Iraq turns against OPEC…no reduction in production after today
Shafaq News/ Oil Minister Hayan Abdul Ghani said on Saturday that Iraq has made enough voluntary cuts in crude production, and will not agree to any future cuts taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, at its next meeting, scheduled to be held. On June 1 of next year.
Reuters reported that Abdul Ghani told reporters on the sidelines of the oil and gas licensing conference in Baghdad, that “Iraq will not agree to any renewals of production cuts at the next OPEC+ meeting.”
Iraq has repeatedly confirmed that it is committed to the voluntary cuts announced by OPEC+ since 2023, but it pumped its production quota by a cumulative amount of 602,000 barrels per day in the first three months of 2024, according to what OPEC+ said in a statement yesterday, Friday .
Iraq is looking forward to increasing its oil reserves to 160 billion barrels, with the launch of the fifth and sixth licenses, amid optimism that the issue of importing gas through its production locally will be resolved in the next five years, according to officials and economic analysts.
Iraq produces more than 4.5 million barrels of oil per day, and the sector’s imports represent more than 94% of the country’s domestic product, at a time when Iraq is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about 6 billion dollars annually.
On Saturday morning, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.
It is hoped that these licensing rounds will add two million barrels of oil to national production, according to Iraqi Oil Minister Hayyan Abdul Ghani.
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