[You must be registered and logged in to see this link.]
The Iraqi Oil Marketing Company (SOMO) announced that Iraq had obtained OPEC approval to extend the reduction period, indicating that the OPEC agreement had entered its second stage.
Sumo said in a statement, "The last meeting of OPEC + JMMC approved the extension of the compensation period for Iraq until December 31, 2020, and thus Iraq presented a new compensation plan, taking into account the months of the extension, as the main reduction in addition to compensation became about 1 million barrels per day." Even at the end of the year. "
"Iraq can add more than 200 thousand barrels per day, which Iraq actually implemented in August and September, to its production without violating its commitment to the OPEC + agreement to reduce production," she said.
Sumo added that "the OPEC + agreement has already entered its second phase since last August 2020," indicating that "the reduction in production for Iraq amounting to 1061 barrels per day is no longer valid as the cut-off rate at this stage is 18% of Iraq's production, equivalent to (849). ) Barrels per day. "
It indicated that "Iraq achieved matching levels for August and September higher than 100% in order to fulfill its obligations based on the compensation plan presented, as it exceeded the basic limit for Iraq in addition to compensation of 1.2 million barrels per day."
SOMO stressed "Iraq's full support and commitment to what has been agreed upon with OPEC member states and non-OPEC countries under the Declaration of Cooperation with the aim of achieving market rebalancing for sound global economic growth."
In the wake of the drop in oil prices, OPEC + agreed in April to cut its oil production by 9.7 million barrels per day.
Iraq's share of the reduction amounted to 1.061 million barrels per day, and as a result of Iraq's failure to abide by the agreement in the months of May and June, it promised to reduce one million and 200 thousand additional barrels, starting from August.