Thursday , March 4 2021

Iraqi Oil Minister Gets Poor Compliance with “OPEC +” Agreement in Kurdistan Region

directly: Iraqi Oil Minister İhsan Abdul-Jabbar expects oil prices to stabilize at $ 57 / barrel in the first quarter of 2021.

In an official television interview in Iraq on Thursday evening, Abdul Jabbar added that reducing Saudi volunteer production by one million barrels a day would help stabilize the market.

The Iraqi Oil Minister said his country had been in talks with OPEC and allied with it to allow oil producers to delay paying compensation for an earlier production increase.

Abdul-Jabbar explained that the request for a delay does not mean that Iraq will not comply with its obligations under the OPEC + agreement and is determined to reduce production to maintain market stability.

Iraqi Oil Minister attributed his country’s low level of compliance, up to 79%, of the recently promised reductions under the OPEC + agreement, not complying with its share of the Iraqi Kurdistan region in production cuts.

Abdul-Jabbar stated that he did not comply with the preliminary agreement with the central government to reduce the production of the region by 20%, approximately 80 thousand barrels per day, adding that it continues to produce 430 thousand barrels per day.

Source link