Data: Iraq to cut oil production, but not the level of OPEC agreement

[ltr]Data: Iraq to cut oil production, but not the level of OPEC agreement[/ltr]

 Since 02/01/2017 19:54 pm (Baghdad time)
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[ltr]According to industry sources and export data on Wednesday that Iraq has reduced its production of crude significantly in January, but has yet to reach the levels expected by the Organization of Petroleum Exporting Countries (OPEC), the second-largest producers.[/ltr]
[ltr]A survey conducted by Reuters and published on Tuesday that Iraq has reduced its production by 200 thousand barrels per day, compared with December, which is about the amount supposed to reduce its production by the OPEC agreement amounting to 210 thousand barrels per day.[/ltr]
[ltr]The data indicate a sudden production for some of the decline in the market. Baghdad's claim to an exemption in the beginning of the OPEC agreement along with loading programs which refers to the continued rise in Iraqi exports are all factors that raised doubts that Iraq will reduce its production.[/ltr]
[ltr]But Iraqi officials stressed that the cuts will be applied in production and exports.[/ltr]
[ltr]He said Iraqi Oil Minister Ali Jabbar Luaibi told Reuters in an interview in London last week, "do not face any technical difficulties in this" in reference to the application of the cut.[/ltr]
[ltr]While Iraqi production actually declined by 200 thousand barrels per day, a Reuters survey indicates that decreased so much compared with December, the production of the first of 4.71 million barrels per day, can not compare with the reference to Iraq's production of 4.561 million barrels per day stipulated in the OPEC agreement level.[/ltr]
[ltr]This means that Iraq Dkhh 4.51 million barrels per day in January, according to a Reuters survey had been carried out 24 percent of the required reduction of it lower than the rate of commitment of other top producers such as Saudi Arabia, OPEC's or organization's commitment to the average of 82 percent.[/ltr]
[ltr]According navigational data followed by Reuters and support the source of the sector to the southern oil fields in Iraq contributed to most of the reduction sector sources say that the giant Rumaila field underwent maintenance operations.[/ltr]
[ltr]The average exports from southern Iraq from 3.26 million bpd in January, according to the load and the sources of the sector, down from 3.51 million barrels in December, as data showed Iraq data.[/ltr]
[ltr]But the data sources pointed out that exports from northern Iraq has seen little in January changed. It ended 29 / tc n[/ltr]




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