iraq has pledged to comply with oil cut deal
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Iraq has pledged to comply with oil cut deal

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleIraq has pledged to comply with oil cut deal

OPEC Secretary General Mohammed Barkindo
Baghdad - Arab Today

Iraq has assured the Organization of the Petroleum Exporting Countries (OPEC) it will fully comply with an agreement to cut oil supply in order to bolster crude prices, OPEC Secretary-General Mohammed Barkindo said on Sunday in Baghdad.
Iraq’s compliance stands now at 98 percent, the nation’s Oil Minister Jabar Al-Luaibi told reporters, after addressing a conference in the Iraqi capital, also attended by Barkindo.
Compliance with the deal agreed by OPEC and non-OPEC producers at the end of the last year to cut supply is “encouraging,” Barkindo told the forum.
General compliance with supply cuts by the oil producers was 86 percent in January and 94 percent in February, he added.
The market is already balancing, Barkindo said, adding stocks of crude were coming down.
Al-Luaibi said he was satisfied with the existing deal, but declined to say whether Iraq would support an extension, leaving it to an OPEC ministerial meeting planned in May.
The current deal, he said, “contains many positive elements and achieved a lot of targets; work is ongoing to reach the reduction of 1.8 million barrels per day” (bpd) agreed by OPEC and 11 other nations including Russia for their combined production in the first half of 2017.
The accord has lifted crude to about $50 a barrel. But the price gain has also encouraged US shale oil producers, which are not part of the pact, to boost output.
While Iraq is committed to achieving 100 percent of its target reduction, it will proceed with projects to boost oil production capacity to 5 million bpd before the end of the year, Al-Luaibi said.
OPEC’s second-largest producer, after Saudi Arabia, Iraq will proceed in parallel with exploration plans to increase its reserves by 15 billion barrels in 2018, to reach 178 billion barrels, he said.
Among the plans to increase output capacity from existing fields is a seawater injection plan, which is in process of being tendered, he added.
Iraq’s oil production has averaged 4.464 million bpd so far in March, a reduction of more than 300,000 bpd on levels before OPEC cuts were implemented from Jan. 1, the State Organization for Marketing of Oil (SOMO) said on Thursday.
Average crude exports were 3.756 million bpd in March, versus a record of more than 4 million bpd in November, according to SOMO.
Most of Iraq’s crude is exported from southern ports, the region where it is produced. Exports from the south averaged 3.2 million bpd in March, Al-Luaibi said.
Barkindo described as “very constructive” meetings he had on Saturday with Prime Minister Haider Al-Abadi and other Iraqi leaders in Baghdad.
Iraq’s natural gas output will triple to 1,700 million cubic feet per day (cfd) by 2018, as it implements projects to reduce flaring, Al-Luaibi told the conference.

Source: Arab News

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iraq has pledged to comply with oil cut deal iraq has pledged to comply with oil cut deal

 



Themuslimchronicle, themuslimchronicle

GMT 08:32 2011 Monday ,25 July

Sabri accuses Yusri in Souad Hosni’s murder

GMT 12:07 2014 Monday ,03 February

Home design ideas

GMT 11:20 2017 Thursday ,02 March

Mexico central bank cuts growth outlook over Trump

GMT 08:31 2017 Tuesday ,28 November

Bangladesh upholds death sentence for 139 soldiers

GMT 14:33 2017 Thursday ,20 April

US defense secretary vows support for Egypt's Sisi

GMT 16:12 2017 Wednesday ,20 December

Myanmar bars UN rights investigator just before visit

GMT 08:21 2017 Wednesday ,30 August

United Technologies near deal to buy Rockwell Collins

GMT 18:27 2017 Friday ,21 April

ARCO condemns targeting of ERC convoy in Somalia

GMT 07:23 2017 Tuesday ,21 November

perched in Jerusalem's hills may soon vanish

GMT 19:33 2017 Tuesday ,10 October

US scientists engineer corn to boost protein

GMT 08:43 2017 Monday ,04 December

Brexit deal 'difficult but doable': diplomats

GMT 11:24 2017 Friday ,03 March

Lego honors 'Women of NASA'

GMT 11:35 2017 Tuesday ,05 December

Bahrain's top Shiite cleric hospitalised

GMT 21:39 2017 Saturday ,30 September

Abdel Karim praises Egypt’s role

GMT 10:11 2017 Tuesday ,12 December

Latest Grateful Dead resurrection -- a duo

GMT 15:43 2017 Monday ,04 December

Yemen's Huthi rebels claim ex-president Saleh killed

GMT 15:59 2017 Thursday ,30 November

Bahrain Bourse daily trading performance
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle