OPEC cuts

  • Iraq Seeks Negotiation with OPEC+ If Cuts Extended 

    Iraq Seeks Negotiation with OPEC+ If Cuts Extended 

    Monday, 23rd November 2020

    Iraq’s Member of the Parliamentary Oil and Energy Committee, Ghalib Muhammad, is seeking to negotiate with the Organization for Petroleum Exporting Countries and its allies (OPEC+) a reduction in Iraq’s percentage of production if the group goes ahead with extending production cuts.

  • Libya’s Oil Production Exceeds 1.2 mmbbl/d

    Libya’s Oil Production Exceeds 1.2 mmbbl/d

    Monday, 16th November 2020

     Libyan oil production has now reached a new high after the country recorded 1.215 million barrels per day (bbl/d), as the OPEC member’s oil industry recovers faster than expected.

  • OPEC Mulls Deeper Output Cuts in 2021

    OPEC Mulls Deeper Output Cuts in 2021

    Wednesday, 4th November 2020

    The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are looking into the possibility of further cuts early next year in an effort to try and revitalize the oil market.

  • Saudi Oil Production Remains Steady in September

    Saudi Oil Production Remains Steady in September

    Monday, 5th October 2020

    Saudi Arabia, the world’s largest oil producer, has reduced its crude oil production by 104,000 barrels of oil per day (bbl/d) when compared with August’s figures.

  • Iraq Asks KRG to Cut Production by 120,000 bbl/d

    Iraq Asks KRG to Cut Production by 120,000 bbl/d

    Thursday, 10th September 2020

    Iraq’s federal government has requested that the Kurdistan Regional Government (KRG) cut its oil production by 120,000 barrels per day (bbl/d).

  • Iraq Denies OPEC+ Deal Exemption Reports, Affirms Commitment to Deal 

    Iraq Denies OPEC+ Deal Exemption Reports, Affirms Commitment to Deal 

    Thursday, 3rd September 2020

    Iraq has refuted claims that it was seeking an exemption from the reduction pact during the first quarter of 2021 and has reaffirmed its commitment to the deal.

  • Iraq’s Gharraf Oil Field Resumes Production 

    Iraq’s Gharraf Oil Field Resumes Production 

    Wednesday, 22nd July 2020

    The Malaysian oil company, Petronas, has restarted production at Iraq’s Gharraf oil field at a rate of 50,000 barrels of oil per day (bbl/d) after a forced shutdown in March due to the pandemic.

  • Production Restarts at Wafra Oilfield

    Production Restarts at Wafra Oilfield

    Monday, 6th July 2020

    Crude oil production resumed on July 1 at the Wafra oilfield, which is a joint venture between Kuwait and Saudi Arabia.

  • Iraq’s Oil Exports Fall 9%, Still Exceeding OPEC Quota 

    Iraq’s Oil Exports Fall 9%, Still Exceeding OPEC Quota 

    Tuesday, 30th June 2020

    Iraq’s oil exports fell by circa 9% or 310,000 barrels per day (bbl/dd) in June, meaning that Iraq has fulfilled about three-fifths of its pledge to the OPEC+ production deal

  • Iraq Cuts Crude Supplies to Asia in July

    Iraq Cuts Crude Supplies to Asia in July

    Tuesday, 16th June 2020

    Iraq’s Oil Marketing Company (SOMO) has made significant cuts in Basra crude supplies to Asia for the upcoming July as Iraq steps up efforts to comply with OPEC+ cuts.