OPEC cuts | Egypt Oil & Gas

Iraq Seeks Negotiation with OPEC+ If Cuts Extended 

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 ...

Libya’s Oil Production Exceeds 1.2 mmbbl/d

 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

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 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’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 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 

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

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 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’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.

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