b/d in October, down 4.8% from September, SOMO data showed.
Domestic consumption of crude averaged 550,000 b/d in October, unchanged from September. In the federal region, consumption averaged 520,000 b/d while in the Kurdish region it was 30,000 b/d, according to SOMO data.
SOMO did not provide a breakdown of domestic use for September.
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Earlier:
2020, November, 9, 13:25:00
OPEC, GECF DIALOG
The OPEC delegation was led by HE Mohammad Sanusi Barkindo, Secretary General, and the GECF delegation was headed by HE Yury Sentyurin, Secretary General.
2020, November, 6, 12:40:00
IRAQ OIL PRODUCTION UP
Iraq pumped 3.842 million b/d in October, above September's 3.60 million b/d and its quota of 3.804 million b/d,
2020, November, 5, 12:45:00
OPEC OIL REVENUES WILL DOWN
OPEC earned an estimated $595 billion in net oil export revenues in 2019, a decrease of 17% compared with the estimated 2018 net export revenue and less than half the estimated record high of almost $1.2 trillion earned in 2012.
2020, October, 22, 15:15:00
OIL, GAS WILL BE HALF
In 2040, despite increasing investments in renewables and concerns with emissions, oil and gas are still projected to make up about 50 percent of the global energy mix. This is a view held by major third-party sources.
2020, October, 20, 15:35:00
OPEC+ STABILIZE OIL MARKET
OPEC and 10 partners are set to ease their 7.7 million b/d collective production cuts by about a quarter to 5.8 million b/d at the start of 2021,
2020, October, 14, 11:55:00
OPEC PLANS TO REDUCE PRODUCTION
The 23-country OPEC+ alliance is in the midst of a 7.7 million b/d production
2020, October, 12, 11:50:00
OPEC+ PRODUCTION: 99%
OPEC's 13 members produced 24.34 million b/d in September, a fall of 30,000 b/d from August, while its nine partners, including Russia, produced 12.72 million b/d, an addition of 50,000 b/d.
