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International Energy: Iraq’s oil supply is at risk[You must be registered and logged in to see this link.]
In its monthly report, the International Energy Agency stated that oil supplies in Iraq are at risk amid escalating political risks in the region.
The agency added in its report published today and seen by "Gilgamesh Press", that the tensions between the United States and Iran and the protests in Iraq did not have a strong impact on oil, but the continuing turbulent situation may limit Iraq’s plans to increase oil production.
It is noteworthy that Iraq is the second largest oil producer in OPEC, as it pumped 4.59 million barrels per day during the past month, and despite this there is still a need to cut about 130 thousand barrels per day to comply with the agreement to reduce production.
The International Energy Agency predicts that even as OPEC complies with the production cut deal, markets will face a surplus of about 800,000 bpd in the first half of 2020.