2021-01-08 15:25:00
IRAQ OIL PRODUCTION UP 4.7%
PLATTS - 07 Jan 2021 - Iraq's December oil production, including from the semi-autonomous Kurdistan region, rose 4.7% month on month to 3.857 million b/d, to be above the country's OPEC+ quota, data from the State Oil Marketing Organization showed Jan. 7.
OPEC's second-largest producer had a 3.804 million b/d quota for December under the OPEC+ deal.
Production from the federal government rose 4.2% to 3.366 million b/d in December, while output from Kurdistan increased 7.7% to 491,000 b/d, SOMO data showed.
Iraq struggled for most of 2020 to comply with its OPEC+ quota amid the low oil price environment, the pandemic and a financial crisis gripping the country. Iraq's lax compliance, among the worst in OPEC+ in 2020, has complicated the coalition's efforts to balance an oil market suffering from anemic demand outlook.
Iraq's new quota for January is a tad higher at 3.857 million b/d, giving it some relief.
Federal oil exports rose 5% to 2.846 million b/d in December, while Kurdish export increased 8.2% to 461,000 b/d, according to SOMO data.
Crude domestic use in federal Iraq was unchanged at 520,000 b/d and in Kurdistan it remained steady at 30,000 b/d.
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Earlier:
2021, January, 6, 14:10:00
OIL PRICE: NEAR $54
Brent rose as much as 0.9% to $54.09 a barrel. WTI climbed as much as 0.6% to $50.24 a barrel.
2020, December, 30, 11:10:00
OIL PRICE: ABOVE $51 YET
Brent rose 19 cents, or 0.4%, to $51.28 a barrel. WTI rose 29 cents, or 0.6%, to $48.29.
2020, December, 25, 10:40:00
OPEC+ RISSIA OIL PRICE: $45 - $55
In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production,
2020, December, 22, 13:45:00
OPEC+ RUSSIA EXTENSION
"The OPEC+ deal has been with us for almost nine months and will continue until April 2022, but it can be extended until the end of 2022," Prince Abdulaziz said, adding that market skeptics and speculators will remain "on their toes".
2020, December, 18, 12:00:00
OPEC+ STABILITY
At the coalition's last meeting Dec. 3, OPEC+ members agreed to raise collective output by about 500,000 b/d from January and to convene monthly to determine subsequent levels.
2020, December, 9, 11:45:00
OIL PRICES 2021: $47 - $50
Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter.
2020, December, 9, 11:35:00
OPEC+ PRODUCTION CUTS 100.2%
OPEC+ compliance with its production cuts stayed stable at 100.2%.
