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International institute report: Iraq fails to comply with OPEC agreement to reduce oil production
2019/12/20 06:46:44
Shafaq News / The International Finance Institute believes that the decision of OPEC and allies of crude producers to deepen the agreement to reduce production may not be sufficient to curb excess supply in 2020 and thus achieve a balance in the market.
On December 6, the (OPEC +) alliance that includes Russia and other non-members of the Organization of Petroleum Exporting Countries (OPEC) agreed to further reduce production levels by about 0.5 million barrels per day.
This means that the group's production will be about 1.7 million barrels per day less than the total levels of October 2018, which is the reference month for the agreement.
It is expected that the OPEC members, led by Saudi Arabia, will bear the bulk of the recent cuts decision by reducing oil production by about 0.34 million barrels per day, while the allies, led by Russia, will implement the rest of the reduction.
While actual Saudi oil production is less than the 2019 target, by contrast, Iraq has failed to comply with the agreement, producing 0.15 million barrels per day above the year target.
Iran, Libya and Venezuela still enjoy exemptions from the OPEC + production cut agreement.
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