2020-09-25 13:00:00
OPEC+ IRAQ REDUCING
REUTERS - SEPTEMBER 24, 2020 - Iraq's oil ministry on Thursday denied a media report citing Oil Minister Ihsan Abdul Jabbar as saying an agreement was imminent with the OPEC+ group to increase Iraq's crude oil exports.
State news agency INA had quoted Abdul Jabbar as telling state-owned daily newspaper al-Sabah that he expected to reach an agreement soon with OPEC and its allies - known as OPEC+ - over increasing Iraq's crude oil exports
"The oil minister did not make these comments and did not meet the newspaper's reporter," oil ministry spokesman Asim Jihad told Reuters. The INA article has since been deleted.
"Iraq is committed to the OPEC+ agreement and is working with OPEC and non-OPEC producers on confronting the challenges facing global oil markets, including the spread of COVID-19 which caused a decline in global oil demand," Jihad said.
OPEC's second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions, pumping above its production targets since the pact was first signed in 2016 between OPEC and its allies led by Russia.
The reduction in exports resulting from the OPEC+ cuts has squeezed Iraq's finances, challenging a government struggling to tackle the fallout from years of war and rampant corruption. Iraq relies on oil to fund 97% of its state budget.
Iraq's economy and oil sector were battered by years of wars, sanctions and a stubborn Islamist insurgency triggered by the U.S. invasion. Baghdad has complained it struggled to revive its stagnating oil industry, at a time when other OPEC members benefited and boosted their market share.
Iraq's total exports averaged 2.6 million barrels per day (bpd) in August, down from 2.763 bpd in July.
OPEC+ has been reducing production since January 2017 to help to support prices and reduce global oil stockpiles. It increased the cuts to a record 9.7 million bpd from May to July after demand plunged due to the coronavirus crisis.
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Earlier:
2020, September, 24, 12:20:00
OPEC+ REBALANCING: 2021
The OPEC+ agreement, along with declines in production elsewhere, including the United States, brought global supply lower than the level of global demand for the first time since mid-2019.
2020, September, 18, 12:25:00
OPEC RESTORES BALANCE
Energy minister Alexander Novak said Russia "greatly values cooperation with OPEC," and that while overall compliance with the cuts is high, "I would like to urge everyone to view this very seriously and stick to the high level of conformity we were able to achieve."
2020, September, 11, 12:20:00
OPEC+ PRODUCTION CUT
The OPEC+ agreement called for a decrease in crude oil output by a combined 9.7 million b/d in May and June, a combined decrease of 9.6 million b/d in July 2020, and a combined decrease of 7.7 million b/d in August
2020, September, 11, 12:15:00
IRAQ OIL PRODUCTION DOWN
Iraq's habitual non-compliance with its production quota has been a sore point within the OPEC+ alliance, with Saudi Arabia, Russia and others pressuring Iraq to improve its performance.
2020, September, 8, 12:45:00
OPEC+ STABILIZES MARKET
Saudi Arabia and Russia agreed to further closely coordinate their work on production cuts, trade and investments.
2020, September, 2, 12:55:00
IRAQ NEED EXEMPTION
Iraq will continue to trim its output in October through December as per the OPEC+ agreement,
2020, September, 2, 12:45:00
IRAQ OIL EXPORTS 2.597 MBD
Iraq oil exports fell to 2.597 million b/d in August from 2.763 million b/d in July, the oil ministry said in a statement.
