Iraq cuts oil exports and production within the agreements OPEC+

File Reuters

UNITED STATES (VOP TODAY NEWS) — Iraq’s oil minister Thamir Ghadhban said his country had cut oil exports by 220,000 barrels per day (bpd) compared to February, saying it would cut production further in April.

“We are planning to increase the reduction in April, regardless of which oil fields we are talking about, but the reduction will be among the projects in which the national company is operating, and also in its service contracts,” Ghadban said. “In March we cut oil exports significantly, By 220 thousand barrels per day .. compared to the month of February.”

OPEC and a number of non-OPEC oil producers agreed in December 2018 to cut production by 1.2 million bpd from October 2018.

OPEC countries have to cut output by 812,000 barrels a day, while the remaining 10 participants in the deal cut their production by 383 thousand barrels per day.

In particular, Russia, which is not a member of OPEC, has pledged to cut production by 228,000 barrels per day (bpd) within the agreement designed until the first half of 2019, with the possibility of revising it in April of the same year.

A meeting of the Technical Observation Committee of the Azerbaijani capital of Baku was held on March 17 to provide an analysis of the current market and its options for development and implementation of specific scenarios to the OPEC ministers.

On March 18, the Ministerial Oversight Committee of OPEC + will be held, comprising ministers from six countries – Russia, Saudi Arabia, Kuwait, Venezuela, Algeria and Oman.

The Committee reviews market development scenarios and, on the basis of this analysis, makes recommendations to Opec + countries on the necessary action.

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